Page 51 - Banking Finance March 2023

BUDGET REACTION

BUDGET REACTION

Mridu Mahendra Das, Co-founder and CEO, Automovill

Auto and auto service sector have been facing various challenges. In the current scenario when new
age entrepreneurs are trying to explore businesses in unorganised sectors like auto services or similar,
it becomes difficult to follow procedures of traditional business, as it comes at a cost, and you only
have so much bandwidth in terms of resources. Therefore, we value a lot that the budget has taken
the same into consideration and by reducing more than 39,000 compliance it has made an effort to
Mridu Mahendra
add to the ease of doing business in India. Additionally, the tax benefits on their incorporation is
Das
being extended by another year and the carry forward of losses to set off against future profits will
now be allowed for 10 years instead of 7 years, which is going to provide a lot of relief to startups.-- Mr. Mridu Mahendra
Das, Co-founder & CEO Automovill

Anmol Bohre, Co-founder & Managing Director of Enigma
It is really great to see how environmental sustainability has been one of the top 7 priorities in this
budget. The Pro-EV budget focuses on much-needed initiatives such as Customs Duty reduction from
21% to 13% on capital goods and machinery required for Lithium Batteries and an extension of the
subsidies on EV batteries for one more year. This will certainly encourage each EV manufacturer to
contribute to Government initiatives to achieve mass EV adoption by 2030. This will also encourage
Anmol Bohre
investments in the EV sector which helps new players to continue with innovation."

Dhananjaya Bharadwaj, Co-founder and CEO, ParkMate

"The Budget 23-24 addressed by Finance Minister Nirmala Sitharaman reinforces the excellence of
the Budget introduced last year. The Union budget correctly emphasised the need for a greater
accentuation on innovation, research, and development, which are vital to India's ambitious goal of
becoming a $5 trillion economy. A special proposal to establish three AI centres will motivate
entrepreneurs aiming to launch AI startups. Moreover, it is worth mentioning that the planned
infrastructure target is aligned with broader environmental and social goals. Like the rest of the startup
Dhananjaya
Bharadwaj community, we fully embrace the Budget 2023".

Muzammil Riyaz, Founder, EVeium Smart Mobility
"In the last year alone, EV Sector has seen many ups and downs. At present, EVs contribute to only
2 per cent of the total auto sales in India and extensive support from the government is required to
chalk out sustainable growth of the sector. To achieve the ambitious mission of e-mobility in India,
initiatives announced in the Union Budget this year including - Customs Duty reduction from 21% to
13% on capital goods and machinery for Lithium Batteries, and an extension of the subsidies on EV
batteries for one more year are going to help. These will certainly encourage each EV manufacturer Muzammil Riyaz
to contribute to the industry initiatives to achieve mass EV adoption by 2030."

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