Mid-term Budget 2024: Auto industry has high hopes for economic growth, will the Finance Minister deliver?

as interim budget As time passes, people in the auto industry have mixed hopes for Finance Minister Nirmala Sitharaman.

While they don’t expect major changes in the interim budget, most believe some measures can be taken to help the country’s economy grow further.

The industry believes that focusing on better roads, infrastructure and keeping rules stable will help its growth.

According to Moneycontrol, the Society of Indian Automobile Manufacturers (SIAM) believes that although the government may not come up with concrete plans for the industry, they hope that the existing rules will not change much.

“The government has invested a lot in infrastructure and we hope they continue to do so,” SIAM president Vinod Aggarwal said.

Maruti Suzuki Senior Executive Director Shashank Srivastava agreed, saying that the performance of the automobile industry is closely linked to the performance of the entire country’s economy.

“We hope the government will continue to support economic growth, especially through infrastructure spending,” Srivastava added.

Santosh Iyer, managing director and chief executive officer of Mercedes-Benz India, believes luxury car sales help the economy and wants taxation to be fairer.

People who make electric cars also want the government to continue to support them. They want to lower taxes on EV parts and provide more incentives to build EVs.

The Automotive Components Manufacturers Association (ACMA), which represents auto parts manufacturing companies, is pleased with government decisions to help the industry in the past and hopes they continue to do so.

Hari Kiran, co-founder and chief operating officer of eBike manufacturing company eBikeGo, wants to tax e-bike components at the same rate as the e-bikes themselves. He thought it would be fairer.

Hero Electric founder and managing director Naveen Munjal hopes the budget will help more people switch to electric vehicles.