E-Mobility Revolution, Focus on Renewable Energy and Sustainability; Behold the Budget 2019

GST to be reduced on EVs from the current 12% to 5%

The Union Budget 2019 was presented recently by Finance Minister Nirmala Sitharaman and it not only seems to be giving a boost to the technology sector in India but also looks to counter issues of increasing levels of pollution and depletion of resources in this country.

From the announcement of adoption of electric vehicles to the ones made on the lines of sustainable management of natural resources like renewable energy, water conservation, energy-efficient transportation, and power management, the government seems to really concerned about the growing environmental issues in this country, as Finance Minister Nirmala Sitharaman presented the Union Budget 2019.

Firstly, the FM announced proposed incentives for buying electric vehicles (EVs) in the form of Income tax deduction of Rs 1.5 Lakhs on interest paid for loans taken to purchase EVs, resulting in benefiting of Rs 2.5 Lakhs over the loan period for anyone who decides to purchase one.

This was made in reference to the Niti Ayog proposal last month of ruling out sales of vehicles except that of EVs by 2030 in India. The GST also will be reduced on EVs from the current 12% to 5% and certain components and parts used in EV manufacturing will be exempted from custom duty.

Also, the government itself will be funding the Inclusion of solar storage batteries and EV charging infrastructure in the country. This quite clearly shows that the government is pushing for an e-mobility revolution in India.

The government also plans on establishing the necessary infrastructure for environment-friendly public transport. The FM stated that rivers will be used for cargo transportation, helping in decongesting roads and railways.

Also, two more terminals at Sahibganj and Haldia will be completed to create a network on inland waterways, in addition to the one at Varanasi, which became functional in 2018.

“One nation, one grid” was proposed by the FM, which seeks to provide affordable power to states. Blueprint for gas grids and water grids will also be made available this year. Sustainable water supply management was proposed for the Jal Jeevan mission, which looks to provide water to every household by 2024.

1.25 Lakh Kilometers of roads will be upgraded using green technology where waste plastic will be used to build roads, reducing the carbon footprint. To help scale the rural agriculture industry, the government will be setting up 20 technology business incubators to help develop 75000 skilled workers in agro-industry.

Also, the Swachh Bharat Mission will now be dealing with solid waste management, and more scavenging machines and robots will be deployed to discourage manual scavenging in this country.

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