Mr Maxson lewis, Managing Director- Magenta Power

Mr Maxson lewis, Managing Director- Magenta Power

“As an EV community we are happy that Electric Vehicles got mentioned as one of 10 dimensions of focus till 2030. While no specific tax structures or rebates were mentioned in the budget, this was quite expected since a day ahead of the budget the government via the Central Board of Indirect Taxes and Customs (CBIC) has carved out a separate category for parts and components of electric vehicle for which customs duty has been lowered to 10-15 per cent, with a special push for local battery manufacturing to counter China’s hold on the global battery manufacturing monopoly. Until now, vehicle parts and components imported for assembly in India attracted import duty of 15 to 30 per cent.

The budget is consistent on its EV push as it wants to move away from fossil fuels as quickly as possible to reduce India’s dependence on crude.. Overall, the 2019 Budget has reiterated its goal of passenger vehicle electrification by 2030.What would have made a big positive impact however would have been a simple announcement of removal of tolls for electric vehicles across India. This would have certainly given an emotive push for adoption of electric vehicles in India”


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