HomeCURRENT AFFAIRSBudget 2023: Key updates for the auto and tech industry announced

Budget 2023: Key updates for the auto and tech industry announced

Budget 2023: Nirmala Sitharaman, India’s finance minister, is submitting the Union budget for the fiscal year 2023–2024 today. Let’s take a closer look at the budget presentation’s many aspects that relate to the nation’s Tech and Auto sectors.

Also Read: Union Budget 2023: Nirmala Sitharaman To Give Big Announcement On Tourism Sector

Tech and Auto Budget 2023

  • The third phase of the e-court scheme will start with Rs 7,000 crore.
  • 100 labs will be made to make 5G apps.
  • Annual production target of 5 MMT by 2030 for Green Hydrogen Mission.
  • Capital investment of Rs 35 thousand crore in the field of energy security. Investment of Rs 20 thousand 700 crores in the field of new energy.
  • Capital provision of 2.40 lakh crore for Railways.
  • National Digital Library for Children and Adolescents will be set up.
  • Three institutes of excellence will be established for Artificial Intelligence in India.
  • There will be a provision of adequate funds for vehicle scrapping.
  • An Integrated IT portal will be made for claiming shares and dividends
  • Exemption from customs duty on imports to increase green mobility.
  • Exemption on import of mobile parts and camera lenses.
  • Custom duty on electric kitchen chimneys increased from 7.5% to 15%

Also Read: Stock Market Today: SGX Nifty off to a good start, Asian stocks trading higher

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