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Finance Minister Nirmal Sitharaman has just announced a slew of measures to boost sales in the automotive sector. The government will remove the longstanding ban, and will allow government departments to buy new vehicles and even replace old vehicles as well.
At a press conference in New Delhi, Nirmal Sitharaman said that all BS-IV powered vehicles purchased before March 2020 will continue to remain operational for their full registration period. She also dismissed speculations that BS-IV vehicles will become illegal to drive, once the new emission norms kick in from April 2020.
Apart from clearing all speculations, Sitharaman also proposed to put a hold on an increase in registration fees on new vehicles. The Finance Minister also announced an additional 15 per cent depreciation on all vehicles purchased between now and March 2020. These large number of changes brought in today is to help boost the demand in the auto sector which has been witnessing a decline for over nine months.
Previous reports suggested that the government was looking at introducing a hike in the registration fees of both two and four-wheelers in the Indian market. This hike in the registration charges was opted to encourage customers to move towards electric mobility. However, the proposal to increase registration fees has now been put on hold until July 2020.
The Indian auto industry has been suffering its worst slowdown yet. The industry has had its sharpest decline in the Indian market, dropping by almost 19 per cent over a nine month period. The last decline was recorded back in December 2000, when it dropped by over 20 per cent.
Many brands have been resorting to job cuts in order to keep steady their financials during this decline in the auto sector. Some major carmakers have also announced 'no production days', shutting down manufacturing processes of their vehicles.
Thoughts On The Auto Sector Updates Brought In By The Indian Government
We've been asking for a while now and it appears that the Indian government has delivered. Not all it can truly do, but the measures put in place definitely bring relief to the automotive industry and buyers alike. We think the 'depreciating value' is the ace here, considering the Indian customers thought process. Having said that, if sales in the industry go up significantly over the next few days, we know where all the dirty money is stocked.
Now to the next one Indian government, what are you doing about inflating fuel prices?