New Delhi, Feb. 3 -- The Indian automotive industry has largely welcomed the Union Budget 2024, particularly the customs duty exemption on capital goods used in lithium-ion battery manufacturing.

Industry leaders believe this move will enhance local production, strengthen supply chains, and accelerate India's transition to clean mobility.

"The industry appreciates the rationalisation of customs duties on key raw materials and the reduction of inverted duty structures, which will make domestic manufacturing more cost-effective. The duty exemption on capital goods for EV battery manufacturing is a strong step toward enabling India's transition to electric mobility," said the Automotive Component Manufacturers Association (ACMA) in a press...