The Mobility Industry Believes that the Union Budget 2023-24 is the Best for the Domestic Manufacturing
Dear Readers,
Hope last month you all enjoyed inviting New Year 2023 and saying goodbye to 2022!
The mobility industry hails the Union Budget 2023-24 as a major growth driver for Make In India.
Reduction of customs duty rates on the essential components of mobile phones and TV parts is expected to boost the domestic manufacturing. Emphasis on greener and sustainable transportation and concessions on Lithium-ion batteries is set to accelerate EV manufacturing and EV vehicles. The exemption of customs duty on the import of capital goods and machinery is expected to drive all other segments of mobility industry.
There is a major focus on reskilling the youth on the latest tech: AI, IoT, Mechatronics, Robotics, etc. which is set to improve the employability of the youth and drive economic growth. However, Industry feels a bit disappointed as the industry was expecting announcements related to incentives for domestic design, expanding the PLI scheme, and strengthening the supply chain which was the need of the hour.
We hope the government will consider these points in the next budget and support the industry in becoming a global manufacturing hub and achieving the Atmanirbhar Bharat dream.
We wish things will get better in on all fronts in the mobility industry in FY2023-24 and beyond.
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