“Overall a good budget with much-needed relief to the common man with revisions in the I-T slabs and push for the agriculture and infrastructure segment. The Union Budget 2023-24 lays down a sustainable growth with a multi-pronged strategy for green energy and mobility segment. The schemes and initiatives announced under ‘Green Growth’ will accelerate the new energy sector and push India towards its commitment to Net-Zero targets by 2070.
With a total outlay of Rs 35,000 crore for the energy transition segment , custom duty exemptions on the import of capital goods and machinery for lithium-ion batteries and additional Rs 19,500 crore for National Green Hydrogen Mission will provide a fillip to the EV and allied industries and will reduce dependence on fossil fuels. The support through a viability gap funding to set up a battery storage capacity of 4,000 MWH will create critical infrastructure that makes renewable energy storage a reality. In addition, the other initiatives to re-energise the automobile and EV sector are also a welcome move.”
Jayadev Galla, Chairman & Managing Director, Amara Raja Batteries Pvt Ltd