Pre-Budget expectations - Quotes from industry leaders as below:
Mr. Kalyan Chakrabarti - CEO, Emaar India
“A positive and development centric interim budget highlighting commitment to infrastructure as a key driver of economic growth, coupled with the emphasis on modernization and indigenization, laid the foundations for fostering growth and resilience in the economy. The interim budget laid a roadmap for sustainable development by 2047 with the theme of ‘Viksit Bharat’. As we await the upcoming union budget, we are optimistic that it shall be akin to the interim budget auguring growth and development. We continue to seek an industry status for the real estate sector, which would represent a significant stride on the infrastructure front by the government. This move would enable developers to lower borrowing costs and pass on the benefits to the customers. As key stakeholders in the sector, one of our primary expectations is a reduction on GST rates on construction materials to enhance affordability and make home-buying more accessible. We expect policies that will promote financial inclusivity and incentivisation, such as reforms in taxation and financial accessibility. Additionally, optimising the process of land acquisition and registration of properties to make it more transparent and efficient, further encouraging development and investment in the sector. We are hopeful that the budget will positively contribute to the real estate sector’s mission of inclusive growth, sustainable development, and job creation in the coming years.”
Mr. N.P Ramesh - COO and Co-Founder of Orb Energy
"As we approach the Union Budget, the solar industry eagerly anticipates pivotal measures to accelerate India's renewable energy goals. Key priorities include enhancing residential solar adoption with proposed personal income tax benefits up to 3 lakhs. This can be considered instead of current subsidy of Rs.78,000. For commercial and industrial (C&I) sectors, increasing depreciation benefits to 60-80% from the current 40% will incentivize substantial investments in solar installations, bolstering sustainability efforts across businesses.
The removal of anti-dumping duties on raw materials for solar modules is crucial to enhancing manufacturing competitiveness and reducing dependency on imports. Additionally, a proposed 7-year tax holiday for investments in PV module or solar cell production will stimulate domestic manufacturing capabilities, fostering job creation and economic growth. These strategic measures not only strengthen India's position in renewable energy but also pave the way for a sustainable and resilient energy future. They underscore our commitment to innovation and sustainability, ensuring a greener and more prosperous tomorrow for all."
Pre- Budget Quote around EV Battery & Recycling sector
Mr. Prassann Daphal - CEO, Recyclekaro
"The upcoming Budget 2024 in India is expected to emphasize sustainability while addressing various sectoral demands and maintaining economic far-sightedness. Here are some key expectations for the recycling industry, particularly the battery recycling sector, which has significant expectations focused on promoting sustainability and enhancing economic viability."
Key Expectations:
- Reduction in GST: The Goods and Services Tax (GST) on waste lithium-ion batteries is expected to be lowered from 18% to 5%, in line with the GST rate on lead-acid batteries, which is a significant anticipation. With this adjustment, the inverted duty structure will be corrected and recycling processes will become more economically viable.
- Extension of FAME II Scheme: Stakeholders in the industry are pushing for the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program to be extended and possibly expanded. This extension is essential to sustaining the momentum behind EV adoption and encouraging battery recycling. The government's goal of having 30% electric vehicles on the road by 2030 will only be met with the expansion of the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) program, which the electric vehicle (EV) industry is pressing for.
- Production-Linked Incentive (PLI) Scheme: A specialised PLI plan for recycling lithium-ion batteries is being pushed. With the support of this program, the recycling industry would be encouraged to grow and make a substantial contribution to India's sustainability objectives. The government may support the expansion of the industry by expanding the PLI plan to include the whole value chain, from manufacture to recycling.
- Incentives for Green Energy Projects: It is anticipated that the budget would include further incentives for renewable energy initiatives, such as battery recycling, which is essential to the clean energy transition and the circular economy. It is envisaged that there would be incentives for creative waste management systems and simplified recycling rules.