HomeBusinessExpectations of Automotive Industry from the 2024 Interim Union Budget

    Expectations of Automotive Industry from the 2024 Interim Union Budget

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    As the Union government is all set to present the interim budget on February 1.Here are the budget expectations and recommendations shared by experts from the automotive industry.

    Toyota Kirloskar Motors (TKM) Deputy Managing Director – Corporate Planning, Finance & Administration and Manufacturing Swapnesh R Maru said “The proficient and agile handling of fiscal policy issues in the last few years, amidst global volatility and significant geopolitical risks, has successfully shielded the Indian economy from major headwinds. As a result, India has emerged as the fifth largest and the fastest growing major economy globally. The emphasis given to the manufacturing sector through schemes such as PLI and significant focus towards both physical and digital infrastructure along with other measures including efforts to improve the ease of doing business has attracted large inflow of investments. Notably, the automotive sector also saw an upswing.

    Looking ahead, policy stability and continued emphasis on spurring investment and infrastructure development will not only further enhance country’s global competitiveness but also lead to growth of the manufacturing and service sector, improve supply chain efficiencies and generate higher employment thereby leading to social gains. We remain confident that the Government will continue its push towards shifting the economy and transportation sector to a greener future that is less dependent on fossil fuels and include cleaner energy options that are best suited for our country’s requirements at scale and in the fastest possible manner. This includes policy support to various technologies that utilizes natural and indigenous energy sources such as solar, wind energy, biofuels like ethanol and biogas that will help in the creation of economic wealth within the country there by minimizing our import dependency and arresting economic vulnerability.

    Additionally, the education and skilling sectors that capitalizes on the country’s demographic dividend also need continued support through sufficient allocations that are aligned to the rapidly evolving technological changes. Implementing hi-tech skilling programs that extend beyond geographical boundaries to reach rural markets will be pivotal in addressing the shortage of skilled manpower and ensuring the production of globally competitive products and services.” he stated

    Mercedes-Benz India MD and CEO Santosh Iyer said “We expect capex on infrastructural projects to continue, aiding the automotive sector. The policy push for green mobility should remain a key focus for the government, encouraging faster adoption of electric vehicles,”

    The luxury car industry has a significant value contribution to the GDP and the segment aspires for a rationalised duty structure and GST on priority, he added. “Overall, we expect consistency in various policies and no surprises in the upcoming budget,” he added.

    “A robust budget is vital for India’s journey to become the third-largest global economy,”

    JK Tyre & Industries Chairman & Managing Director Raghupati Singhania

    Mahindra Last Mile Mobility MD & CEO Suman Mishra said that by driving inclusive income generation, electric three-wheelers and commercial vehicles pave the way for financial upliftment of many. We call upon the Union Budget 2024 to prioritise this segment through continued FAME support, fostering economic empowerment for the most deserving and environmental well-being for all,”

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