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EV parts manufacturing likely to get a boost after recent tax incentives

The recent tax deductions announced by the govt are expected to provide a boost to EV component manufacturing in India. According to the recent announcement, units set up on or after October 1 will be required to pay 15% income tax.

The benefits are expected to have a trickle-down effect on hybrid and ICE vehicle component manufacturers as well.

Experts claim that more manufacturers are likely to focus on domestic production of key EV parts such as Lithium-ion batteries, charging equipment and electrical parts of vehicles thus boosting “Make-in-India” as well.