New Delhi, February 4, 2023: JBM Group, an Indian conglomerate worth $2.2 billion, plans to expand its e-mobility portfolio in the markets of J&K, Ladakh, Haryana, Himachal Pradesh, Chandigarh, and Punjab. The group recently launched its first electric luxury coach 'GALAXY' at the Auto Expo 2023 and showcased 3 other new series of electric buses, including ECOLIFE (city bus), E-BIZLIFE (staff bus), and E-SKOOLIFE (school bus). The Vice-Chairman and MD of JBM Group, Mr. Nishant Arya, cited the government's pro-growth Budget 2023, which increased customs duty on imported EVs and removed customs duty on capital goods for lithium-ion cell manufacturing, as a positive for the electric vehicle industry. The JBM Group aims to contribute to green mobility and sustainable development through its diversification into new areas that align with the Make in India vision.
Pointing out that he was buoyed by Budget 2023 which was “pro-growth”, Mr Arya said that the government has made it clear that it aims to boost the domestic EV manufacturing sector with its decision to increase customs duty on importing EVs, which is a reflection of its larger move towards Green Growth.
Welcoming the government’s decision to remove customs duty on capital goods/machinery for the manufacture of lithium-ion cell in EV batteries and the extension of the subsidy on electric batteries for another year, Mr Arya said that EVs will now not only be cheaper but will also make a significant contribution to not only green mobility but also to overall sustainability.
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