The Association of Indian Forging Industry (AIFI) viewed the Budget as focused on investing more in infrastructure and renewable energy, indirectly supporting employment generation. Besides, the government has focused on strengthening the logistics sector, digital education, health infrastructure etc., which is a welcome move.
Vikas Bajaj, President, AIFI, said, 'Apart from encouraging EV by creating a battery swapping strategy to overcome EV charging infrastructure, I believe there isn't much in the Budget to support the auto sector as was expected. Also, not much changed in the Direct Tax rates for Corporates as well as individuals except incentives for startups by extension of timeline for start of production u/s 115BAB. Some industries, such as jewellery, have benefited from reduced customs duties on precious stones and other commodities. Finally, to assist the MSME sector, the ECLGC scheme has been extended for MSE's till 31st March 2023,' he mentioned.