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Budget 2023: The contribution of the automotive sector to India’s GDP is 6 percent. Direct and Indirect Section This sector also generates a large number of jobs. This is the reason why everyone’s eyes will be on what is announced about the automotive sector in the general budget. The auto sector is hoping that there will be some relaxation on GST (electric vehicles) from the government. Let us know the opinion of the experts who are watching this section –
Ripunjay Bararia, Co-Founder and CTO of Sugarbox, said:
According to a Gartner report, public cloud spending in India is estimated to reach $7.5 billion this year, registering a growth of 29% over 2021. It is expected to cross the $13 billion mark by 2026. Due to economic and environmental conditions, there is a strong focus on the adoption of flexible digital technologies around the world. Information technology (IT), especially the cloud technology sector, has a bigger role than ever in driving change.
There is an urgent need to focus on the accelerated growth in the field of IT and cloud technology in the next general budget, by creating a sustainable system for public and private institutions. The sector will require a dedicated allocation of funds and innovative measures to nurture, support and incentivize Indian startups and tech companies as well as Make-in-India related technology. This will also pave the way for the development of indigenous technologies designed to solve problems, increase employment and address data security issues.
This stock has been on the upper circuit since January 13, investor money doubled in 22 days.
Ayush Lohia, CEO, Lohia Auto said
The Government of India (GoI) has introduced several new policies and regulations in the last decade to support the electric vehicle industry, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program, which has now been extended to 2024. To facilitate the expansion of companies that specialize in green mobility, the industry still needs an integrated strategy to foster the electric vehicle sector across the country.
Along with this, additional tax breaks for indigenous EV producers who will be manufacturing their products in India will give a big boost to the “Make in India” campaign. Also, to encourage the adoption rate, EV retail financing should be a priority loan. EVs with 3 wheels should also get an incentive of Rs 15,000 per kWh, like EVs with 2 wheels, as cost is one of the biggest constraints on the expansion of EVs. These new incentives can help make the traffic on the roads smooth and comfortable by increasing the penetration of electric 3-wheelers in India.