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Union Budget 2022-23: Updates For The Automobile and Road Transportation Sector (LIVE)

Finance Minister Nirmala Sitharaman is presenting the Union Budget 2022-23 in the Lok Sabha. Here are some highlights for the automobile and transportation sector: –

– Since the blending of the fuel is a priority for this govt, and so to encourage the efforts for blending of the fuels, unblended fuels shall attract an additional differential excise duty of Rs 2/litre from 1st October 2022.

– The action plans for 10 sectors, including electronic waste and end-of-life cycle vehicles are already ready. The focus will now be on addressing important cross-cutting issues of infrastructure, rivers logistics, technological up-gradation, and integration with the informal sector. This will be supported by active public policies covering regulations, extended producers’ responsibilities, framework, and innovation facilities.

– Opening defence R&D to private players will promote a new growth area for the automotive sector.

– Special mobility zones for Electric Vehicles (EVs) to be formed.

– Considering the constraint in urban areas for setting up charging battery stations, a battery swapping policy for electric vehicles (EVs) will be brought out, and inter-operability standards will be formulated.

– The private sector will be encouraged to develop sustainable and innovative business models for batteries and energy systems. This will improve the efficiency of the EV ecosystem.

– The govt will promote a shift to public transport by promoting e-vehicles and the use of zero fossil fuels.

– Govt to contribute for R&D in sunrise opportunities like Artificial Intelligence, Geospatial Systems and Drones, Semiconductor and its eco-system, Space Economy, Genomics and Pharmaceuticals, Green Energy, and Clean Mobility Systems.

– Transport sector gets Rs 20k crore boost.

– PM Gati Shakti Master Plan for Expressways to be prepared in FY 2022-23, to facilitate the rapid movement of people and goods. It is set to encompass 7 engines for economic transformation, seamless multimodal connectivity, and logistics efficiency.

PM Gati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways & logistics infra.

– Centre plans to increase the National Highways limit by 25,000 kilometers.

– The parvatmala roads of hilly areas will be brought on PPP modes.

– Logistics parks to be set up at 4 locations.

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