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BUDGET 23-24 is populist in aspects, says FADA President

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The Modi Government’s last full budget has been populist in all aspects as it will help boost Auto Sales all around, says FADA President Mr. Manish Raj Singhania

 Racting on the budget he said “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 highest tax surcharge from 37% to 25% will also benefit luxury vehicle sales. With focus on Electrification, relaxation on import duties of Lithium ion batteries will help in price reduction of EVs, thus make it affordable for the masses.

On business front, being part of the MSME universe, 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 then 39K compliances and enabling entity level digilocker for storing and sharing documents.”

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