The 2023 Union Budget was presented in the parliament by Finance Minister Nirmala Sitaraman. With regards to the Two wheeler Industry, many measures were announced with respect to custom duty removal on EV batteries and focus on hydrogen fuel production. Here are the key take away.
Removal of Custom duty to help localize EV Battery Manufacturing.
One of the most notable announcements for the Two-wheeler industry was the removal of import customs duty on capital that will be helpful to localize the Manufacturing of lithium-ion batteries used in electric vehicles.
This will greatly contribute to lowering the manufacturing cost of electric Two-wheelers in India which will help in reducing the overall cost of electric bikes and scooters for consumers.
The Union Budget announced the allocation of Rs 19,700 crore for the Nation Hydrogen Mission. With the aim of reaching a production capacity of five million metric tonnes by 2030. This would help reduce dependence on Fossil fuels by initiating a shift towards hydrogen fuel-powered mobility in India. With this initiative, Two wheeler companies will be able to invest more in hydrogen fuel cell technology.
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