The Union Budget for FY 2024-25, presented by Finance Minister Nirmala Sitharaman, has been positively received by key figures in the Indian automotive industry. The budget’s emphasis on infrastructure development, skilling initiatives, and measures to support MSMEs has been particularly praised for its potential to drive growth and innovation within the sector.
Infrastructure & Economic Growth
Sunjay J Kapur, Chairman of Sona Comstar and Deputy Chairman of CII Northern Region, welcomed the budget’s focus on ease of doing business, energy transition, and support for high-tech industries. He highlighted the abolition of the Angel Tax as a significant boost for the startup ecosystem. Kapur also appreciated the increased allocation for skill development and the establishment of e-commerce export hubs, which will create new opportunities for MSMEs and youth. The investment in agritech and enhanced healthcare funding were also noted as pivotal steps for a progressive economy.
Sunil Mathur, Managing Director and CEO of Siemens Limited, expressed satisfaction with the government's consistent approach towards fiscal consolidation and capex in infrastructure. Mathur noted that the allocation of INR 11.11 lakh crore for capital expenditure and the focus on urban and rural infrastructure, employment generation, and skilling would pave the way for next-generation reforms and a developed Bharat.
Kamal Bali, President and MD of Volvo Group in India, described the budget as thoughtful, pragmatic, and inclusive. He praised the growth-oriented approach, large infrastructure capex, and schemes for skilling and employment generation, which are expected to ensure macroeconomic stability.
Support For Electric Vehicles & Green Mobility
Santosh Iyer, MD and CEO of Mercedes-Benz India, highlighted the government’s commitment to infrastructure projects, with a 3.4% GDP allocation. He noted the importance of the climate finance taxonomy in supporting climate adaptation and mitigating climate change. Iyer also expressed hopes for future GST announcements to further benefit the electric vehicle (EV) sector.
Amit Sharma, Managing Director and CEO of Tata Consulting Engineers, commended the budget’s focus on green growth, with investments in clean energy and support for domestic solar cell and module manufacturing. He highlighted the significant allocation for water and waste management in large cities and the construction of houses under the Pradhan Mantri Awas Yojana-Urban 2.0, which align with national priorities.
Nirmal K Minda, Chairman and Managing Director of Uno Minda, appreciated the forward-looking initiatives aimed at job creation, urban infrastructure, and strengthening the manufacturing sector. He noted that the incentives for EPFO contributions and the focus on increasing women's workforce participation are crucial steps towards an inclusive and diverse manufacturing sector. The exemption of customs duty on critical minerals was seen as a significant boost for the EV ecosystem.
Dheeraj Hinduja, Executive Chairman of Ashok Leyland, praised the budget for its focus on infrastructure development, urban planning, and sustainable growth. He noted that the reduction in duties on rare earth minerals would promote sustainable mobility, aligning with Ashok Leyland's commitment to a cleaner future.
Harry Bajaj, Founder and CEO of Mobec, highlighted the budget's support for India's energy transition and sustainable development. He welcomed the PM Surya Ghar Muft Yojana for rooftop solar panels and the focus on advanced ultra-supercritical thermal power plants, which will bolster green infrastructure.
Pratik Kamdar, CEO and Co-Founder of Neuron Energy, lauded the decision to exempt customs duties on critical minerals, which will lower battery manufacturing costs and make EVs more affordable. He noted that these measures support India's commitment to sustainable mobility solutions.
Sameer Aggarwal, Founder and CEO of Revfin Service, welcomed the budget's focus on skill development, employment generation, and support for the rural and agricultural sectors. He noted that the exemption of import duties on critical minerals would make EVs more affordable.
Harinder Singh, Managing Director and CEO of Yokohama India, praised the budget for its emphasis on infrastructure development, job creation, and skill enhancement in the manufacturing sector. He highlighted the government's support for diversity hiring and incentives for job creation in manufacturing facilities.
Rajeev Chaba, CEO Emeritus of JSW MG Motor India Pvt Ltd, commended the waiver of import duties on critical minerals as a positive step for the EV industry, enhancing lithium-ion battery production and supporting localisation efforts.
Broad Industry Support
Srinath Ravichandran, Co-Founder and CEO of Agnikul Cosmos, expressed his support for the setting up of a space-tech VC fund, which will help larger players emerge from India's space startup ecosystem.
Narinder Mittal, Country Manager and Managing Director of CNH India & SAARC, noted that the budget’s focus on sustainable farming practices and digital infrastructure will enhance farmers' access to vital information, driving growth and productivity.
Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Ltd, welcomed the budget’s focus on infrastructure projects and the exemption of customs duty on critical materials. He highlighted the benefits of these measures for the EV sector and the increased participation of women in the workforce.
Inderveer Singh, CEO and Founder of EVage, expressed optimism about the EV battery manufacturing sector, noting the exemption from custom duties on critical minerals. He also called for additional incentives and policy support to decarbonise the commercial vehicle segment.
Dhriti Prasanna Mahanta, Vice President and Business Head of TeamLease Degree Apprenticeship, described the budget as a game-changer for India’s industrial sector, with a strong focus on skill development and job creation.
