While presenting the Union Budget today, Finance Minister Nirmala Sitharaman announced a new battery swapping technology in India and steps to boost the adoption of electric vehicles in India. The industry leaders generally welcomed the budget. Following are the reactions to the newly announced Budget from industry bodies and organisations.

FADA Welcomes Govt Efforts 

Vinkesh Gulati, President, FADA, said, “Union Budget 2022 seeks to lay the foundation for the next 25 years, from India@75 to India@100. With PM’s ‘Gati Shakti National Master Plan’, a INR 100-lakh crore project for building comprehensive infrastructure in India, it will be a significant step towards development. The budget has attempted to focus on each of the sectors and has also tried to stimulate the economy after the pandemic slowdown. FADA welcomes and supports the government's efforts and initiatives towards Electric Mobility. There is a clear emphasis on creative, sustainable and innovative business models. Battery Swapping & Energy as a Service (EAAS) will surely help accelerate the transition towards Clean Mobility. The development of special mobility zones for electric vehicles and promoting clean technology for public transport validate government commitment to E-mobility, which would boost confidence in the EV industry in terms of manufacturing, sales, and create a sense of assurance among customers. The government's plans for developing 25,000 kilometers of new highways will result in a push for infrastructure spending, which will result in an increase in Commercial Vehicle sales, as well as an addition of 2,000 kilometers of road under a new scheme known as 'Kavach' will be an additional benefit to the revival of this segment. With the extension of the ECLG scheme, it is a remarkable move by the government to support the MSME sector coming out of the slowdown caused by pandemics.” 

Gulati added, “The rural India has generally been the key driver for entry level passenger vehicle segment and two-wheeler space. With government plans on INR 2.3 lakh crore direct payment as MSP to farmers, it will work as a booster for two-wheeler, tractor and entry-level PV sector sales. However, an additional duty of rupees 2/ litre on unblended fuel from October 2022 could play a spoilsport for the already stressed 2W industry.” 

Budget Boosts EV Industry 

Sohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV), said, “We welcome the measures announced by the honourable Finance Minister, today. The budget for 2022–23 gives a huge impetus to the electric vehicle (EV) industry. Introducing the battery swapping policy and recognising battery or energy as a service will help to develop EV infrastructure and increase the use of EVs in public transportation. It would motivate businesses engaged in delivery and ride aggregation businesses to incorporate EVs into their fleet. It will create new avenues for companies to venture into the business of battery swapping. Additionally, creating special clean zones will further accelerate the adoption of EVs and spread awareness amongst the citizens. The move will benefit the whole segment, i.e E2W, E3W, E-cars, and buses. The budget also provides attention to the need for skilled resources in the industry. Introducing new skill programs in ITI will bridge the skill gap that currently exists in the industry. The industry would be happy to work with the government to devise customized courses to meet the demands of the EV industry. Overall, the budget aims at strengthening the whole ecosystem of the EV industry, which will spur the demand for green vehicles.”

Additional Opportunities 

P B Balaji, Group CFO, Tata Motors, said, “Budget 2022 is an articulation of purposeful intent enabled by a clear action plan. Building on the excellent budget of last year, the government has wisely continued on the path of prioritising economic growth with calibrated fiscal prudence. For the Indian automobile sector, which is a significant contributor to the nation’s GDP, the budget offers continuity and also additional opportunities to drive multi-year growth. Specifically, the robust increase in capex by 35.4 percent to INR 7.5 lakh crore and a comprehensive investment plan for infrastructure is a significant growth booster. Additionally, the launch of the well-conceived PM Gati Shakti program for multi-modal transport including 100 cargo terminals and investments in 25000Kms of highways, apart from investments in ports and metros is an excellent development that will help create a world-class transport infrastructure in the country. This will reduce logistics costs and transit times, increase employment and make us globally competitive with avenues for better and efficient mobility solutions. Additionally, plans to create EV charging infrastructure including national policy for battery swapping which when combined with the already announced Automotive PLI scheme, furthers the agenda for green mobility. Tata Motors welcomes this balanced, thought through budget.” 

Bolster Electric Mobility

Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra and Mahindra Ltd, said, “The roadmap laid out to usher in sustainable mobility by the honourable Finance Minister in the Union Budget 2022-23 will bolster the electric mobility adoption in India. Battery swapping can offer a practical alternative to increase adoption of electric vehicles. As part of our Last Mile Mobility, we look forward to working with the government, policymakers and our partners to formulate and implement the battery swapping policy. This will include introducing interoperability standards as well as driving innovation in Battery as a Service business models.”  

