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Auto Sector Budget 2023: Funds Allocated to Scrap Old Vehicles Owned by Central Govt, Says Sitharaman

Finance Minister Nirmala Sitharaman will deliver the Union Budget 2023 speech today, that is, February 1, 2023. The Budget speech is expected to start at 11:00 AM. This will be the last full Budget of the second Narendra Modi government ahead of general elections in 2024.

Updated: February 1, 2023 7:27 PM IST

By Victor Dasgupta | Edited by Victor Dasgupta

Auto Sector Budget 2023: Funds Allocated to Scrap Old Vehicles Owned by Central Govt, Says Sitharaman
Union Budget 2023: Automobile Sector

Live Updates

  • 2:05 PM IST

    Dr. Irfan Khan, eBikeGo, Founder and CEO

    Being a prominent player and a visionary in the electric vehicle space, we are thrilled with the government’s commitment to promoting environmental sustainability through the continuation of concessional duties on lithium-ion cells for batteries. This move not only shows the government’s dedication to reducing the carbon footprint, but also recognizes the importance of the EV industry in creating employment opportunities and promoting green growth.

  • 2:04 PM IST

    Harsha Bavirisetty, Co-Founder of Biliti Electric

    It is good to see “Green Growth” among 7 priority areas announced in the budget by the FM. Rs 35,000 crore has been allotted for priority capital investment in the green energy transition. This is in the direction of India seeking a leadership role in mitigating the global climate crisis.

  • 2:03 PM IST

    Kaustubh Dhonde, Founder & CEO of AutoNxt Automation

    The Union budget clearly shows the commitment of the central government to achieve the net zero emission goal of 2070. The budget expectations that we had from EV industry perspective will completely be met if the implementation of the budget is done properly at grass root level. Both the incentives and packages defined for Agritech and EV-related innovations in the country are truly promising to expect high growth from the rural to the urban areas.

  • 12:03 PM IST

    “The recently launched National Green Hydrogen Mission with an outlay of 19,700 crores will facilitate the transition of the economy to low carbon intensity and reduce dependents on fossil fuel imports”, FM Nirmala Sitharaman announces.

  • 11:58 AM IST

    Union Budget 2023: To replace the old polluting vehicles, scheme announced to scrap old vehicles. States expected to announce similar scheme to replace old vehicles and ambulances, FM Sitharaman

  • 11:26 AM IST

    What are the priorities of Budget 2023-24?

    Finance Minister Nirmala Sitharaman said Union Budget 2023-24 has the following priorities:

    – Inclusive development

    – Reaching the last mile

    – Infra & investment

    – Unleashing the potential

    – Green growth

    – Youth and financial sector

  • 11:15 AM IST

    Union Budget 2023: Government emphasizes on green growth with focus green fuel.

  • 11:08 AM IST

    Union Budget 2023: India’s growth at 7 pc in current fiscal highest among major economies; Indian economy on right track: Nirmala Sitharaman.

  • 11:04 AM IST

    Union Budget 2023: Finance Minister Nirmala Sitharaman presents 1st budget of ‘Amrit Kaal’

  • 10:56 AM IST

    Budget 2023: Amid the ongoing electrification transition, OEMs are expected to incur significant investments in the development of ground-up electric vehicle platforms and enhance manufacturing capacities.

Government Budget 2023 Auto Industry: Finance Minister Nirmala Sitharaman on Wednesday presented her fifth Union Budget in Parliament. Notably, Budget 2023-2024 was the last full-fledged Budget of the Modi government before the Lok Sabha polls early next year. So there is a lot of interest in what Union Budget 2023-24 would be like.

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Prime Minister Narendra Modi has already given a hint of how his government sees it. “Amid the unstable global economic situation, India’s budget will not only try to fulfill the hopes and dreams of the common man of India but the ray of hope which the world is seeing should be seen more brightly,” he said on the eve of the Budget.

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Published Date: February 1, 2023 9:23 AM IST

Updated Date: February 1, 2023 7:27 PM IST