From Income Tax sop to GST cut: Budget 2019's push for electric vehicles

Sitharaman also said that Rs 10,000 crore has already been approved on April 1, 2019, to encourage faster adoption of EVs under the FAME II scheme

While presenting Budget 2019, Finance Minister Nirmala Sitharaman on Friday proposed a slew of measures meant to promote the adoption of electric vehicles (EVs) in the country.   

"Considering our large consumer base, we aim to leapfrog and envision India as a global hub of manufacturing of electric vehicles," Sitharaman said. 

Here are the key steps Budget 2019 listed for promoting EVs:
 

1) Income tax sop: The government has proposed to provide additional income tax deduction of Rs 1.5 lakh on the interest paid on loans taken to purchase electric vehicles. While presenting the Budget, Finance Minister Sitharaman said the