Green fuel solutions found a special mention in Union Budget 2023
The Budget 2023 proposed customs duty removal on capital goods import for lithium-ion battery manufacturing
But to get that benefit the battery must be built locally in India
This strategy could help in reduced EV price in India
The government announced ₹19,700 crore allocation for Green Hydrogen Mission, which would boost hydrogen mobility in India
There would be minor changes in customs duty, cess and surcharges on automobiles
Increased rebate limit on personal income tax would help personal vehicle sales to grow owing to higher disposable income
More funds have been allocated for Vehicle Scrappage Policy, which would indirectly generate new vehicle demand
The government remained silent on much-expected FAME 2 scheme extension