Utkarsh Singh, Co-Founder & CEO, BatX
“Union Budget 2023 looks promising for green growth and developing a sustainable ecosystem in India, keeping circularity in focus. The allocation of INR 35,000 crore to achieve the target of Net Zero by 2030 and energy transition seems to be a positive and a good move by the government in imposing a green credit programme under Environment Protection Act that will benefit companies. Since electric mobility is growing in India at a rapid pace YOY and considerably contribute to sustainability, the national green hydrogen program will develop huge potential in lowering carbon intensity and reducing dependency on fossil fuel imports supported by lithium ion batteries for all kind of NEV’s. With the increase of funding in green hydrogen, battery energy storage systems with a capacity of 4000 MWh will be supported with viability-gap funding and renewables. The relief from custom duties on lithium-ion cells for batteries for another year will further help in strengthening the industry. Still India would need to focus on recycling of batteries and produce materials in India, to create a sustainable Electric mobility ecosystem in India. The government has also continued its efforts to support start-ups by offering tax benefits by extending the advantage through March 31, 2024.”
Tanya Singhal, Founder of SolarArise
A solar power producer with about half a GW portfolio across India. My assets have recently been listed as a part of a trust on the London Stock Exchange.So glad to see the allocation of 4000 MWh worth VGF for Battery Storage Solar Solutions (BESS) in the 2023 budget. This is a critical need of the day to make solar a 24 hr reality and make Indian truly atma-nirbhar & self-reliant in its energy needs by ensuring supply of clean power in the peak hours and reducing dependence on fossil fuel imports. The Rs 35 crore for energy transition and net-zero carbon emission target coupled with the Green credit program for responsive actions by individuals and companies will encourage environment-friendly behavior and help accelerate the journey of building emission-free lifestyles, and thus a green planet. With this and the 7 main priorities, “Saptrishi,” India will be a forefront leader to drive sustainable growth and tackle the global climate crisis head-on.”
Amit Lakhotia, Founder & CEO, Park+
“Clean & green technologies like EV’s will continue to dominate conversations in the foreseeable future. The budget’s focus in expediting investments in green technology is a positive step in the right direction. As the largest EV charger installer in the country, we are confident of building and nurturing India’s EV charging network. Additionally, the revised vehicle scrappage policy will ensure that the Indian roads no longer support old & polluting vehicles. Furthermore this step will translate into growing order books for auto companies and trigger job creation. We look forward to working in tandem with the government to make the Indian auto-tech vertical clean and green, as soon as possible.”
Bharat Patel, Chairman and Director at Yudiz Solutions Ltd
The FM has presented a budget that will give impetus to growth and development. Setting up three Centres of Excellence for Artificial Intelligence in top educational institutions will galvanise an effective AI ecosystem and nurture quality human resources. The setting of 100 labs for developing applications using 5G services will help realise new opportunities, business models, and employment potential. The expansion of the digital ecosystem for skilling with a Skill India Digital platform will enable demand-based formal skilling and facilitate access to entrepreneurship schemes. The boost to the startup ecosystem will spur entrepreneurship and contribute to economic development.
Gaurav Shisodia, Country Manager, Payoneer
“The 2023 Union Budget’s focus on MSMEs with increased funding and improved access to credit is a positive development for the sector, which is still recovering from the impact of the pandemic. Moreover, I applaud the government for presenting a forward-thinking budget with positive developments for the financial sector and furthering the digitization of the sector.”
