Finance Minister Nirmala Sitharaman presented her second union budget with an aim to revive the economy and speed up growth amid global slowdown. Here's a quick guide as to what Budget has brought for the Electric Vehicles makers and consumers.
On one hand, the automobile sector would look out for incentives to gain back its lost footing, while on the other it would want the government to boost its development prospects for the future. With the Budget all set to be announced on February 1, here are some automobile-centric expectations from the Union Budget 2020
The company, which is set to kick off 2020 with the launch of its flagship SUV Q8 in January followed by new version of A8 sedan in February, is cautiously optimistic about the year that will mark the transition to stricter emission norm BS-VI.
The issue on raising the size of the kitty will be discussed in the next GST Council meeting, scheduled to be held on December 18. The meeting of all-powerful GST Council is going to be held in the backdrop of lower-than-expected GST collections.
Maruti Suzuki India (MSI) produced a total of 1,32,199 units in September as compared to 1,60,219 units the same month in 2018. Passenger vehicles production last month stood at 1,30,264 as compared to 1,57,659 in September 2018. This shows a decline of 17.37 per cent.
India's largest car manufacturer, Maruti Suzuki is offering major discounts to its customers. Maruti Suzuki is offering discounts upto Rs 1,12,000 on its highest selling cars.
The festival season is all set to bring good news for those planning to buy cars or bikes. Details inside.
The Vahan and Sarathi ministry maintains the Centralized National Registry through the National Informatics Centre and it contains approximately 25 crore vehicle registration records and 15 crore driving licence records.
Several central government ministries are said to be in a huddle to finalise key aspects of the policy such as incentives for buying new vehicles in lieu of scrapping old ones along with deciding the parameters of eligible category of automobiles.
Priyanka Gandhi has launched a scathing attack on the Modi government vis-a-vis economic slowdown. "The economy is falling into a deep abyss of recession. The sword is hanging on the livelihood of lakhs of Indians," Priyanka Gandhi said.
Addressing the annual convention of the Automotive Component Manufacturers Association of India (ACMA), the minister of state for heavy industries and public enterprises said issues plaguing the auto industry will be "tackled and settled".
Automotive industry body SIAM on Friday sought government intervention to help the sector in smooth transition to BS-VI emission norms from April next year, saying the prospect of abrupt stoppage of manufacturing and sales of BS-IV vehicles overnight posed a "monumental" challenge.
According to Maruti Suzuki Chief Executive Kenichi Ayukawa, the government is sensitive to the implications of the auto sector slowdown and is taking steps to reverse it.
According to Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera said the removal of ban on purchase of vehicles by government department and 15 per cent higher depreciation for all types of vehicles purchased before March 30, 2020 should also give a definite boost to vehicle demand in the short term, especially vehicles meant for commercial use.
Affordability and availability of retail finance as well as finance for dealers was a major concern for the industry and the announcement today have adequately addressed concerns on both the fronts. The release of Rs 70,000 crore for PSU banks recapitalisation and Rs 20,000 crore for National Housing Bank will give banks and NBFCs enhanced liquidity in the system. Moreover, the linking of repo rate to interest rates charged for vehicle purchase would support lowering of EMIs for auto purchases, thereby boosting demand.
At present, the economic condition of Gurugram and Manesar's industrial areas' local economy is grime as the slowdown has decelerated production, leading to job losses. The industrial belt houses an estimated 1,000 medium and small ancillary units comprising various vendors of raw materials and auto parts.
The downturn -- regarded by industry executives as the worst suffered by the auto industry -- is posing a big challenge for Prime Minister Narendra Modi's government.
The Supreme Court on Wednesday banned the sale and registration of vehicles which are not compliant with BS-IV emission norms from April 1.
New Delhi, Dec 27: Beginning with a bang amid all the glitz and glamour of the auto expo, the year will be ending with a whimper for the automobile industry as sales dwindle, and the
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