How EV Car in Budget 2024?
If you’re thinking about buying a new car, now is a great time to consider electric vehicles (EVs). In the 2024 budget, the government has introduced measures to make EVs more affordable. Here’s how these changes will impact EV prices and why now might be the best time to go electric.
Reduction in Custom Duty on Lithium-Ion Batteries
One of the major announcements in the 2024 budget is the reduction in custom duty on lithium-ion batteries. Lithium-ion batteries are a crucial component of EVs, accounting for 35% to 40% of the vehicle’s cost. By reducing the custom duty on these batteries, the government aims to lower the overall production cost of EVs. This means that the price of EVs will decrease, making them more accessible to the general public.
Reduction in Duty on Essential Minerals
The budget also proposes eliminating the basic custom duty on other important minerals used in EV production, such as copper and cobalt. These minerals are essential for making batteries and other EV components. With the reduction in custom duty, the cost of these materials will go down, further reducing the production cost of EVs.
Boost to Domestic EV Industry
By making these changes, the government aims to boost the domestic EV industry. Lower production costs will encourage more manufacturers to produce EVs locally. This will not only make EVs cheaper but also create more jobs and promote economic growth in the country.
State-Specific Incentives for EVs
In addition to the central government’s measures, several states are offering their own incentives to promote EV adoption. Some notable incentives include:
- Uttar Pradesh: The registration of electric and plug-in hybrid vehicles is 100% free in Uttar Pradesh. There is no registration fee for these vehicles. For vehicles priced below ₹15 lakh, there is no tax. For vehicles priced above ₹15 lakh, a 10% tax is applied.
- Delhi: The Delhi government offers subsidies under its EV policy. For two-wheelers, a subsidy of ₹5,000 per kWh is available, with a maximum subsidy of ₹30,000. For electric cars, the subsidy is ₹10,000 per kWh, up to a maximum of ₹1,50,000.
Environmental Benefits
Aside from being pocket-friendly, EVs are also environment-friendly. The government’s focus is on reducing carbon emissions and promoting sustainable transportation. By adopting EVs, you contribute to a cleaner and greener environment.
Government’s Target for EV Adoption
The Indian government has set an ambitious target for EV adoption. By the end of this decade, the aim is to have EVs account for 30% of the total vehicle market. Various states and union territories are working on different policies to achieve this target. For example, states like Uttar Pradesh, Delhi, and others are leading in EV adoption due to their attractive incentives and policies.
Why Buy an EV Now?
With the government’s new measures and state-specific incentives, now is the perfect time to buy an EV. Lower prices, subsidies, and reduced registration fees make EVs a cost-effective choice. Additionally, with the government’s push for sustainable transportation, the infrastructure for EVs, like charging stations, is improving rapidly.
Conclusion
The 2024 budget brings significant relief for potential EV buyers. By reducing the custom duty on lithium-ion batteries and essential minerals, the government has made EVs more affordable. State-specific incentives further add to the savings, making now an ideal time to invest in an EV. Not only do you save money, but you also contribute to a greener environment. So, if you’re considering a new car, an EV might be the best choice for you in 2024.
For more information on the latest EV trends and updates, check out EcoWheelsIndia.com for comprehensive reviews and guides.
