Budget 2023-24: Manufacturing sector eyes revised taxations, new PLIs

Manufacturing sector contributes 15% to India's GDP and hence the expectation of experts are high from the government

As Union Budget 2023 approaches, experts from the manufacturing sector, which contributes 15 per cent to India’s gross domestic product (GDP), are hoping for a reduction in import duties, and a revision in the taxation system, among other things from the government.

Here are some of the Budget expectations for the manufacturing sector.

Electric Vehicle industry

As the Centre pushes for wider adoption of electric vehicles to meet the country’s decarbonisation goal, CEO of JLNPhenix Energy, Sunil Gandhi told Business Standard that reduction in import duty on the raw material of lithium-ion battery is what the manufacturers of the EV