Mr. Vinod Aggarwal, President, SIAM and MD & CEO, VECV, said, “33 % increase in capital outlay with an effective provision of Rs 13.7 lakh crores will spur growth in the economy resulting in positive impact on the Auto sector.”
Adding further, he stated, “The Auto industry is fully aligned with the initiatives on Sustainability and Decarbonisation and increased focus on Hydrogen, Ethanol Blending, Bio Gas, Electric Vehicles and Battery Storage.
Announcement for funding various Government Departments for replacement of old vehicles is also commended.
Another appreciable feature of the budget is putting more money in the hands of the individuals by some lowering of effective personal income tax rates that should increase consumption and consequently lead to more demand.
All in all, this is a growth-oriented budget with positive impact on the Auto Sector.”