Union Budget 2022: Auto Industry Welcomes Government’s Initiatives

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The Union Budget 2022 presented by the Central Government today has numerous optimistic indicators for the electric vehicle, manufacturing, & logistics sector, which are fundamental to the economy. The announcements made today clearly show the shift towards sustainable development with close collaboration with the private sector. Multiple announcements such as bolstering electric mobility adoption, development of the infrastructure, investment in infrastructure projects, and strengthening the rural economy, all contribute to the automobile industry regaining its lost traction due to the Covid-19 pandemic scare, which resulted in the economic shutdown of the industry. We spoke with a few industry leaders regarding the budget announcement, and here’s what they think.

Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra and Mahindra Ltd said, “The roadmap laid out to usher in sustainable mobility by the Honourable Finance Minister in the Union Budget 2022-23 will bolster the electric mobility adoption in India. Battery swapping can offer a practical alternative to increase the adoption of electric vehicles. As part of our Last Mile Mobility, we look forward to working with the Government, policymakers, and our partners to formulate and implement the battery swapping policy. This will include introducing interoperability standards as well as driving innovation in Battery as a Service business model.”

Venkatram Mamillapalle, Country CEO & MD, Renault India said, “We welcome the Union Budget 2022, which spells seamless growth for the Auto & Auto Ancillary industry in India. The government’s focus on ‘Aatmanirbharta’ will continue to provide impetus to build domestic capacities and push the agenda of ‘Vocal for Local’.”

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