Union Budget 2023 Highlights for EV Industry

Find Union Budget 2023 highlights for the Electric Vehicles industry presented by hon’ble finance minister Nirmala Sitharaman with a strong focus on green mobility and making electric vehicles affordable to the masses. Union budget 2023 provides an opportunity for India's EV industry to develop its own roadmap towards growing the electric mobility sector in support of the government to make India a global EV hub. The Indian government has invested crores of taxes and capex to develop electric vehicles industrial infrastructure which has clear signs to impact our economy. However, India needs to shift towards EVs and add more battery electric vehicles (BEV) capacity which will help to save millions in oil import and our CO2 emissions as well.

New energy vehicles (NEVs) are a focus of the Union budget. The government is offering a huge amount as a subsidy to early birds who plan to purchase an electric vehicle (EV). The government may also come up with incentive plans for producers and manufacturers of EV/HEVs.

Union budget 2023 highlights for EVs and Green Energy are here, check it out.

A- Electric Vehicles (EVs) Likely to be Cheaper

In the union budget 2023 announcement, the government has reduced customs duty from 21 to 13 percent on import of required materials and machinery to manufacture Li-Ion batteries for EVs. This announcement could directly lead to a drop in electric vehicles and is likely to encourage electric vehicles and part manufacturers to do better towards green mobility missions.

B- Extended Subsidies on Electric Vehicles

In the union budget 2023 announcement, the government has extended the subsidies for another year on electric vehicles to encourage EV adoption. To receive this subsidy, manufacturers must follow the guidelines by the government.

C- Net Zero Objective

In the union budget 2023 announcement, the government has also allocated Rs 35,000 crore for priority capital investment towards energy transition and net-zero objectives.

D- Green Hydrogen Mission

In the Union budget 2023 announcement, the government has proposed a substantial investment towards clean energy by committing to invest Rs. 19,700 crores in National Green Hydrogen Mission.

E- Biogas Push

In the Union budget 2023 announcement, Biogas will also see a push under the Gorbardhan scheme with an investment of Rs 10,000 crores towards a sustainable future.


Union Budget 2023 presented by finance minister Nirmala Sitaraman has a great deal of focus on EVs and Green energy and it’ll definitely help AMO Electric Bikes’ mission to create Reliable, Sustainable and Affordable products for all.

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