Union Budget 2023: The Society of Manufacturers of Electric Vehicles (SMEV) has expressed its expectation from the 2023 Budget, recommending a more uniform policy on EV parts, the inclusion of commercial vehicles in EV incentives, and FAME II benefits which are set to expire on 31 March to be extended.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ut5Kja0
The Union Budget is the annual financial statement presented by the Indian government, outlining its revenue and expenditure for the upcoming fiscal year. One way in which the Union Budget could incentivize small businesses to transition to electric vehicles (EVs) is by providing tax credits or subsidies for the purchase of EVs or EV charging infrastructure. Additionally, the government could invest in research and development to bring down the cost of EVs, which would make them more affordable for small businesses. Additionally, offering low-interest loans or other financial incentives to help small businesses purchase EVs or EV charging equipment could help to encourage the transition.
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