Budget 2024 expectations – Artifex.News

Union Budget 2024 Expectations: Keep increasing road-infra spending, frame policies to promote electrification

admin — Fri, 12 Jul 2024 01:30:00 +0000

A person uses an Electric Vehicle charging station installed by Greater Hyderabad Municipal Corporation (GHMC) and Telangana Renewable Energy Development Corporation Ltd, in Hyderabad on Thursday, June 20, 2024.
| Photo Credit: NAGARA GOPAL

The growth of the automotive industry in India has happened because of the excellent road infrastructure which has been created during the last couple of years. A lot of intercity travel means that consumers want to have luxury cars, they want to have safer cars and that has helped to drive growth in the industry.

This time from the Union Budget we would expect not only continuity in infrastructure spending but also increased spending on road infrastructure because there exists a lot of head-room for improvement for the industry to grow.

For long-term success of electrification of automobiles, one of the big factors helping us, is the reduced duty structure that enables to price Electric Vehicles (EVs) close to Internal Combustion Engines (ICE) cars. Our expectation is the government comes out with a clear policy roadmap and gives a statement that these incentives on taxes will continue for the next 8 to 10 years.

This will give confidence to customers to get into EVs and also OEMs to invest more when it comes to electrification. OEMs like us would be interested in introducing new cars in the Indian market. In addition, there is also a pressing need for the State governments to continue their commitment towards EV adoption, continuing the tax breaks and incentives that attract end consumers.

For charging infrastructure the onus is on Charging Point Operators (CPOs) to set up the desired network to democratise their chargers. Today, we find that a lot of CPOs are not opening up their APIs so the customers need to download multiple apps to charge their cars.

To address this the government can come with a common platform for all CPOs to list, so that customers have the ease of payment like UPI to transact when it comes to charging their EVs. Apart from this, there are a lot of good ideas the world over to make it toll free for electric cars, providing special parking facility in cities for EVs. So, I think, no amount of incentives is less, because electrification needs a major push from the government.

As India aggressively transitions towards carbon neutrality, the government’s role also becomes more pronounced. We believe the road towards creating a carbon-neutral ecosystem will come from zero emission, which can be delivered by electrification. OEMs, their suppliers, vendors, policymakers and all other key stakeholders have to come together, work in close cooperation to ensure we create a robust, resilient and time-bound EV ecosystem.

At OEM level, the industry is ensuring that we actively encourage the EV adoption not just by launching high-tech and desirable product offerings, but we also focus on easing the total cost of ownership. This the OEMs are doing via offering long battery warranties, attractive residual value for EVs which are comparable to ICE vehicles and also extending service intervals to prolong any workshop visits.

The industry should continue to not only focus on introducing new products, but also spend their time and resources for enhancing consumer-education initiatives across markets. The actual acceleration for EV adoption can only happen when there is a strong demand from consumers for these technologies; but for that, we need concerted and coordinated efforts from OEMS, policymakers and customers.

When it comes to import duties, we have been in India for 30 years doing business based on the current taxation structure. Though lower taxes are always welcome, we also need to be pragmatic considering the current economic as well as political compulsions. So, we are realistic there, when it comes to tax cost. Hopefully, there are no increases as such in this Union Budget and there is continuity in taxation which should help us to do business as usual.

We expect the Indian auto industry to grow at 7% to 8% or maximum at 10% this year. The luxury car market size is 1 to 1.2% of the total industry and this segment should grow in double digit, may be slightly faster than the mass market passenger cars, because the base is low.

Right now, if you look at the enablers; the stock market is at all-time high, the real estate sector is doing well, tax collections are at a record high. So, we do not see any impediments to achieve the projected growth. With the incoming festive season combined with the wedding season and the depreciation month of September [a lot of consumers buy cars in September to claim depreciation benefits), I think the market will remain strong in the rest part of the year as well.

(Santosh IyerisManaging Director & CEO, Mercedes-Benz India. As told to Lalatendu Mishra)

Source link

Budget 2024 Updates | It is a Budget of creating India’s future: PM Modi

admin — Thu, 01 Feb 2024 07:34:43 +0000

Terming the Interim Budget presented by Union Finance Minister Nirmala Sitharaman as “progressive”, veteran BJP leader B. S. Yediyurappa complimented her for presenting a realistic Budget that will improve the standard of living of people.

The former Karnataka Chief Minister said the Budget reaffirms the commitment of the BJP government towards building a strong, empowered, developed and a “Vishwaguru” India in the coming days, which will complement the progress of the country.

“Hearty congratulations to the Finance Minister Nirmala Sitharaman, who has presented the country’s ‘progressive Budget’ to further strengthen the country’s economy, and towards realisation of Prime Minister Narendra Modi’s concept of Navabharat,” Yediyurappa posted on social media platform X.

