Union Finance Minister Nirmala Sitharaman presented the budget to Parliament today. He has announced up to Tk 12 lakh with relief to the middle class. Saturday's budget has been exempted or reduced by a lot of goods. Lithium batteries used in electric vehicles, starting from mobile phones, have been announced for exemption. As a result, the cost of battery production will be cheaper if the cost of production is reduced.
In the budget, the proposal has been proposed to exempt from the basic tariffs that are used in the production of battery. The tariffs on important mineral scraps such as lithium-ion battery, cobalt, and copper have been withdrawn. As a result, the cost of making the battery is expected to be greatly reduced. Again, the main raw material for battery production is going to be more accessible.
The Union Finance Minister has proposed a full duty discount on 12 more important minerals including cobalt powder, lithium-ion batteries scrap, lead, zinc, including the newly announced budget. The goal of this move is to create a helpful environment for their production in the country. It should be noted that earlier, the tariff was imposed on the rate of lithium-ion batteries and cobalt powder at the rate of 5 percent on the scrap and scrap.
Also, the custom duty of several important minerals used to rotate between 2.5 percent to 5 percent. Currently, electric cars made in India depend on batteries imported from China, Japan and South Korea. The government's goal is to produce battery cells on the ground. If implemented, the import dependence will be reduced by the electric vehicle.
