Many of the key priorities identified in the Budget, such as promoting skill development, driving employment and inclusivity, accelerating infrastructure development, energy security, fostering innovation, will act as catalysts for sustainable growth across manufacturing industries, including the automotive industry.
The growth-focused Budget signals a clear intent to strengthen the economy, which will result in a stronger middle class, whose aspirations will be a key driver of growth for the automotive industry.
The government has ensured that the opportunity to drive energy transition and green mobility is well captured with several key policy initiatives.
Strong support for accessible e-mobility
The Auto PLI outlay at ₹3,500 crore in FY25 is nearly a 6X increase over the ₹604 crore. allocated last year. The Auto PLI is a key instrument to bridge scale gaps in the e-mobility value chain in India, and will drive investments in EVs and EV components as well as make EVs more affordable for customers. The exemption of customs duty on imports of lithium, cobalt, and other rare minerals, plus the extension of concessional customs duty on Li-Ion cells until March 2026, will support in increasing accessibility of EVs.
Bu hikaye Business Standard dergisinin July 24, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin July 24, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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