New Delhi. A big announcement has been made for the country’s electric vehicle industry in Budget 2024. Finance Minister Nirmala Sitharaman has announced the complete removal of customs duty on 25 important minerals including cobalt, lithium and copper in her Budget 2024 speech. Let us tell you that the removal of customs duty will make the production of lithium ion batteries cheaper in the country.
Lithium ion batteries are mainly made of two components – lithium and cobalt. With the removal of customs duty, their prices will come down, due to which cars, bikes and scooters running on lithium batteries are also expected to become cheaper. This will benefit millions of customers buying electric vehicles in the country. Apart from electric vehicles, the prices of battery-operated drones will also come down.
Apart from the customs duty exemption, the minister also announced a reduction in basic customs duty (BCD) on two of these minerals. In her budget speech, Sitharaman said these critical minerals and rare earth elements are important for sectors such as atomic energy, renewable energy, space, defence, telecom and high-tech electronics.
Sitharaman said, “…This (exemption) will promote processing and refining of such minerals and help in ensuring their availability for these strategic and important sectors.”
Tag: auto news, Budget Session, electric vehicles
first published : July 23, 2024, 12:53 IST
