Presenting the Union Budget 2023, Finance Minister Nirmala Sitharaman announced that the subsidies on Electric Vehicle (EV) 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 Finance Minister Nirmala Sitharaman. In May 2021, govt launched the Production Linked Incentive (PLI) scheme for manufacturing batteries. Govt has also doubled the funds in the FAME scheme.
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