Industry Quotes: Pre-budget 2024 Expectations

Kanchi Patel, Co-founder, Abzo Motors:

“With the upcoming Union Budget 2024, the electric vehicle (EV) industry in India is anticipating significant support for further growth. The reduction in goods and services tax (GST) on lithium-ion batteries and EVs is a key expectation, with a proposed cut of 5% or down to nil, which could significantly enhance the sector’s competitiveness and drive broader adoption of electric vehicles. We are also anticipating an extension of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) subsidy, which is due to expire on March 31. This policy is crucial for sustaining the industry’s growth, and we are hopeful for continued policy support. 

The focus on charging infrastructure development is paramount, and incentives for establishing EV charging hubs nationwide are eagerly awaited. Government support in the form of subsidies, tax benefits, and financing options will play a pivotal role in expediting the adoption of clean energy vehicles. We also expect incentives for EV production, infrastructure development, and domestic battery manufacturing, all contributing to the sector’s expansion. The tailored implementation of Production-Linked Incentive (PLI) schemes, specifically for EV charging companies, is another aspect we are looking forward to in the budget.

Additionally, the budget proposes incentives for battery R&D in Electric Vehicles (EVs) to address the need for more innovation in battery storage. Incentives are recommended for creating academic and skill training courses to tackle the shortage of skilled manpower in EV-related fields, fostering technological advancements and a skilled workforce. The Union Budget 2024 holds the potential to be a game-changer for the EV industry. We are optimistic about comprehensive measures, including tax reductions, scheme extensions, and targeted incentives, that will drive widespread EV adoption and accelerate infrastructure development in India. This in turn aligns with the industry’s commitment to sustainable, green energy solutions, promoting a cleaner and eco-friendly future.” 

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Mr. Sunil Agarwal,  Director, Vinod Cookware: 

“In anticipation of the Union Budget 2024, the cookware industry is keenly eyeing several key expectations that could shape the sector’s trajectory. Foremost among these is the hopeful prospect of a reduction in the tax burden, a measure anticipated to stimulate consumer spending and fortify the financial strength of the industry. Additionally, there’s a collective expectation from the budget to introduce selective incentives fostering sustainability and innovation within the retail sector, signaling a potential boost for businesses in the cookware industry looking to align with evolving market trends. 

In the realm of manufacturing, where precision and quality are paramount, we look forward to initiatives that bolster the ‘Make in India’ movement and enhance the competitiveness of Indian businesses on the global stage. There’s a palpable optimism regarding the probability of initiatives aimed at accelerating electronic manufacturing and promoting widespread technology adoption. These measures, if implemented, stand to benefit not only e-commerce businesses but also the technology-driven facets of the cookware industry. Embracing technological advancements is increasingly becoming a cornerstone for competitiveness, and the industry eagerly awaits the potential support from the budget to bolster these efforts. 

As the Union Finance Minister gears up to present the Union Budget on February 1, 2024, the retail sector’s expectations loom large. Beyond tax relief, there is anticipation for selective incentives promoting sustainability and innovation, encompassing rewards for adopting green practices and investing in IT infrastructure. Additionally, the emphasis on small retailers in tier 2 and tier 3 cities highlights the need for collaborative policies, fostering a unified retail ecosystem. In conclusion, these expectations collectively underscore the industry’s optimism for a budget that not only addresses immediate financial concerns but also sets the stage for sustainable growth and innovation in the cookware retail landscape.”

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Lavinn Rajpal, MD & Co-founder, Chimp&z Inc:

“With a strong emphasis on the digital economy, the government’s forward-looking stance is set to propel businesses towards adopting advanced technologies, particularly AI, revolutionizing marketing strategies. Digital advertising is expected to be a major driver, contributing significantly to the projected 21% growth in the Indian advertising and marketing sector in 2024.

The government’s commitment to capital expenditure and increased liquidity, as highlighted in the budget, sends a positive signal for the advertising industry. As the government strategically allocates resources across sectors, the resultant boost in liquidity is not only anticipated to stimulate consumption expenditure but also expected to translate into a surge in advertising spending. This financial impetus aligns with companies’ efforts to effectively engage their target audience. Additionally, the budget’s focus on supporting MSMEs and fostering start-up development schemes is expected to enhance the advertising industry further. As these businesses receive backing for their growth, increased investments in marketing and advertising are anticipated, contributing to the overall expansion of the sector. 

Furthermore, the ongoing development of artificial intelligence and the embrace of emerging technologies like augmented and virtual reality enhance the industry’s transformative journey, creating a dynamic and innovative landscape for advertisers. The Union budget for this year is designed to be growth-oriented, future-focused, and abundant with reforms, and we are looking forward to it having a positive impact on the digital marketing and advertising industry.”