How Budget 2019 is asking you to prefer Electric Vehicles over petrol/diesel cars
New Delhi: Finance Minister Nirmala Sitharaman presented the Union Budget 2019 in a packed house on Friday. While excise duty on petrol and diesel will be hiked by Re 1 each there was a huge bonus for people wanting electric vehicles or EV in the budget.
The FM announced an additional tax benefit of Rs 1.5 lakh on the interest paid on loans taken for the purchase of EVs. All in all the 2019 Budget showed us that the government is all fired up about transforming India into a global EV manufacturing centre.
Currently, only a handful of electric four-wheelers are available in India. The choices are limited to only Tata Tigor EV, Mahindra eVerito and Mahindra e20 Plus. However, the scenario is going to completely change in the coming twelve months.
Several major carmakers are expected to launch their EVs in the country after the Budget 2019 announcement. Domestic players like Maruti Suzuki India and Tata Motors are lining up with their products. Meanwhile, overseas carmakers like Hyundai, MG (Morris Garages) and Audi will soon be driving their electric vehicles into India.
Moreover, the second phase of the FAME India scheme, which has total budgetary support of Rs 10,000 crore, will also support 55,000 electric four-wheeler passenger cars.
While India is already one of the most important car markets in the world, it is expected to become an EV hub as well. The Union Budget 2019 announcement is expected to boost this.