Post Budget Reaction by Mahesh Babu, CEO of Switch Mobility
Below the Post Budget Reaction by Mahesh Babu, CEO of Switch Mobility
"India's FY25-26 budget targets economic growth with a 4.4% fiscal deficit and income tax cuts, including exemptions for individuals earning up to Rs.12 lakh boost disposable income, consumer spending benefiting sectors like commercial vehicles with higher logistics demands. The budget also simplifies duties and taxes to support MSMEs, startups, and entrepreneurship."
The exemption of customs duties on lithium-ion batteries and critical minerals such as cobalt, zinc, and lead represents a crucial step in reinforcing India’s electric vehicle (EV) ecosystem. This move will enhance the competitiveness of the EV industry, helping it to grow more rapidly and become a key player in the global market. It accelerates India’s progress toward Aatmanirbharta in clean energy and sustainable mobility solutions. These measures are expected to reduce the overall cost of EVs, making them more affordable for consumers, which directly supports the government’s ambitious target of achieving 30% EV adoption by 2030."
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