Pre Budget quote by Narain Karthikeyan India’s first Formula One Driver and Founder & CEO, DriveX

“DriveX, an Indian company that sells used two-wheelers, is looking forward to the Union Budget with great hopes. Our main goal is to make changes and get better at things that will help our business and make us a big player in the field.

One of our main goals is to get the refurbishment industry recognised as a manufacturing sector. At the moment, the government doesn’t count refurbishment as manufacturing, which makes it harder for us to take advantage of certain programmes and incentives. We hope that policies and programmes will change this way of thinking and let us join programmes like the Production Linked Incentive (PLI) programme.

Also, we’d like to see more credit and financing options that are good for businesses in our field. This would help us invest in our manufacturing skills and infrastructure so we could become a major maker of reconditioned two-wheelers and electric two-wheelers with new batteries.

In the long run, we also want to see a plan to encourage people to buy electric cars. This could be good for our business in the long run, and we want to be on the cutting edge of this change in the renovation market.

Overall, the Union Budget is a large document that covers a lot of different areas. We hope that it addresses the most important issues and concerns of the Indian market for used two-wheelers. We think that if we have the right policies and plans in place, we can become a major player in this field and help our business grow. A big step in this direction would be to recognise the refurbishment industry as a manufacturing sector.

About DriveX: DriveX makes it easy for people to own a car by giving them access to two-wheelers that are in great shape. This includes all of the most important parts, such as buying, fixing up, and selling used two-wheelers from different brands. DriveX was founded in April 2020 as a two-wheeler subscription platform that offered cheap and flexible ways to get around. Since then, it has grown to five cities.

In August 2022, the TVS Motor Company gave DriveX a loan of Rs 85.41 crores.

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