Union Budget 2024 Expectations in Auto Industry: From Status Quo on GST to Policy Changes, Know What Auto Experts Expect From the Interim Budget This Year

Mumbai, January 25: The Union Budget will be announced on February 1, 2024, by Finance Minister Nirmala Sitharaman. As we all know, the general elections are due this year around May hence this will be the Interim Budget. This means a new Budget will be presented after the new government is formed. As per reports, the interim budget is likely to focus on manufacturing push and stability.

Like all the other sectors, the Indian Automotive industry sector also has a positive outlook for the upcoming budget. In this article, let’s take a look at what the auto industry expects from the interim budget. Union Budget 2024-25 Expectations in Real Estate Sector: From Interest Rates to Infrastructure Development, Know What Realtors Expect From the Interim Budget This Year.

As per reports, the auto industry expects the government to maintain the status quo on GST levied on vehicles, and announce measures on potential FAME, PLI schemes, and policy changes among others. The Union Budget 2024 is set to include the details about government expenditure for the fiscal year and estimated receipts.

The budget is allotted for the coming fiscal year, which runs from April 1 to March 31 of next year. Like several other nations, India too has been focusing on promoting electric vehicles to address environmental concerns. In this regard, the auto industry may expect incentives such as tax breaks, subsidies, or other financial benefits to encourage the manufacturing and adoption of electric vehicles. Union Budget 2024–25: Ten Facts About India’s Budget That Every Indian Citizen Must Know Of.

The sector often advocates for reduced Goods and Services Tax (GST) rates on vehicles and hence it may expect lowering the tax burden can make vehicles more affordable, potentially boosting demand. The auto industry, being technology-intensive, may look for incentives to support research and development activities.

(The above story first appeared on LatestLY on Jan 25, 2024 06:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website

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