Spark Minda Looks Forward to a Budget that Supports Manufacturing Sector and the Consumer – EQ Mag
Spark Minda is looking forward to a Budget that supports both manufacturing sector and the consumer.
Aakash Minda, Executive Director, Minda Corporation Limited says, “The transition of the sector towards electric vehicles needs special focus. To build an upward tick within the EV market, Government Schemes should strengthen the indigenous EV industry. The focus must be on providing incentives and schemes to aggressively build a robust ecosystem that supports the infrastructure, supply chains and material required for growth. This will ensure India’s participation in contributing to EV revolution in Indian as well across global markets.”
“We urge the Government to consider incentivising the journey of ‘electronification’ by rationalising the GST rate for auto components. While EVs are priced with a 5% GST, component manufacturers are currently mandated to pay GST of 18% to 28%. We are hoping for a tax standardization that will help the component manufacturers scale up and strengthen to provide parts and consistent quality and reduce litigations.”
“We are excited to see how the budget will supplement the Faster Adoption of Manufacturing of Electric Vehicles Scheme – II (FAME-II). With its budgetary outlay of INR 10,000 crore, it is currently only effective till March 2024. We are keen to see the how the budget unfolds for the automotive sector. Further, the auto component industry keenly awaits further additions to Advanced Automotive Products (AAP) list under PLI scheme covering connection systems for BS VI and EV products, Antennas, Driver Information Clusters and Sensors,” he added.
Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint. The Company was incorporated in 1985. Minda Corporation is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The Company has a diversified product portfolio that encompasses Mechatronics; Information and Connected Systems and Plastic and Interior for auto OEMs. These products cater to 2/3 wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market. The Company has a diversified customer base including Indian and global original equipment manufacturers and Tier-1 customers.
For assimilating the latest technologies, Minda Corporation has a dedicated R&D facility and collaborations with the pioneers and leaders of the automobile industry. This has provided Minda Corporation with the cutting-edge in product design and technology to meet strict international quality standards.