New Delhi, Feb 1 Union Minister for Heavy Industries and Steel H.D. Kumaraswamy said on Sunday that the Union Budget for the current financial year has made major announcements aimed at boosting the production and utilisation of rare earth metals and promoting electric vehicles.
The Union Minister said the Budget has laid strong emphasis on encouraging EV batteries and electric mobility, and the customs duty exemption for battery manufacturing has been continued.
In addition, the exemption from Basic Customs Duty (BCD) on capital goods used for manufacturing lithium-ion cells has been extended to strengthen battery production and the EV supply chain, he said.
He further said that an exemption from Basic Customs Duty has been granted on the import of sodium antimonate used in the manufacture of solar glass.
“This measure is intended to strengthen domestic solar manufacturing and provide support to EV and renewable energy supply chains,” he said.
The Union Minister also pointed out that the ambitious plan to extract and utilise rare earth minerals has been taken to the next level, adding that the Budget has announced the establishment of rare earth corridors in Odisha, Kerala, Andhra Pradesh and Tamil Nadu.
The Minister said these rare earth corridors will come up as part of the continuation of the Rs 7,280-crore project approved by the Union Cabinet under the Rare Earth Permanent Magnet (REPM) scheme.
“Regarding the Ministry of Steel, the Budget has focused on promoting sustainability in the steel sector and reducing carbon emissions to net zero,” he said.
Kumaraswamy said that a proposed investment of Rs 20,000 crore has been earmarked for carbon mitigation initiatives in carbon-emitting sectors such as steel, cement and refineries.
He said the initiative will support the adoption of advanced technologies to reduce carbon emissions, while ensuring that India’s key industries remain globally competitive and environmentally responsible.
Reacting to the Union Budget, V. Sunil Kumar, BJP MLA and former minister in Karnataka, stated that the Budget presented by Union Finance Minister Nirmala Sitharaman is conducive to the overall development of the country, including Karnataka.
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The former minister added that by giving priority to the finer aspects of the economy, encouragement has been provided for the development of tourism, agriculture, horticulture, MSMEs, infrastructure and economic corridors.
--IANS
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