Finance Minister Nirmala Sitharaman is presenting finance budget in Prime Minister Narendra Modi's Modi 2.0. This budget has put everyone on their expectations. The auto industry also has many expectations from this budget. It is important to know that the auto sector has been witnessing a steady decline since the beginning of this year, where sales of more and more companies have declined drastically. Let us know the full details
Why the decline in the auto industry?
There are many reasons why the auto industry has declined, but the two biggest reasons are technological changes and expensive prices. In fact, there have been several major changes made by car and bike companies. These include BS-6 engines and ABS and CBS features for safety. In fact, following the new Indian government's new rules, manufacturers are incorporating new engine and safety features into their model, which have affected the prices of these products. More cars and bike companies have made the prices of their products costlier, adversely affecting sales. The cost of raw materials, global upheaval and insurance policy have also adversely affected the auto sector.
What are the expectations of the auto sector?
For your information, rajan Wadhera, president of SIAM (Society of Indian Automobile Manufacturers) has said that the auto industry needs investment. In this case, the government should cut corporate tax by 25 per cent. GST rates cut- Anand Mahindra recently took a say on the GST rate on vehicles. Mahindra Group Chairman Anand Mahindra had said that reducing GST on vehicles would benefit the economy. In fact, many giants say that the government will reduce the GST rate from 28 to 18 per cent. The auto sector has good days ahead. Manufacturers expect the situation to return to normal soon. This time the auto industry has high expectations from the budget. Experts believe that the government may take a number of major decisions in view of the auto sector's reform. Now, here's what Finance Minister Nirmala Sitharaman gets for the auto sector when she opens her budget box in PM Narendra Modi's Modi 2.0.
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