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Auto Budget 2023
The Ministry of Heavy Industries, Government of India, deals with areas related to vehicles and automotive parts. The entire automotive industry falls under the concern of the Heavy Industries Ministry. The automotive industry in India is the fourth-largest in the world as per 2021 statistics. In 2022, India became the fourth largest country in the world by the valuation of the automotive industry. As of 2022, India is the 3rd largest automobile market in the world, surpassing Japan, and Germany in terms of sales. Currently, India's auto industry is worth more than U$100 billion and contributes 8 per cent of the country's total export and accounts for 2.3 per cent of India's GDP.
Showing of 0 - 10 from 8 results
Auto - Total results - 8
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Feb 03, 2023
Budget 2023: Why Nirmala Sitharaman's proposals are growth enablers for EV and shared mobility industry
Proposal for energy transition of Rs 35,000 crore and the rise in capex by 33% are both positive initiatives -
Feb 01, 2023
Old govt vehicles will be scrapped as per the new Budget, but what will they be replaced with?
The Budget also outlined that customs duty on vehicles, including electric vehicles, in semi-Knocked down (SKD) form will rise to 35 per cent from 30 per cent earlier -
Jan 31, 2023
Budget 2023: Green financing, positive policy initiatives can accelerate EV adoption for sustainable growth
Increase outlay for funding for FAME to encourage EV adoption -
Jan 31, 2023
Budget 2023-24 Expectation: Provide tax breaks, incentives to CV industry; invest in infra
Government should introduce policies and schemes to bolster small Industries and businesses facing challenges since the pandemic -
Jan 30, 2023
Union Budget 2023-24: Government must work with after-sales mobility startups to launch skilling, training programmes
The automobile industry’s advancement is still highly dependent on after-sales service -
Jan 30, 2023
Budget 2023-24 Expectation: BaaS for fixed batteries combined with MaaS would result in faster EV adoption
Despite all efforts made by EV industry and government, Internal Combustion Engine vehicles are still outnumbering EVs -
Jan 30, 2023
Budget 2023-24 Expectation: Lithium-ion battery sector hopes for 5% GST cut from 18% on battery packs and cells
Since the electric vehicle industry is one of the major consumers of Li-ion batteries, both the EV and Li-ion battery manufacturing ecosystems are interrelated to a great extent in India -
Jan 24, 2023
Budget 2023-24 Expectation: EV industry aspires reduction in GST, extension of FAME II subsidy
The upcoming budget is an opportunity for the government to take further steps to support the growth of the industry and make electric vehicles more accessible to Indian consumers
