The auto industry is skeptical about improving the mood of users with the measures announced

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Mumbai, Ta. August 29, 2019, Thursday

Despite the steps announced by Finance Minister Nirmala Sitharaman to speed up the automobile sector, car makers are saying that the move will only improve the mood and not only at the industry level and at the consumer level.

The measures announced by the finance minister will improve the liquidity situation, ease the financing and reduce the rate of loans, but there is a need to reduce the GST on vehicles from 5% to 5%, said a spokeswoman for a two-wheelers production company.

Two wheelers are not a luxury vehicle. He claimed that the demand would be increased immediately if the two wheelers were to reduce GST by 5%. He hoped that the industry would meet this demand in the next step.

There is no special relief for two-wheelers or three-wheelers. It would be exaggerated to say that the measures announced would increase consumer demand, said a dealer in one-wheelers company.

Despite the Finance Minister announcing various measures to improve the state of the auto industry, sales of vehicles are likely to decline by 5% by the end of the current fiscal. Last week, the government announced several measures to increase vehicle sales, including loans at cheaper rates to buy vehicles, increased lending to NBFCs, removal of old vehicles in government departments, and the decision to buy new vehicles.

In July, the country's vehicle sales were the lowest in the last two decades. Whether the current recession cycle is over or not will be known in the coming festive season. While measures to increase liquidity may be favorable to the industry, for consumers, the cost of vehicles and the cost of maintaining them are the main issues.

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