Huge Impetus on Rural Growth

Nagesh Basavanhalli, Group CEO and MD, Greaves Cotton Limited, “The Union Budget 2022 has some important announcements to accelerate economic growth by focusing on 4 core pillars of productivity, climate action, financing investment and PM Gati Shakti Programme which will help strengthen our infrastructure and MSME sector. The expansion of the National Highway network will provide better connectivity to our towns and cities and strengthen the supply chain network. Overall huge impetus on rural growth through various schemes and technological intervention will help create more rural jobs and thereby create more demand from rural and semi-urban areas. The production linked incentives in several sectors announced by the government will help create more employment opportunities for the people. 

Basavanhalli added, “Digital ecosystem for skilling and livelihood through online training is a step in the right direction as this is a critical need of the hour by the industry. From the auto and EV sector's point of view, the battery swapping policy will boost the adoption of EV. Further, the government’s move to encourage the private sector’s involvement to create sustainable and innovative business models for battery and energy as a service, too, will be a game-changer for the growth of the entire EV ecosystem of the country.”  

Invest in India 

Ujjwal Jain, CEO and Founder, WealtDesk, “The government continued with a growth-oriented budget and took charge from the front. This can be seen by the 35.4 percent increase in CAPEX while maintaining a manageable fiscal deficit and very conservative tax revenue targets. Make in India continues to get the push - to boost defence innovation, 68 per cent of the capital procurement budget in defence will be earmarked for the domestic industry in 2022-23. The Unified Logistics Interface Platform (ULIP) was also announced in the budget speech, which will enhance efficiency and reduce logistics costs in the country. The other highlight was the 30 percent tax on Virtual Digital Assets with no set-offs and TDS of 1 percent. Bringing the Virtual Digital Assets into the tax net is a smart move with a forward-looking approach. The finance minister also announced the creation of a digital currency by the RBI. The government will form an expert panel to attract and encourage PE/VC investments. The panel will help identify the appropriate measures to increase investments and establish friendly policies for investors bringing foreign capital to Indian startups. This move can help reduce risks faced by foreign investors when investing in Indian startups. In all, the key takeaway from the budget can be "Invest in India".  

Futuristic Budget 

Sulajja Firodia Motwani, Founder and CEO, Kinetic Green, said, “Budget 2022 is a futuristic budget with focus on deployment of advanced technology like EV, green mobility and digitisation. The Budget 2022 announced by Hon’ble Finance Minister today is positive for the Electric Vehicle sector, which reinforced the Indian Government’s commitment to accelerating EV and green mobility eco-system in India. FM has announced that to foster the creation of electric vehicle ecosystem, a battery swapping policy will be devised. In order to scale up battery stations, a battery swapping policy will be brought out with inter-operability standards. There is an announcement on shift to use of public transport in urban areas by clean tech and with special e-mobility zones. Green Energy & Clean Mobility systems have immense potential to assist sustainable development & modernise the country. This will further enhance connectivity and digitization of the auto sector and is expected to help automotive in a greater way. The Minister also emphasized that private sector will be encouraged to develop sustainable and innovative models for battery and energy as a service which will increase efficiency in EV ecosystem. I am confident that this move will encourage manufacturers to enhance investments in this sector. Further announcements such as ramp up of capital expenditure and spending on infrastructure will boost economic growth. It is a futuristic budget with focus on the greening of economy and digital technology. We welcome this budget and appreciate Government’s steps to promote electric vehicles and tackle pollution in our cities.”

Growth-oriented Budget 

Suyash Gupta, Director General, Indian Auto LPG Coalition, said: ''With India remaining the best-performing economy among the larger economies as duly highlighted by the budget, the budget has stayed the course in terms of remaining a growth-oriented one. In terms of promotion of cleaner mobility, while the government’s intent to encourage battery swapping technology with an eye on galvanizing electric mobility is appreciated, it still remains to be seen what more is there in the fine print for promotion of cleaner alternative fuels. At the same time, the provision for sovereign green bonds with the aim of reducing the carbon intensity of the economy must be appreciated. Also, the encouragement of agroforestry, the extension of PLI schemes to the manufacturing of solar PV modules will further help in pursuing a more carbon-free economic pathway for the country. It must also be added that the increase of excise on unblended fuel will also help to some extent in achieving cleaner mobility. However, the bigger picture with regard to air quality has been missed. Electric is a while away. What does the country do in the interim? Low hanging fruits like Auto LPG need to be acknowledged, which could bring immediate relief to the urban air pollution.'' 

