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videos | IST

Union Budget 2019: India will become manufacturing hub for electric vehicles, says Nitin Gadkari

India is set to become a manufacturing hub for electric vehicles, said Nitin Gadkari, Minister of Road Transport & Highways, after the government announced a host of incentives for buyers of EVs.
Further, in a big boost for buyers of EVs, Sitharaman announced a major tax incentive in the form of an Income Tax deduction of Rs 1,50,000 on loans taken for the purchase of an electric vehicle.
Furthermore, a special additional excise duty of Re 1/litre on petrol and diesel has also been announced, which might act as a fresh incentive towards the adoption of alternative fuels.
"We don't want to fix any time limit for 100 percent electrification of three-wheelers. The way in which we are encouraging the manufacturing of e-vehicles, we are reducing the taxes, up to Rs 1.50 lakh no interest rate is there, we are giving incentives, we are creating the new charging network, new technology, we have a special plan for that... all these things are going to give good results and India will become a manufacturing hub for e-vehicle," said Gadkari in an interview with CNBC-TV18.