 "auto component industry, automobiles, car component, vehicles, auto manufacturers")
Consultants are assured that the Centre would announce the Fame III scheme. (Representational picture)
Throughout the Interim Funds presentation on February 1, Sitharaman highlighted that the Centre is eager on increasing and strengthening the electronic-vehicle ecosystem, which is among the many key expectations of the stakeholders as nicely.
Right here’s what the auto sector desires in Funds 2024-25:
2) Forward of the interim price range presentation, Mercedes-Benz India MD and CEO Santosh Iyer had emphasised on continuation of capex on infrastructural tasks, aiding the sector.
“The coverage push for inexperienced mobility ought to stay a key focus for the federal government, encouraging sooner adoption of electrical autos,” he famous.
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3) Auto trade physique SIAM has sought extra incentives for automobile scrapping. In a bid to drive a inexperienced economic system, Sitharaman had mentioned within the earlier price range that there have been sufficient funds to help scrapping of autos older than 15 years.
4) Stakeholders can even be careful if the Centre addresses the problem of petrol and diesel being exempted from the Items and Providers taxes. The auto trade is eyeing the reform, hoping it will enhance consumption. The oil and fuel sector has additionally been pushing to incorporate petroleum merchandise beneath the GST, a difficulty primarily opposed by the state governments. Although GST-related choices are entrusted to the GST Council, any indication on this challenge from the ministry within the price range could possibly be a constructive sign.
5) Business leaders are additionally pitching for higher incentives for hybrid automobile fashions. Moreover, a uniform GST of 18 per cent on all automotive elements is among the many longstanding calls for of the sector.
First Revealed: Jul 16 2024 | 10:32 AM IST
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