Mr. Diego Graffi, CEO & MD, Piaggio Vehicles Pvt. Ltd

“We warmly welcome the union budget for the year 2020-21. The incentives that have been introduced for the manufacturing sector will give it a boost and help promote new technologies such as connected platforms to help in the Indian automotive industry besides attracting investment from FDI in the market. Over the last few years the government has been looking to make India a hub for manufacturing industry and with the abolition of Dividend Distribution Tax (DDT), we will further see an increase in investments from foreign players. It will also help in covering the revenue losses partially for corporates. The new scheme would encourage the manufacture and assemble of automotive electronics and semi-conductors to attract foreign investment. It will also boost the development of EVs in the country. The “handholding support” that the government has announced for Indian automotive component industry for product improvements, research and development, and business strategy will help the industry to improve by manifolds. The scheme is launched at a time when the Indian automobile industry is undergoing a major transformation. Linking of technology in vehicles is going to significantly assist the automotive sector in the coming years. I am confident that the government will continue to help the automotive sector and give it a push in 2020.”