Post Union Budget Quote: Renault India Pvt. Ltd.
"The government has shown keen focus on Atmanirbhar Bharat and its support for the manufacturing sector, especially in Technology Innovation in the Automotive Sector. The budget lays a lot of emphasis on building core competencies and creating Global Champions in the manufacturing sector, creating world-class R&D, value chain providing scale and size in terms of growth, providing employment to youth in the country and the government has allocated INR 1.97 Lakh Crore over the next five years for the PLI scheme, creating fillip for economic growth. We also welcome the government's announcement pertaining to the scrappage policy, made voluntary, for vehicle age of 15 years for Commercial Vehicles and 20 years for personal vehicle. This move will significantly reduce pollution and should help bolster demand for new vehicles in the CV & PV sectors.
The union budget also lays the foundations for augmenting the road infrastructure in the country, under the auspices of which 8500 Kms of road, highway projects to be awarded by March 2022 and more than 13,000 km of roads awarded under Bharat Mala project and will complete additional 11,000 km of NH corridor by March 2022. The Indian economy is showing signs of resilience & recovery, intending to revive from the aftershock of the COVID pandemic. With the government announcing INR 35,000 Crore for COVID 19 vaccines, we are hopeful that India will bounce back and the workforce will return with new vigor and focus to contribute in bringing the economy back on track."