Union Budget 2019-2020 and up to 2023

The budget presented by the government for the period 2019-2020 notably scales upward the incentives to encourage faster adoption of electric vehicles. These incentives include upfront schemes on purchase and charging infrastructure, as well as tax rebates on interest paid on loans through an income tax deduction, GST tax rate reduced to 5% instead of 12%. The measures focus on battery-operated vehicles targeted by the Phase-II of FAME scheme, approved on March 8, 2019 by an office memorandum. They target two-wheeler, three-wheeler and four-wheeler categories.