“Without presenting the Budget of pre-election popular slogans, through this Interim Budget, the Union Finance Minister has presented a realistic Budget that will improve the standard of living of our youth, farmers, women and especially the backward and vulnerable sections of the people, creating new hope and opportunities,” he added. – PTI

Source link

Budget 2024 industry experts and markets reactions Live updates | Budget will help India deliver aspirational yet people-centric, inclusive development: Industry

admin — Thu, 01 Feb 2024 07:17:44 +0000

Budget presents promising roadmap to strengthen agriculture and dairy sectors, say industry leaders

Agriculture and allied sector players termed the Interim Budget 2024-25 as a promising roadmap for strengthening agriculture, agrochemical, dairy sectors by encouraging investment in research and development, technology and warehousing that will empower farmers and their livelihood.

“The Interim Budget 2024-25 reiterates the government’s commitment to strengthening the ‘Annadata’ and backbone of our nation – our farmers. From direct financial assistance through PM-KISAN SAMMAN Yojana to expanding farmer-centric policies and promoting innovations, the budget paves the way for inclusive, sustainable growth in the agricultural sector,” Godrej Agrovet Managing Director Balram Singh Yadav said.

Parag Milk Foods Chairman Devendra Shah said with the focus on the agriculture sector, the announcement of a comprehensive program for dairy farmers, coupled with efforts to control foot and mouth disease, is a positive step.

“The commitment to promote indigenous breeds and fostering research and development in the dairy sector through government schemes lays the foundation for increased productivity and sustainable growth,” he added.

Warehousing services provider Sohan Lal Commodity Management (SLCM) Group founder and CEO Sandeep Sabharwal said that the impetus given to post-harvest activities in the Interim Budget is a welcome step.

“It is a positive move to encourage private-public partnerships and address the diverse ambit of post-harvest agricultural logistics, including storage, supply chain as well as primary and secondary storage. In addition to the one crore women already coming under the purview of Lakhpati Didis, the government now intends to incorporate 3 crore new Lakhpati Didis under the scheme, and we hope it transforms several lives in the Indian agri space across the rural parts of the country,” he added.

Deloitte India Partner and Consumer, Products and Retail sector Leader, Anand Ramanathan commented that the Interim Budget 2024-25, continues to support growth and productivity in agriculture through interventions in crop insurance, encouraging use of nano fertilisers, promoting self-sufficiency in oilseed production, and increasing investments in micro food processing.

“Also, from a protein standpoint – boosting dairy productivity and supporting sea food exports are some of the big areas of focus. These announcements will provide employment opportunities for the rural economy,” he stated.

Dhanuka Agritech Managing Director MK Dhanuka said, “The announcement to further encourage private and public investment in areas of post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding is a laudable step.” “The decision to promote the application of nano DAP on various crops in different agro-climatic zones is in line with the government’s vision of promoting technological advancement in the rural sector.” KC Ravi, Chief Sustainability Officer, Syngenta India and Chairman Crop Life India, said that the robust physical-digital-social infrastructure developed in the last decade has given the economy a good foundation for a Viksit Bharat by 2047.

Digital infrastructure and infusion of technology is imperative to not only sustain the momentum but also to take the agriculture growth story to its logical conclusion. he said.

Agritech start-up Otipy’s founder and CEO Varun Khurana said the encouragement for private and public investment in post-harvest activities is commendable, promising a more resilient and sustainable agricultural ecosystem.

“The commitment to modernise the farm sector, focusing on improved storage, efficient supply chains, and branding, reflects a strategic vision to enhance the overall efficiency and competitiveness of Indian agriculture.

These measures align with the contemporary needs of the sector and are crucial steps towards ensuring long-term prosperity for farmers and fostering growth in the agritech landscape,” he noted.

Insecticides India Managing Director Rajesh Aggarwal said the continuation of flagship schemes such as the PM Kisan Samman Yojana and PM Fasal Bima Yojana, providing direct financial assistance and crop insurance respectively, exemplifies the government’s dedication to safeguarding the livelihoods of our farmers.

“We are particularly encouraged by the emphasis on technology adoption and innovation in agriculture. The integration of 1,361 mandis into the Electronic National Agricultural Market, serving 1.8 crore farmers, is commendable. Furthermore, the budget’s focus on modern storage, supply chains, and branding, will encourage private and public investment in post-harvest activities,” he said.

Arya.ag co-founder and CEO Prasanna Rao commented that the Budget’s commitment to boost both private and public investment in post-harvest infrastructure will go a long way in enhancing the outcomes.

“It will not only lead to a reduction of losses but also elevate productivity. Additionally, the expansion of Nano DAP and the commitment to oilseed self-reliance are pivotal and significant steps in achieving sustainable agricultural advancement,” he added. — PTI

Source link