The deduction of the amount up to Rs. 1.5 lakh will be provided for interest paid on loan taken for the purchase of the zero-emission vehicle.
It offers a virtual bonanza for electrical vehicles, something that even the most optimist among the lot would not have expected.
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According to a report by the NITI Aayog and the Rocky Mountain Institute (RMI) on opportunities for the automobile sector and the government under the Faster Adoption and Manufacturing of Electric Vehicles II (FAME II) scheme released in April, EVs sold through 2030 could cumulatively save 474 million tonnes of oil equivalent (Mtoe) worth Rs 15 trillion and generate net carbon dioxide savings of 846 million tonnes (mt) over their operational lifetime. "Inclusion of solar storage batteries and charging infrastructure in the above scheme will boost our efforts", Sitharaman said. It will impact EV sales. With the steps unveiled in the budget, India has joined G-20 economies like China, France and the United Kingdom where regulations have been devised to push automakers towards electric and other electrified power trains. To make India as an EV manufacturing hub, decision on incentivising EV manufacturing by extending tax benefits is a move in the right direction. The Budget 2019 covered the topics of efficient public transportation, alternate methods of commute for commercial vehicles, national transport card for universal payment of tolls, tickets for road and rail and retail shopping. Provision of additional income tax deduction on purchase of EVs would encourage customers to opt for EVs.
"While these are good initiatives to give a push to adoption of electric mobility, there is still a gap in the price premium for electric vehicles, which can be gradually reduced through technology advancements and localisation in the manufacturing", said Pranavant, partner, Deloitte India, a professional services firm. "It addresses the concern of the upfront cost of purchasing electric vehicles".
"We found out that the market share of electric vehicles is positively related to the availability of chargers. It now becomes imperative that OEMs chalk out plans that allow the industry to scale up and meet the demand for compelling products", Mehta said. The government's renewed focus on EVs has also cast a cloud on the planned $45-billion investment in the gas infrastructure and oil refinery sectors, even as traditional-fuel automobile players are anxious too. It will help in further narrowing down the cost of ownership gap against ICE vehicles. Electrification is a major disruption in the sector and while industry has been asking for sops, incentives and time to make the transition, policymakers feel companies are dragging their feet and not being proactive enough.