Last Updated: January 29, 2024, 19:02 IST
Auto Industry’s Wishlist for Budget 2024, Hopes High for Economic Boost. (Representational Image) (Photo: HT)
Auto industry anticipates growth-oriented measures in upcoming budget. Hopes for infrastructure support and incentives for electric vehicles.
As the interim budget approaches, people in the automobile industry have different hopes for Finance Minister, Nirmala Sitharaman.
While they don’t expect major changes in this temporary budget, most think some steps could be taken to help the country’s economy grow more.
The industry believes that focusing on better roads, infrastructure, and keeping rules steady will help it grow.
The Society of Indian Automobile Manufacturers (SIAM) thinks that even though the government might not make specific plans for the industry, they hope the current rules won’t change too much, as reported by Moneycontrol.
Vinod Aggarwal, President of SIAM, said, “The government has been spending a lot on infrastructure, and we hope they keep doing that.”
Shashank Srivastava, Senior Executive Director at Maruti Suzuki, agrees, saying that how well the auto industry does is closely linked to how well the whole country’s economy does.
“We hope the government keeps supporting growth, especially by spending on infrastructure,” Srivastava added.
Santosh Iyer, Managing Director and CEO of Mercedes-Benz India, thinks luxury car sales help the economy and wants taxes to be fairer.
People who make electric cars also want the government to keep supporting them. They want things like lower taxes on parts for electric cars and more incentives to make them.
The Automotive Component Manufacturers’ Association (ACMA), which represents companies that make car parts, is happy with the government’s past decisions to help the industry and wants them to keep it up.
Hari Kiran, Co-Founder and COO of eBikeGo, a company that makes electric bikes, wants taxes on electric bike parts to be the same as taxes on electric bikes themselves. He thinks this would be fairer.
Naveen Munjal, Founder and Managing Director of Hero Electric, hopes the budget will help more people switch to electric vehicles.