Niranjan Kirloskar, Managing Director of Fleetguard Filters Private Limited, commended the budget for its focus on economic growth, employment, sustainability, and inclusive development.
Rashi Agarwal, Co-Founder and CBO of Zypp Electric, appreciated the focus on increasing women's workforce participation and youth skilling. She also noted the need for policy consistency to support the EV sector’s growth.
Gaurav Dolwani, Founder and CEO of LICO Materials, welcomed the exemption of customs duty on critical minerals as a boost for India’s renewable energy and EV sectors.
Vikram Handa, Managing Director of Epsilon Group, noted that the customs duty exemption on critical minerals would benefit the EV battery supply chain but called for further development of cathode and anode manufacturing factories.
Shalabh Chaturvedi, Managing Director of CASE Construction Equipment – India & SAARC region, praised the budget’s focus on rural development and infrastructure, highlighting its positive impact on employment and skills.
Aditya Singh Ratnu, CEO of ZEVO, described the budget as promising for job creation and boosting consumption, particularly in the automotive sector.
Ayush Lohia, CEO of Lohia, welcomed the budget's focus on MSME support and job creation in manufacturing, noting the benefits of the new employment-linked scheme and credit guarantee scheme for MSMEs.
Rajat Mahajan, Partner at Deloitte India, highlighted the incentives for job creation in the manufacturing sector, which are expected to drive growth in the automotive industry.
Ravi Machani, Co-Founder and Investor at Tresa Motors, praised the budget’s focus on upskilling and industry-education collaboration, crucial for the EV industry’s growth.
Neeti Sharma, CEO of TeamLease Digital, described the budget as positive and forward-looking, with a strong focus on job creation, education, and skill development.
Pratap Daruka, Chief Financial Officer of Tredence, commended the abolition of the angel tax and the significant allocation for skill development, calling for a more focused approach to AI development.
Anurag Choudhary, CMD and CEO of Himadri Speciality Chemical Ltd, welcomed the customs duty exemption on critical minerals, noting its impact on lithium-ion battery manufacturing and India’s energy independence.
Uday Narang, Founder and Chairman of Omega Seiki Pvt Ltd, praised the budget for its visionary approach to the automotive sector and the focus on skill development and women-led development.
Samarth Kholkar, CEO and Co-Founder, BLive, appreciates the waiving off of import duties on 25 minerals—critical inputs like lithium—and the outlay of INR 26,000 crore for road connectivity projects, as it will further support the adoption of EV for last mile revolution .
Gregory Goba Ble, Managing Director of UPS in India, described the budget as a monumental stride towards positioning India as a global logistics powerhouse, highlighting the focus on infrastructure, technology, and MSME support.
Viren Choudary, CEO of Readywire, welcomed the budget's focus on MSMEs and startups, particularly the abolition of the Angel Tax and increased Mudra loan limits.
Pali Tripathi, Chief Executive Officer of Taabi Mobility Limited, praised the budget’s focus on infrastructure development and digital public infrastructure, aligning with the company's mission to leverage AI and technology for smart solutions.
Mukund Vasudevan, Managing Director of SKF India, commended the budget for its significant allocation for capital expenditure and focus on skilling and employment.
Devndra Chawla, MD and CEO of GreenCell Mobility, highlighted the positive impact of infrastructure development and sustainable transportation measures on the economy.
Dr Sudhir Mehta, Founder and Chairman of EKA Mobility and Pinnacle Industries, described the budget as a significant milestone in India's journey towards a $5 trillion economy, commending the support for MSMEs and startups.
Kunal Arya, Founder and Managing Director of ZELIO Ebikes, praised the budget's focus on job creation and MSME support but called for more targeted measures for the EV sector.
Tushar Choudhary, Founder and CEO of Motovolt Mobility, welcomed the customs duty exemption on critical minerals and initiatives for job creation and regional development.
Hitesh Garg, VP and India Managing Director of NXP Semiconductors, highlighted the strong support for the semiconductor and electronics manufacturing sector.
Srini Chinamilli Co-founder and CEO Tessolve, is optimistic that the budget is forward-looking and is aimed at equipping youth with the skills necessary for employment. The plan for freshers and internships will also help the new and potential employees.
Chakravarthi C., Managing Director of Quantum Energy, appreciated the budget’s focus on capital and skill development for the EV sector.
Jaikaran Chandock, Director of Balu Forge Industries Ltd, praised the budget for its focus on renewable energy transition, infrastructure development, and defence manufacturing.
Mahesh Babu, CEO of SWITCH Mobility, noted the positive impact of the import duty exemption for battery raw materials on the EV ecosystem.
Prassann Daphal, CEO of Recyclekaro, highlighted the benefits of the customs duty waiver on critical minerals for renewable sectors and the establishment of a 'Critical Mineral Mission'.
Prashanth Doreswamy, President and CEO of Continental India, described the budget as a holistic approach towards long-term inclusive growth, benefiting the automotive industry.
Yogesh Bhatia, CEO and MD of LML Electric, praised the budget for its support of the EV sector, highlighting the abolition of the Angel Tax and customs duty exemptions on critical minerals.
The automotive industry is optimistic that the budget’s progressive measures will drive significant growth, innovation, and sustainability, positioning India as a global leader in the sector.
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