Quote by Mr. N K Minda, Chairman & Managing Director, UNO Minda on the budget tabled by the Central Government, today

Mr. N K Minda, Chairman & Managing Director, UNO Minda on the budget tabled by the Central Government, today:

“I would like to take this opportunity to congratulate Ms. Nirmala Sitharaman on her first annual budget. As a component manufacturer we welcome the announcement made by the government to encourage Electric Vehicle industry in India with a reduction in GST rate on electric vehicles from 12% to 5%, along with additional income tax deduction of `1.5 lakh on the interest paid on loans taken to purchase electric vehicles. This will definitely provide an impetus to the EV manufacturing in India, adding up to the Government’s vision of India as a global manufacturing hub for Electric Vehicles.

Government’s cherished EV project will also have a major ‘Make in India’ boost with the levy of custom duty on import of Auto Components and the relaxation of custom duty on lithium ion battery, which would help local manufacturers to supply affordable batteries & components to the OEMs.

We also welcome the government’s move to increase investment in Infrastructure, Job Creation in SME & MSME, extending support towards start-ups, digital economy and urban & rural India, which will provide the right impetus in job creation and a new vision for India.”

Mr. N K Minda, Chairman & Managing Director, UNO Minda