Quote on Budget 2024: by Satyakam Arya, – Managing Director & CEO, Daimler India Commercial Vehicles

“The framework of the interim Union Budget proposed by the Honourable Finance Minister, Government of India, is quite optimistic. The most prominent takeaway for me was the capital expenditure outlay of INR 11.1 trillion towards infrastructure development. I would consider this generous allocation to be indicative of a boom for the commercial vehicles industry in the near term. The Indian CV industry is already on an upward trajectory and this CAPEX outlay has the potential to take CV industry volumes higher in the coming 3-5 years, than the previous benchmark.

While the interim budget sets the tone, I am keenly looking forward to the post-election budget that should encompass a strategy that refines the Indian economy in the next five years, thereby encouraging new investments, boosting employment and providing new business opportunities to various industries. What is also important is a definitive direction on the implementation of the Scrappage Policy, a long term fuel policy for Indian passenger and commercial vehicle industries, charging infrastructure that will pace up the surge of EVs in the country, FAME-III and manufacturing-boosting incentives (PLI), favourable taxation on green vehicles and steps for ease of doing business, to mention a few – these will have a far-reaching effect on the health of the manufacturing industry as we tread on a path that will lead us to realizing the dream of Viksit Bharat in 2047.”