Budget 2023 brought several announcements for Indian auto industry

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

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