New Delhi [India], February 1 (ANI): The Union Budget 2025-26 has garnered a positive response from the auto industry, with industry leaders welcoming the government’s “focus on long-term economic growth, manufacturing, and regulatory reforms”.
Speaking on the budget announcements, Shailesh Chandra, president, Society of Indian Automobile Manufacturers (SIAM), expressed optimism about the impact on the sector.
“We welcome this budget which is focused on long-term sustained economic growth. The specific focus on rural prosperity and agriculture, coupled with reforms in the personal income tax, is likely to have a positive effect on the auto industry, and will help in creating demand,” he said.
Chandra highlighted the significance of the National Manufacturing Mission.
“As the auto industry transits into cleaner powertrains, in line with the PM’s vision on sustainable mobility, it will specifically benefit from the National Manufacturing Mission, which supports clean tech manufacturing for batteries, motors and controllers. Furthermore, the exemption of critical minerals (e.g. cobalt, lead, zinc etc.), scraps of Lithium-ion battery, and 35 additional capital goods from customs duty, will help create a strong EV ecosystem in the country,” he said.
“The Export Promotion Mission and support for integration with global supply chains are critical initiatives that will enable Indian manufacturers to expand export footprints, and align with global supply chains,” he added.
Describing the budget as both progressive and balanced, Dr Anish Shah, Group CEO & MD, Mahindra Group, said that in addition to providing an immediate stimulus for demand and growth, the budget lays a strong foundation for long-term economic expansion through substantial infrastructure investments and a sharp focus on innovation.
“We commend the 2025 Union Budget for its continued support of robust consumption growth through changes in the tax structure, effectively placing more disposable income in the hands of the Indian consumer. This will encourage private sector capex to move in a positive direction. The theme of ‘Make in India for the world’ remains a key focus in this budget, with efforts to reduce India’s manufacturing costs poised to significantly enhance the country’s global competitiveness,” he said.
“In addition to providing an immediate stimulus for demand and growth, the budget emphasizes long-term growth through substantial infrastructure investments and a strong focus on innovation. The theme of inclusive development, with a strong emphasis on MSMEs, agriculture, and skilling, aims to create a resilient ecosystem that will drive economic growth and help achieve the Viksit Bharat Goals by 2047,” he added. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
