Budget 2023: Electric Vehicles to Become Cheaper, Govt Reduces Tax on EV Batteries | Electric Vehicles News

Budget 2023: Presenting the Union Budget 2023, Finance Minister Nirmala Sitharaman announced that the subsidies on Electric Vehicle batteries will be extended for 1 more year, hence making EVs cheaper in India. “I propose to continue the concessional duty on lithium-ion cells for batteries for another year”, said FM Nirmala Sitharaman FM Nirmala Sitharaman.

“The government’s dedication to promoting environmental sustainability, as emphasized by Finance Minister Nirmala Sitharaman in the recent Union Budget 2023, is a commendable development,” stated Sameer Aggarwal, CEO and Founder of Revfin Services, an electric vehicles financing & digital lending platform.

He added, “The emphasis on reducing carbon footprint and generating employment through green growth initiatives displays a deep comprehension of the interdependence of the environment and the economy. We eagerly anticipate contributing to attain a more eco-friendly and economically prosperous future for all.”