Mr. Mukesh Taneja, Co-founder & CEO of GT Force
“Auto sector in India has been struggling for way too long. It was expected that the foray of EVs would give a new life to the players; however, the sector continues to suffer from initial ownership costs and other factors. The penetration of EV brands and the adoption of the new technology seems to be taking time. Amidst this, the announcement by Hon’ble FM to replace old government vehicles will certainly play a game changer for the sector. Additionally, an Indirect tax proposal can fuel the exports, which will immediately lift the auto economy, as manufacturing here is competitive on the global stage.
Furthermore, manufacturing lithium-ion batteries has been a challenge for EV players. It was the first ask of EV players to have customs duty exemptions on the import of capital goods and machinery required for lithium-ion batteries. Overall the budget has certainly taken steps to revive the sector“.
Mr. Muzammil Riyaz, Founder of EVeium Smart Mobility
“In the last year alone, EV Sector has seen many ups and downs. At present, EVs contribute to only 2 per cent of the total auto sales in India and extensive support from the government is required to chalk out sustainable growth of the sector. To achieve the ambitious mission of e-mobility in India, initiatives announced in the Union Budget this year, including – Customs Duty reduction from 21% to 13% on capital goods and machinery for Lithium Batteries and an extension of the subsidies on EV batteries for one more year are going to help. These will encourage each EV manufacturer to contribute to the industry initiatives to achieve mass EV adoption by 2030.”
Mr. Anmol Bohre, Co-founder & Managing Director of Enigma
It is great to see how environmental sustainability has been one of the top 7 priorities in this budget. The Pro-EV budget focuses on much-needed initiatives such as Customs Duty reduction from 21% to 13% on capital goods and machinery required for Lithium Batteries and an extension of the subsidies on EV batteries for one more year. This will certainly encourage each EV manufacturer to contribute to Government initiatives to achieve mass EV adoption by 2030. This will also encourage EV investments, which will help new players continue with innovation.”
Mr. Mridu Mahendra Das, Co-founder & CEO of Automovill
Auto and auto service sectors have been facing various challenges. In the current scenario, when new-age entrepreneurs are trying to explore businesses in unorganised sectors like auto services or similar, it becomes difficult to follow traditional business procedures, as it comes at a cost, and you only have so much bandwidth in terms of resources. Therefore, we value a lot that the budget has considered the same, and by reducing more than 39,000 compliance, it has made an effort to add to the ease of doing business in India. Additionally, the tax benefits on their incorporation is being extended by another year, and the carry forward of losses to set off against future profits will now be allowed for 10 years instead of 7 years, providing a lot of relief to startups.
Mr Vikrant K. Aggarwal, Co-Founder of EVI Technologies
India is setting its tracks on building an eco-friendly and sustainable environment, whereas the electronic industry is slowly setting its benchmark to give this effort a great boom. E-vehicles are now getting their fame and providing a sense of trust among people. As per the budget for 2023-24, it is confirmed that the E-Vehicle industry will be the future of India, as there is a huge demand for electric vehicles. Budget 2023-24 gives wings to the EV industry as it promotes sustainable development and green growth in the country.
The government also extended the FAME subsidy for 1 year, resulting in the cheaper rate of electric vehicles, which is affordable for the people. The budget also focuses on the sustainable resources to be retained to save natural resources, where the customs duty on lithium cells is also reduced. The policy to replace the old polluting vehicles with electric vehicles provides an eco-conscious lifestyle to the people and helps to maintain the greenery in the environment.
Mr Greg Moran, CEO & CoFounder of Zoomcar
“It’s fascinating to see that our Hon’ble Finance Minister has addressed some major concerns about India’s progress towards clean energy in the Union Budget 2023. The decision to extend the exemption to capital goods imports for the manufacture of lithium-ion cells for batteries used in electric vehicles is a much-needed boost to green mobility and EV adoption in the country.
The government has made a significant effort to promote tourism, especially in the post-covid era, by proposing the creation of an app to improve the tourist experience. We think that the tourism sector has a lot of untapped potential. In our opinion, such programmes can advance green travel and tourism.”
