<h1>India's Union Budget Boosts Electric Vehicle Sector: GST Cuts, Tax Deductions, and FAME II Incentives Announced.</h1> The Union Budget aims to position India as a global hub for electric vehicle manufacturing by including solar storage batteries and charging infrastructure in the FAME scheme, which will boost production. The government proposes reducing GST on electric vehicles from 12% to 5% and offering an additional income tax deduction of Rs. 1.5 lakh on interest paid for loans to purchase electric vehicles. Phase II of the FAME scheme, with a budget of Rs. 10,000 crore over three years, focuses on incentivizing advanced battery and registered e-vehicles and enhancing public transport options. Customs duty exemptions on certain electric vehicle parts are also planned.