Thursday, February 22nd, 2024

Budget 2023: Small to big industries have many expectations from the Finance Minister’s bundle, read the demands of major industries here


Photo:India TV Budget

corona pandemic And after the Russia-Ukraine war, the Indian economy is growing at the fastest pace amid fears of a worldwide recession. To maintain this momentum of the Indian economy, the need for a stimulus package is being felt. The Indian industry believes that in the upcoming general budget, the government’s encouragement to small and big industries will help in increasing the demand in the market, due to which the wheel of the economy will turn faster. Due to the end of the shadow of Corona, this time different sectors have high expectations from the Union Budget 2023. Different sectors are expecting new announcements from the Finance Minister for their growth and development. Come, let us know what are the demands of the major sectors from the upcoming general budget…

Cut customs duty on EV batteries

Gunjan Malhotra, Director, Komaki Electric Vehicle Division Said that the electric vehicle sector in the country is undergoing a major transformation in recent years. To reduce India’s carbon footprint, the government needs a renewed focus on EVs. The major component of an EV is the battery. We demand that the Finance Minister should reduce the customs duty on battery cells in the upcoming Union Budget, which will reduce the cost of EVs. It will serve to revolutionize the Indian EV industry. Along with this, a uniform 5 percent GST on spare parts of electric vehicles, inclusion of startups and MSMEs in PLI scheme, 50 percent subsidy for setting up charging infrastructure needs to be announced in the budget.

Uniform GST on motor parts

Manav Kapoor, Executive Director, Motor Parts Company Steelbird International Told that we demand the Finance Minister to bring a uniform GST on motor parts in the budget. At present, 18 percent GST is being levied on most of the motor parts and 28 percent on some. This is causing a problem with billing. Doing GST on one item will also result in revenue growth and companies will also get a solution from their problems.

GST on battery and EV vehicle as same

Ankit Mittal, CEO of Sheru Company Said that we demand the Finance Minister to implement a uniform GST on EVs. Currently EV is 5% GST and battery swapping is 18% GST. Making it uniform will help in increasing the demand for electric vehicles. Along with this, many accessories for EVs in India are being sourced from outside the country and this increases the cost. For India’s EV sector to set itself up for the future, the emphasis should be on domestic production. For this it should be included in PLI.

Allocation of funds necessary for charging infrastructure

Saira Nitin Kapoor, Managing Director, Electric Auto Pvt Ltd Said that from the budget we are again demanding to start the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme. Under FAME-II, PLI (Production Linked Incentive) schemes totaling Rs 44,038 crore were announced during Budget 2022-23, including ACC batteries. Along with this, we are also expecting a reduction in GST on batteries. Along with this, the government should also consider focusing on creating awareness about the vehicle scrappage policy. The budget for 2023 should focus on formulating a strategy to build a robust EV battery charging infrastructure in the country with specific grants for research and development (R&D) of advanced batteries.

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