Finance Minister Nirmala Sitharaman will present the Modi government’s budget for 2023-24 in Parliament at 11 am. While the budget is likely to focus heavily on railways, agriculture, health, and education, some announcements are likely to be made for the auto sector as well.
1. Relief is possible for the auto sector
Finance Minister Nirmala Sitharaman can give big relief to the auto sector in the budget 2023-24. There could possibly be a reduction in taxes and import duties. She can announce this today to promote the backward auto sector for the last 3 years due to the Corona epidemic. Steps can be taken to bring the auto sector back on track.
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2. The EV sector will get a big gift
In Budget 2023, Finance Minister Nirmala Sitharaman is likely to help the rapidly growing electric vehicle segment in India. The move could help car companies reduce taxes on electric vehicles and attract foreign investors. Modi government can implement it in the country as soon as possible to promote electric vehicles and encourage people to use them.
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3. The subsidy will be available on vehicles
The Modi government is trying to promote electric vehicles in transport. In budget 2023, it can continue the FAME 2 subsidy on electric vehicles and increase the subsidy received. Some rules can be relaxed.
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4. Vehicle Scrap Policy
As a result of the country’s pollution problem and the increasing number of vehicles on the roads, it is likely that the Modi government will make a big announcement regarding its plan to scrap old cars. Under this program, the owners of old vehicles can get relief.
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