Budget 2025 Reaction|New initiatives announced for EV sector reinforces confidence in the ‘India Growth Story’, says Mercedes-Benz India MD Santosh Iyer

Finance Minister Nirmala Sitharaman presented her record eighth Budget this year. After the Budget was presented in the Lok Sabha, the FM also presented the document in the Rajya Sabha.

The Union Budget 2025 is the second Budget presented under the Modi 3.0 government, the first having come after the Lok Sabha elections.

Like the previous Budgets, this has kept in mind the government's goal of Viksit Bharat by 2047.

Automobile sector leaders have appreciated the new initiatives such as National Manufacturing Mission, which will drive significant growth in electric vehicle production and sale.

“India has long been regarded as a niche garden with high fences, however, this budget is expected not only to enrich the garden by stimulating consumption and strengthening MSME sector, but also lowering the fences through tariff rationalization and adoption of international practices on transfer pricing, with a clear commitment to enhanced global trade integration," said Santosh Iyer, Managing Director & CEO, Mercedes-Benz India.

"This will send a strong positive signal to the industry, reinforcing confidence in the ‘India Growth Story’, paving the way for sustained investment and future expansion. "

"The announcement of setting up of National Manufacturing Mission’s for clean technology manufacturing and support to domestic EV battery manufacturing is a positive step towards strengthening EV ecosystem. We also welcome the setting up of a high-level committee to evaluate regulatory reforms which will enhance ease of doing business in long term," Iyer noted

Yesterday, FM Sitharaman tabled the Economic Survey, which projects India's GDP to grow in the range of 6.3-6.8 per cent.In the last Budget, presented in June after NDA won the Lok Sabha polls, FM proposed new income tax slabs -- up to Rs 3 lakh nil, Rs 3-7L 5%, Rs 7-10L 10%, Rs 10-12L 15%, Rs 12-15L 20%, above Rs 15L 30%.

Fiscal deficit was estimated at 4.9 per cent of GDP and Sitharaman had stated the government aimed to reach 4.5 per cent fiscal deficit in 2025-26.

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Union Budget 2025 | Nirmala Sitharaman, as Finance Minister, presented her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', the Modi govt gave income tax relief for those making up to Rs 12 lakh per year in salaried income. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.