New Delhi: Presenting the Union Budget 2022, Finance Minister Nirmala Sitharaman on Tuesday announced the formulation of a battery swapping policy for EV charging stations.
She also announced the introduction of modern building by-laws.
The minister said the government would also promote the use of public transport in urban areas.
The finance minister added that to promote ease of doing business, as many as 75,000 compliances have been eliminated and 1,486 union laws have been repealed.
Further, she announced that five existing academic institutions for urban planning will be designated as ‘Centre for Excellence’ with an endowment fund of Rs 250 crore.
A completely paperless e-bill system will also be launched by the ministries for procurement, Sitharaman stated.
Union Budget 2022, though, does not provide any immediate relief to the Indian auto industry. The Federation of Automobile Dealers Associations (FADA) had urged the government to reduce GST for two-wheelers considering that the sector is grappling with reduced demand, especially in the commuter segment. Two-wheelers in India currently attract a GST rate of 28 per cent plus 2 per cent cess. It is the same rate that applies to articles under the luxury goods category in the country. However, FADA has urged that two-wheelers, especially commuter bikes, are more of a necessity for consumers rather than a luxury. Therefore, reducing the GST rate to 18 per cent will lower the upfront cost of two-wheelers and boost sales. FADA had also requested the Indian government to bring down the rate of GST on used cars to five per cent from the current rate of 12 to 18 per cent. But the budget 2022 has not touched upon these points.
