Union Budget 2021-22: EV Industry Welcomes Scrappage Policy

Union Budget 2021-22: EV Industry Welcomes Scrappage Policy
The electric vehicle (EV) industry has welcomed the Union Budget 2020-21, even though there were no specific announcements to boost the industry.
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Highlights
Most EV industry expectations were not addressed in Union Budget
Scrappage policy, infrastructure development welcomed by industry
The electric vehicle industry has had a lot of expectations from the Union Budget 2021-22, particularly on GST reduction, import duty reduction on lithium ion battery cells, as well as extension of the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) II scheme. The FAME II scheme came into effect from April 1, 2019 and the EV industry was expecting some sops to help the industry, including financing solutions to help boost the industry. While there have been no specific Budget announcements which are likely to boost the industry, the industry overall has welcomed the Union Budget 2020-21 with cautious optimism.

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