Union Budget 2023 | Big announcement for auto sector, this gift given for Electric Vehicle

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Delhi: A major step has been taken to promote electric vehicles in the Union Budget 2023 presented by the Central Government in the Parliament. The government will no longer impose customs duty on parts used to make batteries for electric vehicles. Which will directly affect the prices of electric vehicles. Let us know what special gift the government has given to promote electric vehicles in this budget.

Now custom duty will not have to be paid

The budget has seen the biggest announcement of the auto sector in 2023 for electric vehicles. The government has removed customs duty on equipment used in manufacturing lithium-ion batteries used in electric vehicles. But only the companies making batteries in India will get its benefit.

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35,000 crores to promote green energy

With this huge fund, the government’s goal of green mobility is now clearly visible. Now the government is trying to move fast towards green energy by reducing the dependence on conventional petrol-diesel vehicles. For which the government has already set its eyes on zero-carbon neutrality.

Rs 19,700 crore for green hydrogen

A provision of Rs 19,700 crore has been made in the budget for electric vehicles as well as green hydrogen. Through this, the government is trying to achieve the target of 50 lakh tonnes of production capacity by 2030.

Some special things for the auto sector in Budget 2023:

• Subsidy to both buyers and manufacturers of electric vehicles to promote electric mobility.

• Replacement of old vehicles with new vehicles to reduce pollution.

• Scrapping of old vehicles through scrappage policy.

• Emphasis on making automobiles more affordable.

• Exemption from import duties on materials used in making electric batteries.

• Strive to achieve the goal of net-zero carbon by 2070.

Electric vehicle sales in 2022

Meanwhile, the demand for electric vehicles in India has increased tremendously in the last few years. Earlier many people used to shy away from buying electric vehicles. But now modern and electric vehicles coming with more range are getting a lot of preference. In this, electric budget cars and electric scooters seem to be buying the most in the market. In this, last year i.e. in 2022, there was a good growth in both the sale and production of electric vehicles in India. Last year, about one million electric vehicles were sold in India.

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