The crisis in the auto sector presents a major problem for the government as it accounts for nearly half of the country's manufacturing output and employs more than 3.5 crore people directly and indirectly.
Total passenger car sales in the domestic market fell 8.4 per cent in December, data from industry body SIAM or Society of Indian Automobile Manufacturers showed on Friday. Sales of passenger vehicles - including passenger cars, utility vehicles and vans - declined 1.2 per cent to 235,786 units in December, the data showed. Out of these, a total of 142,126 passenger c...
Finance Minister Nirmala Sitharaman proposed various tax benefits for EV manufacturing and purchases in the Union Budget 2019-20
Currently, the market share of electric cars in India is only 0.06 per cent whereas it is 2 per cent in China and 39 per cent in Norway.
Steps should be taken to support the private sector so that it can play a bigger role in capital formation and job creation, Mr Munjal told NDTV.
India has so far been rather slow in adopting green vehicles for reasons ranging from poor infrastructure, low speed to unaffordable prices.
The Society of Indian Automobile Manufacturers, or SIAM, says car sales has dropped by 26 per cent in May compared to last year
While the auto sector dominates the wish-list for now, experts also feel a relief to the salaried taxpayers and further rationalisation of GST rates will benefit all.
In the domestic market, Maruti Suzuki sold 142,150 units last month, up by 1.1 per cent from 140,600 units sold in the corresponding month in 2018.