We welcome the Union Budget 2023 and its larger vision of promoting green growth. The budget focuses on capital expenditure as well as promoting consumption. It also offers steps to boost domestic manufacturing and encourage green energy, and mobility. The announcement of INR 35,000 crore fund to support green projects will give a massive boost towards India’s net zero goals. Additionally, the Green credit programme, will further encourage responsible companies to take more environmentally sustainable and responsible actions. All these steps are also going increase the jobs in these sectors.
We are particularly encouraged by the push that the budget is likely to give to the auto sector in the form of Vehicle Replacement policy which will allow States in replacing old polluting vehicles. This will in turn benefit auto sales and electric vehicles. We look forward to understanding the FM’s proposal to reduce basic customs duty on some goods from 21 per cent to 13 per cent, including lithium and ion cell batteries used in EVs. Overall, this is an inclusive budget that also stands to further boost Atmanirbhar vision.
