Budget Reaction 2023: Toyota Kirloskar Motor

By MotoArc February 1, 2023

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Mr. Vikram Gulati, Country Head and Executive Vice-President, Toyota Kirloskar Motor.

“The Hon’ble Finance Minister Smt. Nirmala Sitharaman has presented an exceptional budget by balancing the need for sustaining rapid growth, while maintaining an eye on fiscal prudence. Given the fact that there is an outlay of Rs. 10 trillion towards Capex which represents 3.3% of the GDP, and a 33% Y-o-Y increase, this will definitely contribute to a robust economic growth. While doing so, the Government has aimed at a fiscal deficit target of 5.9% for the upcoming year with a clear glide path to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26.

The Budget which not only focuses on inclusiveness, youth empowerment and skill development, but also aims to give impetus to “Green Growth” with sufficient outlays for supporting the recently announced National Green Hydrogen Mission, doubling of allocation for FAME 2 scheme and for providing viability gap funding for Battery Energy Storage System (BESS). The support for 500 new “WASTE to WEALTH” plants under the GOBARdhan scheme towards leveraging compressed biogas will also encourage a Green and circular economy.

Further, the announcement towards fund allocation for scrapping old vehicles of Central and State Governments will not only help the environment and reduce fossil fuel consumption, but will also generate demand for new vehicles.

Priorities of this year’s budget clearly resonates the Government’s vision for overall development of our country in an inclusive, environmentally responsible manner towards a technology driven and knowledge based economy . The added reforms announced towards the ease of doing business, as well as simplifying the direct tax administration, as well as introducing new tax slabs, are bound to lead to greater disposable income, which will generate demand and are supportive for the growth of the economy.”

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