Finance Minister Nirmala Sitharaman has proposed to completely exempt colbalt powder and waste, lithium-ion battery scrap, lead, zinc and 12 other critical minerals in Budget 2025. Sitharaman also announced the inclusion of 35 additional capital goods for EV battery manufacturing and 28 additional capital goods for mobile phone battery manufacturing.
Speaking during her 8th budget speech, Sitharaman said, “To the list of exempted capital goods, I propose to add 35 additional capital goods for EV battery manufacturing and 28 additional capital goods for mobile phone battery manufacturing. This will boost the domestic manufacture of lithium-ion batteries both for mobile phones and for electric vehicles.”
Sitharaman has also announced that customs duty on interactive flat displays will be hiked from 10% to 20%.
Govt to set up Natural Manufacturing Mission for EV cells:
Sitharaman also announced a National Manufacturing Mission to support domestic manufacturing of solar PV cells, EV batteries, motors and controllers, electrolysers, wind turbines, high-voltage transmission equipment, and grid-scale batteries.
“To further the Make in India policy, our government will set up a National Manufacturing Mission covering small, medium, and large industries. This mission will provide policy support, execution roadmaps, and a governance and monitoring framework for central ministries and states.” Sitharaman further added