Forward-looking Budget 

Parag Satpute, Managing Director, Bridgestone India, said, “This is a forward-looking budget that focuses on not only the economic health of the country but also takes into account physical and mental health. This is indeed a major milestone in India. The PM Gati Shakti plan and the corresponding announcement of additional 25, 000 km of roads will spur growth in the mobility sector. The government’s initiative on electric vehicles and the announcement on a battery swapping policy is a major boost to the nascent EV sector and will boost customer confidence in EVs.”

Intention to Revive Travel Industry 

Manish Rathi, CEO & Co-founder, IntrCity, said, "We welcome the government's commitment to expanding the national highway network by 25,000 kilometres this fiscal year. The Finance Minister needs to be complimented for her vision to usher 9.2 percent economic growth. This is very much possible in view of the allocation of INR 20,000 crores to the National Highway System. This shows the government's intention to revive and transform the beleaguered travel and transport industry. We endorse the GOI's aim to improve road connectivity by redesigning the roads in hilly areas under the Parvat Mala initiative, which will improve connectivity for commuters. The government seems inclined to strengthen and support public transport infrastructure in urban areas and allocate funds through low-interest loans to small travel operators; this is a good sign. These would help us expand our SmartBus fleet's presence deep inside India's heart and provide comfortable, convenient, and safe mobility solutions in Tier 2 and Tier 3 cities." 

Progressive Budget 

Suresh KV, President and Regional Head, ZF India, said, “Union budget 2022 is progressive and with the continuous support of the government we are optimistic that the industry will soon return to the path of growth in 2022. The announcement of allocation of INR 20,000 crores for infrastructure projects and the announcement of 25,000 kms of additional National Highway network during FY 22-23, is a much welcome move. This will have a positive impact on the transportation industry and the auto sector, at large. The Government focus on green mobility was evident and the special new battery swapping policy for the EV infrastructure will boost the EV ecosystem and lead to faster adoption. The special focus towards clean technologies and electric vehicles for public transport will positively impact companies manufacturing and supplying technology to electric buses and commercial vehicles. The move to boost the rural economy with the announcement of MSP payment of INR 2.73 lakh crores coupled with other benefits, will aid the farming sector and is bound to enhance the rural economy and sentiments. The
concessional corporate tax of 15 percent for more than one year till March 2024 will provide the much-needed impetus for the Covid impacted manufacturing segment. This is further bolstered by the eagerly anticipated re-look at the SEZ act, which will boost the competitiveness of the Indian manufacturers. Overall, the budget 2022 has several measures that are likely to create a positive impact on the Indian auto sector that has been gravely hit by the COVID 19 pandemic, and we at ZF in India welcome this”. (MT) 

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Jaguar Land Rover has announced a new addition to its high-performance SUV lineup, the Range Rover Sport SV Carbon. The new model, which will debut on 13 August at Monterey Car Week, joins the existing Range Rover Sport SV and SV Black models, offering an even stronger focus on lightweight materials and performance aesthetics.

The Range Rover Sport SV Carbon features extensive use of carbon fibre, including a standard Forged Carbon Exterior Pack with detailing around the Active Quad Exhausts. Customers can also opt for a Twill Carbon finish and an exposed carbon fibre bonnet. The vehicle sits on lightweight 23-inch forged alloy wheels, with optional ultra-lightweight 23-inch Carbon Fibre Wheels also available. For stopping power, customers can choose optional Carbon Ceramic Brakes with a variety of calliper colour choices.

Inside, the carbon fibre theme continues with Forged Carbon detailing on the seatbacks and dashboard. The interior offers a choice of four colour themes in either perforated Windsor Leather or a leather-free Ultrafabrics material. Extended Moonlight Chrome detailing and illuminated SV treadplates complete the interior design.

Under the hood, the SV Carbon features a carbon fibre engine cover over a 4.4-liter Twin Turbo V8 mild hybrid petrol engine. The engine produces 635 horsepower and 800Nm of torque, allowing the SUV to reach a top speed of 180 mph (290 kmph). The vehicle also includes advanced features like the 6D Dynamics Suspension and Body and Soul Seat (BASS) technology, which provides a multi-dimensional audio experience.

Ryan Miller, Product and Services Marketing Director for Range Rover, said, "Following the introduction of the previously limited Range Rover Sport SV Edition ONE and Edition TWO, clients now have more choice when it comes to specifying their ultimate luxury performance SUV. Last month we announced the Range Rover Sport SV Black, offering a stealthy, dipped-in-black aesthetic, while the new Range Rover Sport SV Carbon is an assertive interpretation of our luxury performance SUV. Offered alongside Range Rover Sport SV and SV Black, it completes the new line-up showcasing the best of Range Rover’s sophisticated carbon fibre materials, for the ultimate expression of lightweight performance."

