At another level, the electric vehicle industry is benefiting from the growing awareness of the negative effects that fossil fuels have on the environment and the growing number of people who are adopting planet-saving strategies. Numerous organizations are protesting against fossil fuels, which undoubtedly at some point support the electrical vehicle industry.
However, according to experts, the government is quite enthusiastic about the EV industry before the 2024 budget because it acknowledges that EVs are the vehicles of the future in almost every way. According to recent reports and sources, the government may even continue to provide subsidies to EV companies.
The majority of EV manufacturers express dissatisfaction with the approximately 18% tax imposed on lithium-ion batteries, which makes them relatively costly to operate. The lithium-ion battery is an essential component of electrical vehicles.
According to recent reports, the government might spend between 10,000 and 12,000 rupees on the FAME (Faster Adoption and Manufacturing of Electric Vehicles) program. This initiative, which offers subsidies and promotes the widespread use of electric vehicles, is a crucial component of the National Electric Mobility Mission Plan, which aims to strengthen the nation’s automotive industry.
The FAME initiative is critical in supporting the nation’s commitment to electric mobility by accelerating the adoption and production of electric vehicles. Under this plan, the government intends to provide financial incentives in the form of subsidies, thereby creating a favourable environment for the growth of the electric vehicle market.
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