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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