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Budget 2023 EV Industry: Nirmala Sitharaman laid a lot of emphasis on the EV industry while presenting the budget today. He introduced many schemes for its better growth in the coming years and the government has reduced GST on electric vehicles. The government has reduced the GST tax on electric vehicles from 12% to 5%. Let us tell you, in the Economic Review 2022-23 presented in Parliament on Tuesday, it was told that India’s electric vehicle (EV) market is expected to grow to 10 million units annually by 2030. Also, five crore direct and indirect jobs are expected to be created in the EV industry.
India third largest market in EV sector in the world
The Economic Survey said that in terms of sales, India became the third largest vehicle market in the last month i.e. December 2022, leaving behind Japan and Germany. It added, “The automotive industry will play a key role in the transition to green energy. The domestic EV industry is expected to grow at a rate of 49 percent annually till 2030. And by 2030, annual sales are expected to reach one crore units.” Industry estimates put the total EV sales in the country at around one million units during the last year.
The EV industry will create five crore direct and indirect jobs by 2030. The government has taken several steps to support this sector. The automobile sector accounts for 7.1 percent of the country’s total gross domestic product (GDP). The sector accounts for 49 percent of manufacturing GDP. By the end of 2021, 3.7 crore people had got direct and indirect employment in this sector.
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