Budget 2024: Hope for automobile sector, government will continue to promote e-vehicles, know what else is the demand

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budget 2024: Finance Minister Nirmala Sitharaman is to present the last budget of this tenure of the Central Government on Thursday. Regarding this, the budget session of Parliament is going to start from January 31. This interim budget (Interim Budget 2024) has a lot of expectations from all the sectors of the country. However, the ministry had made it clear a few days ago that nothing special will happen in this budget. But experts are looking at the interim budget as the frame of the full budget. In such a situation, the automobile sector believes that the government should continue the policy of promoting green transport in its budget. He says that apart from this, there is also a need to maintain the pace of development of the infrastructure sector.

Mercedes Benz India said this

Santosh Iyer, Managing Director and Chief Executive Officer (CEO), Mercedes-Benz India, said that we estimate that capital expenditure on infrastructure sector projects will continue. The government should continue to focus on policy incentives for green transportation. This will help in rapidly increasing the acceptance of electric vehicles in the country. He said that the luxury car industry contributes significantly to the country’s gross domestic product (GDP). In such a situation, this sector wants that the duty structure and GST should be harmonized on priority basis. He said that overall we do not expect any kind of ‘surprise’ in the upcoming budget. At present, 28 percent Goods and Services Tax (GST) is levied on luxury vehicles. Additionally, there is an additional cess of 20 percent on sedans and 22 percent on SUVs. In such a situation, the total tax on these vehicles is about 50 percent.

Dependence on petrol and diesel will reduce

Swapnesh R Maru, Deputy Managing Director (Corporate Planning, Finance & Administration and Manufacturing), Toyota Kirloskar Motor, said the automakers are confident that the government will continue its efforts towards shifting the economy and transportation sector to a greener future. Which is less dependent on fossil fuels. Meanwhile, Raghupati Singhania, Chairman and Managing Director of JK Tire and Industries, said that sustainable policies for the automobile sector will lead to the expansion of this sector. Suman Mishra, Managing Director and CEO, Mahindra Last Mile Mobility, said that people are becoming financially empowered through inclusive income generation, electric three-wheelers and commercial vehicles. We hope to give priority to this sector in the Budget through the Scheme for Adoption and Manufacturing of Electric Vehicles in India (FAME).

Green vehicles will provide huge employment

PHF Leasing Ltd. Chief Executive Officer (CEO) Shaly Gupta said that the government is committed to the target of net zero emissions by 2070. In such a situation, light commercial electric vehicles (ELCV) are not only providing employment but are also playing the role of solution to low emissions. He expressed hope that the government will not only continue the subsidy support on ELCVs but will also simplify the process of their registration. Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, expressed hope that the government will continue to support electric vehicles by announcing the FAME-III scheme.

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