Post – Budget Reaction Quote by Mr. Uday Narang, Founder and Chair: EV Industry

“The government’s forward-looking vision in promoting environment and sustainability in the recent Union Budget 2023, will prove to be an accelerator for the EV Industry.  Extension of customs duty exemption for the manufacture of lithium-ion batteries and removal of customs duty on imported machinery used for manufacturing Li-ion batteries are welcome initiatives as these will help in boosting the demand for EV’s.

The policy on the replacement of old polluting vehicles should accelerate the transition towards electric vehicles. Overall, we are happy with the budget as it is inclusive, and progressive and will encourage investments in the EV sector in a big way.”