Mumbai, Feb 2 (PTI) Focus on clean tech, policies on urban planning, battery swapping, in the Union Budget for FY23 are a clear direction towards much-needed steps to meet the long-term sustainability targets, auto parts maker Schaeffler said on Wednesday. Moreover, the policy push with the right levers of PLI scheme is likely to further spur the development of the entire EV ecosystem in the country, Schaeffler India Ltd's Managing Director and CEO, Harsha Kadam said in a statement.

Measures such as higher infrastructure spends, expansion of the highway network, addition of modern trains and a focus on the rural economy will have positive long-term impact on the manufacturing and mobility sector, he said.

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*** *Heightened expectations from Budget have met with matching delivery: SKF India Heightened expectations from the Union Budget 2022, which is more capital incentive - focusing more on the supply side and growth-oriented, with no adverse tax rollout, have met with a matching delivery, SKF India has said.

“We are excited to see announcements under the 'Battery Swapping policy', supporting clean-tech in urban mobility space. PM Gati Shakti plan of expanding national highways by 25,000 will act as a catalyst in seamless mobility, employment generation, and efficient connectivity across the nation,” SKF India Managing Director Manish Bhatnagar said in a statement on the Union Budget.

He said the announcement on import duty reduction on metals including steel and aluminum is a welcome step, which would benefit the manufacturing sector to lower input cost and unburden the businesses from hiked steel prices.

*** *Budget to boost usage of drones in agri sector: Rattan Enterprises

Rattan Enterprises Ltd on Wednesday said the announcement made in the Union Budget for promoting the startups to facilitate the 'Drone Shakti' scheme through varied applications and for Drone-As-A-Service (DrAAS) will help in integration of aviation technology in the agriculture sector.

The move will also open immense opportunities and benefits in the entire agriculture and farm produce value chain and ecosystem, it said.

As per the Budget announcement, Agri-tech fund will be introduced through NABARD to promote the use of 'Kisan Drones' for crop assessment, digitization of land records, spraying of insecticides, and nutrients.

This will also provide employment opportunities for youth, startups and will make Indian industries more efficient and competitive, the company said.

*** *Goodyear reports 60% decline in PAT at Rs 19 crore

Tyre maker Goodyear has reported a steep 60 per cent decline in profit-after-tax at Rs 19 crore in December quarter impacted by the cost pressures on account of steep rise in fuel prices and higher material cost, the company has said.

Goodyear's PAT in Q3FY21 was Rs 49 crore, according to a statement.

Company's total revenue, however, rose 18 per cent to Rs 612 crore in the quarter under review.

Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd said, “Our consumer replacement business continued to grow and gain market share, reflecting the strength of our brands.

"In this unprecedented environment, we're focused on offsetting costs with pricing and cost actions, expanding our distribution, and continuing to prioritize the health and safety of our associates.”

*** *ZinQ Technologies eyes Rs 60 cr rev by Dec-end, to expand into audio category

Mobile accessories and IT products company ZinQ Technologies on Wednesday said it aims to double its revenues to Rs 60 crore by the end of the year as it expands into the audio category.

ZinQ, which is an Amazon exclusive brand, sells its products exclusively through the e-commerce platform. It has a partnership with XOR Technologies, a manufacturer of mobile accessories in India.

"We have been witnessing strong growth in sales and are confident of doubling our revenue to Rs 60 crore by December-end. About 70 per cent of our current revenues come from IT products," ZinQ Technologies founder Arnav Mutneja said.

He added that the company is working on expanding into the audio products category, which is expected to contribute 35-40 per cent of its revenues by the end of the year.

Mutneja said the company is looking at introducing neckbands and TWS (True Wireless Stereo) as well as bluetooth speakers.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)