At the Budget 2019, Finance Minister Nirmala Sitharaman has made a number of announcements that will be benefiting the technology and auto sectors in India. Take a look at all the key announcements here:
2Efforts to promote electric vehicles
The government has announced two major changes as far as electric vehicles go. Firstly, the government has approved Rs 10,000 crore for Faster Adoption and Manufacturing of Electric Vehicles or FAME II. With this, it is encouraging auto-makers to manufacture electric vehicles in India. Other than this, the government has also announced an income tax exemption of ₹1.5 lakh to the owners of electric vehicles. Customs duty for certain parts of the vehicle will also be exempted.