Reaction Union Budget 2023-2024 By Dr. Sudhir Mehta

Reaction Union Budget 2023-2024 By Dr. Sudhir Mehta

PUNE, 2  Feb 2023  : Reaction Union Budget 2023-2024 By Dr. Sudhir Mehta  “Congratulations to the Hon’ble Finance Minister for presenting a holistic & growth-oriented budget. The focus on capital expenditure with promising prospects for the commercial vehicle, green mobility, and railway sector is indeed encouraging.

One of the most progressive announcements is the custom duty removal on capital goods imported for manufacturing Li-ion batteries, for electric vehicles built locally in India, which will ensure the cost rationalization for electric vehicles substantially. This will not only help us achieve our sustainability goals but also promote ‘Made in India’ products & technology. The government is consistent in its focus on green mobility, and budget allocation toward the National Hydrogen Mission will bring new opportunities for growth & innovation for the country.

The automotive sector is also encouraged by the new scrappage policy, which will positively impact the entire value chain by creating more demand in the sector and giving a boost to the economy. Adequate funding to scrap old government vehicles and ambulances will create additional demand for small & medium commercial vehicles, which will also lead to more job opportunities in the sector.

The Government’s biggest-ever allocation for Indian Railways will ensure a more efficient, safe, and sustainable transportation system, it will also trigger new opportunities and growth in the railway component manufacturing, maintenance, and operations systems.  

The Government’s achievements so far and plans to strengthen the economic empowerment of women and tourism are highly admirable. Opportunities created by such liberal initiatives will provide a strong impetus to job creation & strengthening macroeconomic stability.”

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