Arun Sreyas, CEO & Co-Founder, RACEnergy reacting to the Union Budget 2023 said “We at RACE, design and manufacture our batteries in-house and are delighted to see the government’s proposal to exempt customs duty on the import of capital goods and machinery required for the production of lithium-ion batteries. This move will fuel the development of the country’s EV sector, allowing for the establishment of battery production facilities within India and, in turn, contributing to sustainable mobility.
We have integrated deep-technology at RACE in our swap stations, which store excess energy and provide it to consumers during peak demand hours. This optimises energy utilisation and, when coupled with the government’s proposed initiative to increase capital investment towards energy transition and energy security, could help increase the adoption of sustainable mobility solutions.”
ALSO READ: Budget 2023 Reaction: Vishal Kapoor, MD, and CEO, CESL