FADA PRESIDENT MR MANISH RAJ SINGHANIA ON BUDGET 23-24
“The Modi Government’s last full budget has been populist in all aspects as it will help boost Auto Sales all around.
While the capital outlay of Rs 10 Lakh Cr in infra spending will definitely aid CV sales, the aim to scrap all old government vehicles by aiding State Governments will boost all segment sales.
Apart from this, the reduction in individual tax slabs will benefit the ailing entry-level 2W and PV segment. Reduction in the highest tax surcharge from 37% to 25% will also benefit luxury vehicle sales. With a focus on Electrification, relaxation on import duties of Lithium-ion batteries will help in the price reduction of EVs, thus making it affordable for the masses.
On the business front, being part of the MSME universe, the cost of credit guarantee will reduce by 1% thus helping Auto Dealers in raising funds. The budget has also focussed on ease of doing business by reducing more than 39K compliances and enabling entity-level Digi locker for storing and sharing documents.”