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Nissan Motor India (NMIPL) has launched the new Nissan Magnite Kuro Special Edition at prices starting INR 830,000 (ex-showroom, Delhi). The compact SUV now features suave interior black theme and Japanese-inspired design cues.  

The Magnite Kuro Special Edition, available with turbo-petrol and naturally aspirated petrol engines features a ‘Kuro’ badge on the left fender, Piano Black front grille, black skid plates, gloss black roof rails, R16 diamond-cut alloy wheels and black door handles. Standard equipment includes black LED headlamps with turn indicators. The interior has a dark theme with piano black finishes, and the model adds a wireless charger as standard and a dash cam as an accessory.

In addition, a new metallic grey colour option has been launched for the Tekna, Tekna+ and N Connecta variants.

Saurabh Vatsa, Managing Director, Nissan Motor India, said, “The New Nissan Magnite Kuro Special Edition embodies bold design and refined craftsmanship, thoughtfully created in response to strong customer demand for a distinctive, premium and feature-packed offering. The previous edition of the Nissan Magnite Kuro Special Edition received an overwhelming response from customers for its striking all-black aesthetic and unique identity.”

“The New Nissan Magnite Kuro Special Edition elevates the Magnite’s SUV presence while staying true to Nissan’s core promise of exceptional value, advanced innovation and uncompromised safety. The recent 5-star GNCAP is testimony to our commitment to safety and deliver world class products from India under our ‘One Car, One World’ strategy. To celebrate this achievement, we are also introducing a brand-new colour – Metallic Grey to the Magnite line-up.”

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European automaker Citroen India has partnered with HDFC Bank, one of India’s largest private sector banks, for retail and dealer finance solutions.

This move, the company shared further strengthens the Stellantis–HDFC alliance, making HDFC Bank the exclusive preferred financier for all Stellantis brands in India, including Jeep, Maserati and now Citroen.

A standout feature for Citroen customers would be access to HDFC Xpress Car Loan, an industry-leading solution offering 30-minute disbursals through a 100 percent digital interface.

HDFC Bank shared that auto loans have been one of the significant contributors to its retail assets segment with around INR 14,800 billion in its auto loan books.

Shishir Mishra, Business Head & Director – Strategic Partnerships & Institutional Business, Stellantis India, said, “Financing plays a pivotal role in the car buying journey. New-age customers are increasingly seeking smart, flexible financing solutions that align with their lifestyles and convenience. They value speed, transparency, and convenience in their car-buying journey, making innovative finance options a key decision driver. At Citroen, we believe in making mobility more accessible and seamless for our customers and partners. This partnership with HDFC Bank not only strengthens our financing ecosystem but also reaffirms our commitment to delivering holistic, convenient and trusted experiences across all touchpoints.”

Arvind Vohra, Group Head – Retail Assets, HDFC Bank, said, “We are pleased to partner with Citroen for offering a simplified auto-financing journey. HDFC Bank’s vast geographical footprint, consumer centric banking products and robust credit intelligence capabilities will unlock a speedier and convenient auto ownership journey.”

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Toyota Kirloskar Motor (TKM) has marked 20 years of the Innova SUV in India, with cumulative sales of over 1.2 million units across the Innova, Innova Crysta and Innova HyCross models.

Launched in 2005, the Innova set a new benchmark in the MPV segment with its combination of ride comfort, spacious interiors, durable build and advanced safety features. The Innova Crysta followed in 2016 with a new design, more powerful engines and premium features, while the 2022 Innova HyCross introduced self-charging hybrid technology, delivering 186 PS of combined output and segment-leading fuel efficiency. The HyCross has sold 100,000 units in India since its launch.

Varinder Wadhwa, Vice-President – Sales, Service and Used Car Business, Toyota Kirloskar Motor, said, “The Toyota Innova has built a deep emotional bond with customers over the last two decades – trusted as a dependable companion for families, loved by all for its comfort and reliability and chosen time and again across generations. Whether for daily commutes or memorable road trips, the Innova has remained a part of countless personal journeys. Beyond its emotional connect, the Innova stands strong as a product benchmark – offering spacious interiors, robust build quality and smooth drivability, making it one of the most trusted and loved MPVs in India.”

Toyota attributed the Innova’s sustained popularity to its comfort, practicality, and adaptability, supported by customer-focused enhancements and the company’s after-sales ecosystem, T CARE, which offers services from quick delivery to value-added protection and transparent maintenance.

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