Speaking on the budget announcements, Mr Vinod Aggarwal, President, SIAM and MD & CEO, VECV, on Union Budget 2024-25 said, “The Indian Automobile Industry welcomes the continued emphasis on economic growth with several announcements especially the strong fiscal support for infrastructure in the next 5 years. The announcements such as liberal allocation for rural development & infrastructure of Rs 2.66 Lakh crores is a welcome step that will boost the rural economy.
SIAM also welcomes several proposals in the budget such as:
- Measures for skilling and upskilling and support to manufacturing and employment generation.
- Support to MSMEs, many of whom form the large supplier base for the Auto sector.
- Exemption of Customs Duty on import of Lithium, Cobalt and other rare minerals and extension of concessional Customs Duty on Li-Ion Cells till March 2026; and
- Withdrawal of Equalization Levy of 2% on e-transactions.
These announcements would continue to propel growth of the Indian Auto Industry.”
