Wednesday, July 23, 2025

LIVE: Union Budget 2023-24: Updates For The Automobile, Road Transportation, and Energy Sector

In the Lok Sabha, Finance Minister Nirmala Sitharaman is presenting the Union Budget for FY 2023-24. This is the last full budget of the second term of the Modi government. Here are some highlights for the automobile, transportation and energy sector: โ€“

  • By 2030, the govt aims to produce 5 MMT of green hydrogen. The minister says that the recently launched National Green Hydrogen with an outlay of Rs 19,700 crore will help in transitioning the economy to low carbon intensity and reduce dependence on fossil fuel imports. We aim to reach an annual production of 5 million metric tons by 2030.
  • To achieve net zero and transition to a sustainable energy system, Rs 35,000 crore has been allocated to the Ministry of petroleum and natural gas.
  • Commercial vehicles and tractors used for moving construction materials will benefit from the 64 per cent increase in PM Awaas Yojana allocation to Rs 79,000 crore.
  • To reduce carbon intensity and create new jobs, the budget 2023 emphasizes the adoption of green fuel, energy, and building practices. The seven priorities, referred to as โ€œSaptrishi,โ€ are designed to drive sustainable and environmentally-friendly economic development.
  • Relief on custom duty rates for the import of goods and machinery required to manufacture lithium-ion cells. This will boot local production and manufacturing of Li-On batteries.
  • Exemption on denatured ethyl alcohol from basic customs duty.
  • Old government vehicles, irrespective of state or central, will be scrapped. The FM said: We have allocated adequate funds to scrap old vehicles of the Central Govt. States will be supported in replacing old vehicles and old ambulances.
  • Rs 35,000 crore will be invested in the field of energy security.
  • Rs 20,700 crore to be invested in the renewable energy sector.
  • The basic customs duty rate on compounded rubber has been increased from 10% to 25% or 30kg (whichever is lower) at par with that of natural rubber, other than latex, to curb circumvention of duties.
  • 100 critical transport infrastructure projects for last and first-mile connectivity for ports, coal, steel, fertilizer, and food grains sectors have been identified. They will be taken up on priority with an investment of Rs 75,000 crore, including Rs 15,000 crore from private sources.
  • Rs 5,172 crore has been allotted for the FAME II scheme.
  • Rs 2.70 lakh crore has been allotted to the Ministry of Road Transport and Highways (MoRTH).

Car News

Mahindra XUV 3XO AX5 price list

Mahindra XUV 3XO AX5 Prices Reduced By Rs 20,000

0
Following the launch of the new REVX lineup, Mahindra has now slashed the prices of the AX5 petrol variants of the XUV 3XO by...
2025 TVS Apache RTR 310 specifications

2025 TVS Apache RTR 310 Launched With New Features

0
Aimed at enhancing rider experience and performance, the 2025 TVS Apache RTR 310 has been launched in India, with a host of new features...
Maruti Suzuki eVitara launch date

Maruti Suzuki To Launch Its First EV On This Date

0
After multiple delays over the last few months, it has now been confirmed that the Maruti Suzuki's first all-electric vehicle, the e Vitara, will...

Range Rover Velar Gets New Autobiography Variant

0
The Range Rover Velas has received a new top-spec variant at Rs 89.9 lakh (ex-showroom), called the Autobiography. It is available with both diesel...

Related Articles

New Renault Triber Facelift Launched In India At Rs 6.29 Lakh

Priced from Rs 6.29 lakh.  Available in four trims: Authentic, Evolution, Techno, and Emotion. Exterior highlights include a new blacked-out grille, redesigned bumpers at both ends,...

Honda Shine 100DX, CB125 Hornet Revealed, Bookings Open In August

Honda 2-wheelers India has expanded its entry-level motorcycle lineup with the unveiling of two new bikes: Shine 100DX and CB125 Hornet. Bookings for both...

New Renault Triber Teased; Launch Tomorrow

Renault India has teased the Triber facelift for the first time, ahead of its launch tomorrow, ie, July 23. The refreshed sub-4m MPV is...

Skoda-Volkswagen Issue Another Recall Over Seatbelt Flaw In Multiple Models

Skoda Auto Volkswagen India Limited (SAVWIPL) has announced another recall for seat belt-related issues this year, affecting the Skoda Kylaq, Slavia, Kushaq, Volkswagen Virtus and...

You Can Now Book The 2025 Kia Carens Clavis EV

Kia India has started accepting bookings for the Carens Clavis EV for a token amount of Rs 25,000. Interested customers can reserve one for...