With not much time left for Budget 2021, everyone is expecting some big announcements from Finance Minister Nirmala Sitharaman.
The auto sector, which was facing challenges before the pandemic, is expected to bounce back on the back of recovery in economic activity.
Shashank Srivastava, Executive Director of Maruti Suzuki, told Money9 that the auto industry has huge expectations from the Budget, to be presented on February 1.
He also highlighted that the cost of acquisition of a vehicles has gone up significantly due to high road taxes and insurance and hopes the government addresses it.
“We have lot of expectations from the Budget. In FY19-20, the automobile industry had to endure a very tough period. The industry is expecting a growth-oriented Budget this time. We also hope the cost of acquisition of a car by some means is reduced. If that is not possible due to fiscal constraints the government is facing, then at least from the demand side, deferment of some of the CAFE norms at least till 2024 will help the automobile industry,” he told Money9.
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