Union Budget 2023-24: What It Means for the Future of the Automotive Sector?

New Delhi, Delhi, India | 2nd February 2023: Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint.

Mr Aakash Minda, Executive Director, Minda Corporation Limited shared his perspective on the impact of Union Budget 2023-24 on automotive sector.

Union Budget 2023 is a game-changer for the automotive sector. The budget is futuristic and echoes GOI’s focus on green mobility. Noteworthy initiatives which will have a lasting impact on the sector include customs duty exemption extended to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles. This exemplary move will boost the EV ecosystem by reducing the cost of EVs in the country. The focus will also propel government’s flagship initiatives Make in India or AatmaNirbhar Bharat, benefiting both customers and automobile manufacturers.

Allocation of Rs. 3000 crore for the Indian Semiconductor Mission is bound to help kickstart the development of the semiconductor and display manufacturing ecosystem in India. This budget has also allocated Rs 1000 crore for the modified scheme for setting up of semiconductor fabs in India, while Rs. 4 lakh has been allocated for the scheme to set up display fabrication units in India. This remarkable move is a huge step towards resolving the semiconductor shortage which the country is currently facing.

The Vehicle Scrappage Policy announced by the FM will ensure that pollution levels are in check. The discontinuation of vehicles above 20 years will result in an increase in overall vehicles sales and faster adoption of e-vehicles. This will lead to a high demand for components overall. We are confident that this will widen the opportunities for auto component manufacturers and boost the overall growth sentiment of the sector.

Spark Minda is geared up to participate and contribute to India’s dynamic growth story by focusing on collaborations, partnerships and generating more employment opportunities,” he added.

Incorporated in 1985, Minda Corporation is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The Company has a diversified product portfolio that encompasses Mechatronics; Information and Connected Systems and Plastic and Interior for auto OEMs. These products cater to 2/3 wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market. The Company has a diversified customer base including Indian and global original equipment manufacturers and Tier-1 customers.

For assimilating the latest technologies, Minda Corporation has a dedicated R&D facility and collaborations with the pioneers and leaders of the automobile industry. This has provided Minda Corporation with the cutting-edge in product design and technology to meet strict international quality standards.

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