Union budget 2023: What can the Auto industry expect?
Delhi : Finance Minister Nirmala Sitharaman is delivering the Union Budget 2023. Currently, not only the entire nation but the entire globe is anticipating India's annual budget announcement. India's economy has boomed in recent years and is now playing a crucial role with an influence on the whole world.
After the US and China, the Indian car market has surpassed Japan to take the third-largest spot globally. The expansion of the car sector in India was encouraging in 2022, and it would want to expand on that. For this growth, the assistance of government regulations would be crucial.
What experts in the Indian car sector anticipate from the Union Budget for 2023 is listed below:
"We also believe that other industries would be brought under the PLI umbrella plan, which has given the industry a lot of confidence since it was established," said Satyakam Arya, MD of Daimler India Commercial Vehicles. The previous few years' supply chain problems have provided India with a wealth of knowledge and a tremendous chance to rise to the occasion and take on the role of the world's largest supplier.
"Streamline the PLI scheme, FAME II scheme should be specified with greater clarity, the applicable GST paid has to be modified, further, encourage charging and universal battery charging & swapping infrastructure," stated Ketan Mehta, founder and CEO of HOP Electric Mobility.
Pratik Kamdar, co-founder of Neuron Energy stated that ,"The Union budget 2023 is anticipated to represent a turning point for the industry". The lithium-ion battery sector anticipates a GST reduction on lithium-ion battery packs and cells from 18% to 5%. If this shift took place, the Indian electric vehicle (EV) industry, which depends heavily on batteries, would profit.
Crayon Motors' Director Rahul Jain remarked, "The industry is still plagued by higher EV initial ownership prices, which are a direct outcome of higher input costs. We anticipate that the 2019 budget would lower the GST on components and raw materials, increasing India's EV race ".
CEO and co-founder of an electric vehicle company named Chargeup, Varun Goenka, stated that "Companies and startups engaged in the field must be provided perks like PLIs, subsidies, and lower GST on the import of raw materials or equipment, etc."
CEO and foumder of Spinny, Niraj singh reamrked "Used automobile sales have increased significantly over the previous 4-5 years. A drop in GST rates would stimulate attempts to bring transparency to the industry dominated by variables."
