Quote on Budget 2024 Reaction by Mr. Pradeep Bakshi, MD & CEO, Voltas Limited
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Below the Quote on Budget 2024 Reaction by Mr. Pradeep Bakshi, MD & CEO, Voltas Limited
“The Union Budget 2024 reflects a forward-thinking approach that will significantly benefit the consumer durables industry and bolster our efforts towards sustainable development. The full exemption of customs duties on 25 critical minerals, including lithium, copper, cobalt, and rare earth elements, is a substantial boost for sectors reliant on these materials, such as high-tech electronics and renewable energy. This policy will not only enhance the availability of these essential resources but also stimulate domestic processing and refining capacities, driving innovation and reducing costs.
Furthermore, the emphasis on energy transition, including the expansion of exempted capital goods for solar panel manufacturing, aligns well with Voltas' commitment to sustainability. While the non-extension of exemptions for certain solar components reflects a move towards encouraging domestic manufacturing, it also underscores the need for continued investment in domestic production capabilities.
The budget’s focus on substantial investment in manufacturing, presents a promising outlook for the industry. Voltas is optimistic about the positive impact of these policies on the electronics sector and looks forward to contributing to these ambitious goals.”
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