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Union Budget 2022 Reaction Quotes from Association of Indian Forging Industry, Cooper Corporation Pvt Ltd and Vitesco Technologies, India

 

Lets Hear it from the Leaders from the Automobile  Industry on the Union Budget 2022.

Mr. Vikas Bajaj, President, AIFI (Association of Indian Forging Industry) said “This Union budget focuses on investing more on infrastructure and renewable energy, which will indirectly support employment generation. Apart from that, the government has focused on strengthening the logistics sector, digital education, health infrastructure etc. which is a welcome move. Apart from encouraging EV by creating a battery swapping strategy to overcome EV charging infrastructure, I believe there isn't much in the budget to support the auto sector as was expected. Also, not much changed in the Direct Tax rates for Corporates as well as individuals except incentives for start-ups by extension of timeline for start of production u/s 115BAB. Some industries, such as jewellery, have benefited from reduced customs duties on precious stones and other commodities. Finally, to assist the MSME sector, the ECLGC scheme has been extended for MSE’s till 31st March 2023”.

Mr. Farrokh Cooper – Chairman & Managing Director – Cooper Corporation Pvt Ltd Said, “The Union budget 2022-23 announced today by honorable finance minister has shown a progressive and futuristic approach for all sectors in India, which will help boost the Indian economy and recover from the pandemic. The government has taken some prudent initiatives for MSMEs in this budget, and I believe that their approach to fast-tracking the economy by providing opportunities to start-ups and businesses and creating six million new jobs will not only boost the economy but will support our future generation with an advantage above all. The government's support for manufacturing, agriculture, healthcare, MSMEs, and infrastructure as well as the expansion of 100 PM Gati Shakti Cargo terminals over the next three years, are encouraging steps toward a brighter and more successful India in the coming years."

Mr. Anurag Garg, Managing Director & Country Head, Vitesco Technologies, India said “In today’s budget, there are so many important announcements that will be helpful for Indian automotive segment paving their way into EV segment and manufacturing sector at large. Continuing with the ‘Atmanirbhar Bharat’ stride from last year, there is continuous strong push towards building self-reliance in manufacturing and localization in this budget too. This year the government has shown major attention on the overall digitalization of various services and pushing clear air & sustainability as one of the most important highlights. We appreciate the heightened emphasis in respect to EV segment, the introduction of the new policy for battery swapping will encourage the use of electric vehicles. We also look forward seeing further action to step up initiatives to boost EV infrastructure and EV ecosystem to achieve its broader decarbonization goals and support clear air resolutions.  With additional increased focus on expanding EV infrastructure across the country, with more EV charging stations to help vehicle owners to shift to electric cars without lesser worry of connectivity, these decisions were much needed at this period to boost usage of EV”.

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