Budget 2024: Indian auto OEMs put high hopes on localisation, GST cut, sustainable mobility
The interim budget announced in February didn’t bring major changes to the automobile industry due to which all eyes are now on the Union Budget 2024, to be presented on July 23, 2024. The automobile industry players hope for a betterment and extensions of certain policies for the growth of the world’s third largest automobile market.
Automobile stakeholders expect the new budget to include indigenisation of EV components, expansion of sustainable transportation, technological developments, and enhanced focus on electric commercial vehicle promotion.
This expectation aligns with the ‘Atmanirbhar Bharat’ initiative that works with GoI’s vision to have ‘Viksit Bharat’ or developed nation by 2047, celebrating 100 years of independence.
The Union Finance Minister, Nirmala Sitharaman, had announced in the interim budget that the government would strengthen the EV ecosystem and promote technological advancements. As she continues to hold the Finance portfolio, industry leaders hope for a major boost to the EV sector.
