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- Reduction in GST rate applicable to automobiles to 18% from the current 28% to absorb the extra price impact of shift to BS-VI
- A cut in personal income tax rate will provide more disposable income in the hands of consumers, which could lead to automotive demand recovery
PwC quoteKavan Mukhtyar, Partner & leader (Automotive sector), PwC India
“FY20 has been one of the most challenging years for the sector due to record decline in demand, increased costs and liquidity crunch. We expect the Budget to address the immediate concerns of demand revival and create an environment for sustainable growth in the sector”
Industry voiceRajeev Chaba, President & managing director, MG Motor India
"The Budget announcements will be key to setting the tone for 2020 for the industry. The government’s announcements on promotion of EVs is encouraging. However, we feel more work needs to be done to promote EV adoption in India not only in public transport but among private customers as well.”
We hope that the government provides the right policy, incentives, and charging infrastructure to put more EVs on the road. It should also look at providing incentives to stakeholders for sourcing critical raw materials for EV battery manufacturing in India. This will enable a strong EV-centric ecosystem and will be beneficial for the long-term growth of this high-potential space.
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