Introduction of digital currency, investments in the construction of roads, railways, airports, ports, 400 new Vande Bharat trains, rural housing, and no change in income-tax slabs were among key announcements. Let's take a look at what different businesses have to say post-budget announcement.
Ahead of the Union Budget 2021, which will be presented by Finance Minister Nirmala Sitharaman on February, Federation of Automobile Dealers Associations (FADA), President, Vinkesh Gulati said the Indian automobile industry is a barometer of the Indian economy and its revival will in turn pull up the economy.
Car maker Nissan Motor India Pvt Ltd on Wednesday said it will increase the prices of all its models by five percent effective from January 1, 2021.
Two-wheeler market leader Hero MotoCorp on Wednesday said it will increase prices of its vehicles by up to Rs 1,500 from January 1, 2021, to offset impact of rising input costs.
Luxury motorcycle manufacturer Ducati India on Monday said it has commenced pre-launch bookings for the BS-VI version of its superbike Multistrada 950 S.
Hero Electric on Wednesday said it has launched refreshed versions of Nyx B2B scooters with price starting at Rs 63,990.
Mercedes-Benz on Wednesday launched all-new mid-sized SUV, AMG GLE 53 4MATIC+ Coupe, priced at Rs 1.2 crore (ex-showroom pan-India) and sounded "cautiously optimistic" about the upcoming festive season.
Automobile service centres and showrooms will remain open in Himachal Pradesh's Hamirpur district on Sundays following public demand, the district magistrate said.
The Tamil Nadu government on Sunday specifically named the kind of standalone outlets that could resume work from Monday and made it clear that only small and non-air conditioned jewellery and textile showrooms located in rural areas will be permitted to open.
TVS Motor Company on Friday said it has acquired UK-based iconic bike manufacturer Norton Motorcycles for GBP 16 million (around Rs 153 crore).
Maruti Suzuki’s pre-owned car network 'True Value' on Saturday announced the facility of vehicle buying for car owners. This introduction aims to facilitate True Value’s motto of being a trusted one-stop destination for buying and selling quality pre-owned cars, a statement said.
Kia Motors India on Monday said its wholesales in January stood at 15,450 units. The company despatched 15,000 units of Seltos and 450 units of Carnival to dealers during last month, Kia Motors India said in a statement.
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
"India's steel demand growth pace will slow because of weak auto and manufacturing demand... India's demand growth, remains strongest in Asia even as growth pace slows," the US-based agency said in its outlook report titled 'Asia: Steel - 2020 outlook'. The country's steel output will increase on higher capacity utilisation as demand grows.
The company, which primarily makes two-wheelers and three-wheelers, had sold 3,98,427 units in the same month last year, TVS Motor Company said in a statement.
The company said it delivered around 200 cars from a single point in Delhi-NCR, marking one of the largest vehicle delivery events on Dhanteras.
The company had earlier said in August that it would be observing no production days for 8-14 days across its automotive sector plants in the July-September quarter.
Finance Minister Nirmala Sitharaman Tuesday said the slowdown in the automobile sector was due to many factors like the change in mindset of millennials,who now prefer taxi aggregators like OLA and UBER instead of committing for monthly installments to own a car.
Automobile sales in India witnessed its worst-ever drop in August with despatches in all segments, including passenger vehicles and two-wheelers, continuing to plummet as the sector reels under an unprecedented downturn, industry body SIAM reported on Monday.
The company's market valuation dropped Rs 6,644.88 crore to Rs 1,76,105.12 crore on the BSE.
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