Spark Minda is geared for India’s dynamic growth story
The Rs.3,000 crore allocation from Budget 2023-24 is bound to help kickstart the development of semiconductor and display manufacturing ecosystem in India, says Aakash Minda, Executive Director, Minda Corporation Limited.
The Indian Semiconductor Mission is also set to benefit from another Rs.1,000 crore allocation for the modified scheme for setting up of semiconductor fabs in the country, he said on 2 Feb 2023 in comments on the Budget 2023-24.
“This remarkable move is a huge step towards resolving the current shortage of semiconductors in the country,” he said.
Noteworthy initiatives which will have a lasting impact on the sector include customs duty exemption extended to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles.
“This exemplary move will boost the EV ecosystem by reducing the cost of EVs in the country. The focus will also propel the Government’s flagship initiatives Make in India or AatmaNirbhar Bharat, benefiting both customers and automobile manufacturers,” he said.
The Vehicle Scrappage Policy announced by Finance Minister Nirmala Sitharaman will ensure that pollution levels are in check, he believes.
“The discontinuation of vehicles above 20 years will result in an increase in overall vehicles sales and faster adoption of e-vehicles. This will lead to a high demand for components.
“We are confident that this will widen the opportunities for auto component manufacturers and boost the sector’s growth sentiment,” said Minda.
He further pointed out that Spark Minda is geared up to participate and contribute to India’s dynamic growth story by focusing on collaborations, partnerships and generating more employment opportunities.
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. fiinews.com
