 "Budget 2023: Focus on infra and increased capex to give impetus to demand for zinc")
The Budget 2023 brings hope of green growth reflecting resilience and a high probability of emerging as a $5 trillion economy while keeping net zero and Sustainable Development Goals (SDG) commitment at the core.
The first Budget in Amrit Kaal hopes to build on the foundation laid in the previous Budget and the blueprint laid for India@100. This clearly envisages the importance of green technology, green farming, green equipment, and allied green services which will lead to India’s aspiration to be net zero by 2070.
Opportunity to go ‘fully green’
The Budget offers an opportunity to fully ‘go green’ by incentivising green products, driving responsible consumption, raising resources, and deploying them effectively to cut carbon emissions towards a sustainable future. This serves as a prospect for various industries to envision the goal of green growth laid in the Budget on the pillars of agriculture, power, equipment, battery storage, and much more. As the demand for battery energy storage systems will increase the research on zinc battery solutions will be a major impetus to the industry.
Boost to infrastructure
The focus on the infrastructure with an increase in capital expenditure will boost the drive towards sustainable and environmentally-friendly economic development of the nation. This will lead to a rise in demand for galvanised steel in infrastructure projects for first and last-mile connectivity, thus the demand for zinc is likely to rise consequently.
EV ecosystem gets a kickstart
The Budget promoting healthcare, education, and manufacturing reiterates India as an advanced agrarian economy leading from the front. The customs duty exemption on the import of capital assets for manufacturing lithium-ion cells for batteries used in electric vehicles shall facilitate EV ecosystem development and aid faster penetration among industries. This initiative by the government will be a game-changer that will further encourage industry players to swiftly move towards more sustainable solutions.
Quick Reads
View AllThis Budget can actualise the vision of Lifestyle for Environment and take it to the masses, positioning India to inspire the world with a roadmap of how a large developing economy can be resource and carbon efficient. The Budget is likely to enhance business, rural, and taxpayer sentiment and consolidate India’s growth prospects in the global setting.
I am quite hopeful and optimistic that the Union Budget will provide an opportunity for the government to revive the economy as India begins its historic leadership at the G20. All of us are anticipating a thoughtful, comprehensive, and forward-looking execution of the budget in the fiscal year of 2023-24.
The writer is the Chief Executive Officer (CEO) of Hindustan Zinc Limited (HZL). He tweets @CEO_HZL. Views are personal.
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