I really hope so, but this budget is not really electric car friendly as it was expected,read this article from the industry veteran Mr.Chetan Maini.
"This has been a rather disappointing budget for the Electric Vehicle (EV) Industry. There have been no benefit offered to the Industry and the increase in various duties/ cess will increase the cost of the EVs by 1 to 1.5%.
The Basic Excise Duty on cars has been increased from 5% to 6% which will result in increase of 1% in the car price. The increase in excise on parts (input) has been increased from 10% to 12%.
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Lithium batteries were exempt from customs duty, however the increase in Countervailing Duty (CVD) from 5% to 6% will increase the cost of batteries.
Overall, the budget is not very encouraging for the Electric Vehicle industry."
Source: Budget 2012 is disappointing for the Electric Vehicle industry, says Chetan Maini, Mahindra Reva - The Economic Times