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Hero Electric and Uniparts India Union Budget 2015 reactions

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Sohinder Gill, CEO Hero Electric thanks Central Government for clearance of National Electric Mobility Mission Plan (NEMMP). Government has offered good support to electric vehicles but variable VAT structure in states is detrimental. VAT is as high as 14.5 pct in some states, and this may nullify the effect.

Sohinder Gill Union Budget 2015 reaction
File photo: Sohinder Gill Union Budget 2015 reaction

Union Budget 2015 announcements include an incentive package worth Rs 14000 crore to encourage demand and supply of electric and hybrid vehicles in India. The package looks to provide relief for technology development and research. Focus on charging infrastructure is decreed, and substantiates to directly offering a subsidy to a consumer for buying an electric vehicle.

Green mobility is all about affording green means of transport is an option for all, and warrants the need to create the best conditions in an efficient and environmental friendly way. To create Green Mobility solutions, and to take the Indian EV Industry to newer heights, International Green Mobility Expo (GMX) 2015 organised by Confederation of Indian Industry (CII) from 26th – 28th February 2015, at Pragati Maidan, New Delhi afforded the electric, battery vehicles and other alternate energy driven transport industry a platform.

SIAM acknowledges Union Budget 2015 for approval to the Scheme on Faster Adoption of Electric and Electric Mobility (FAME). Though initial allocation of Rs. 75 crores is minimal, industry looks forward to more resources being allocated for green vehicles in the Indian automotive industry in months to come.

Gurdeep Soni, Chairman and Managing Director, Uniparts India Limited views Union Budget 2015 as a forward looking budget. Government has announced positive initiatives for farming and agriculture sector focusing on productivity increase. Target of Rs 8.5 lakh crore of credit for agricultural sector is beneficial. Technology and automation will strengthen sector growth, and boost demand for tractors and off-highway vehicles in allied sectors.

Focus on implementation of GST by April 2016, and ongoing reduction in corporate tax and benefits to middle class tax payers are focus areas for the new government. GDP growth is projected at 8-8.5 pct in the coming fiscal. Government looks to usher in a new growth era for economy with focus on ‘make in India’.