The budget is the most important aspect for the millions of tax-paying citizens of the country
The Union Budget 2025 is being regarded as incredibly beneficial for middle-class Indians which will also extend to the car buyers. Note that everyone was eagerly waiting for the budget with the hope of getting some relief from the ever-increasing taxes. In the last few years, inflation has been so high that people were barely able to save money. On top of that, the taxes were high which left most middle-class people with almost no disposable income. In a bid to change all that, the latest budget addresses all these issues.
Union Budget 2025 Impact on Middle-Class Car Buyers in India
This video stems from Mycarhelpline. com on YouTube. This channel features content around the Indian automobile industry. On this occasion, the host is discussing the pivotal points from the Union Budget 2025 and its impact on car buyers. Firstly, the biggest talking point about this budget is that individuals and businesses earning up to Rs 12 lakh in a year will not have to pay any taxes. This includes a few conditions. However, the bottom line remains that this is the largest segment of the population and they will now have much more spare cash with which they can upgrade their living standards.
In terms of EVs, hybrid cars and other electronic gadgets which use lithium-ion batteries, there is a huge news as well. As per the Finance Minister, Nirmala Sitharaman, the Union Budget 2025 now includes 35 new components needed for EV battery manufacturing to the list of exempted capital goods. This is aimed at boosting domestic manufacturing for EV components including rare elements and lithium-ion batteries. Furthermore, the government has also reduced the Basic Custom Duties (BCD) on essential materials needed to make EV batteries like cobalt, lithium battery scrap, zinc, lead and 12 other critical materials. Hence, this could lead to a decrease in the prices of EVs, smartphones, LCDs, etc.
My View
This year’s budget is being appreciated by most middle-class people as it brings loads of relaxation for them in various forms. I believe this is a great move to put money back in the hands of the consumers which will ultimately boost businesses and the economy of the country in the coming months. As automobile aficionados, we are interested in knowing how these measures affect the prices of electric cars.
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Also Read: Union Budget 2025 To Make EVs Cheaper?
