Union Budget 2023 has made several announcements for the Indian EV industry
Finance Minister Nirmala Sitharaman put the spotlight on EV technology & alternate fuel use
Budget 2023 continues concessional duty on lithium-ion batteries for one more year
Lithium-ion batteries are a key part of EVs & affect the final price of the product
Customs duty on lithium batteries has also come down to 13% from 21%
But buying a fully imported car, including electric car, is now more expensive
These fully-imported luxury cars will attract customs duty of 70%, up from 60%
Custom duty on such vehicles via Semi-Knocked Down route also goes up