“The Union Budget 2023 has introduced a host of measures under the green growth strategy that will create an ecosystem to phase out unfit and polluting vehicles. This will accelerate the adoption of green fuel and can be a turning point for the automobile industry’s energy mix. We believe there will be a dynamic transition with an increase in EVs as well as vehicles powered by CNG, ethanol and hydrogen. Electric vehicles, especially in the three-wheeler segment, will play a major role in the new energy mix. With the budget, the government has reiterated its commitment towards green mobility and if the policies and incentives are executed as planned, it will fast-track the automobile industry’s shift to cleaner mobility solutions, thereby helping achieve our 2070 carbon neutrality goals.”
-Divya Chandra, Director at Atul Greentech.