“The Union Budget 2023-24 comes at a time of inflection. India and the world in general are trying to reinvigorate its economy post Covid and the EV ecosystem is at the cusp of disproportionate growth. India needs the right set of fiscal support to accelerate its recovery. An integrated and clean logistics ecosystem has to be a key component of the Government’s vision of a $5 trillion economy.
We expect the budget to extend the Corporate Tax Benefits for Infrastructure companies and reduce the GST from 18% to 12% for the Logistics sector. This GST reduction will go a long way in managing the inverted GST impact ailing the EV logistics sector.
Another key aspect is making finance easy for EVs. This can be done by loan mandate to Govt sector banks and financial institutions. The government can see this as a kick start to a sustainable economy while driving demand for the automotive industry”.
