There is an urgent need for a large relief package to boost the demand in the auto sector

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Mumbai, May 19, 2020, Tuesday

The relief package recently announced by the government will not help in boosting the demand for auto industry, said the Society of Indian Automobile Manufacturers (SIAM), an association of auto industries.

The lockdown has put the auto industry in trouble. Not a single vehicle was sold in April. This is the first time in the history of the auto industry that this has happened. Prolonged implementation of the lockdown is also likely to prove unfavorable in May.

However, sporadic sales are likely in the current month due to discounts in some parts of the country. People are facing severe financial crisis due to lack of employment as well as employment. As a result, people's purchasing power has been depleted.

Due to this dire situation, the auto industry was also looking for relief from the government.

There, after the Prime Minister announced a Rs 20 lakh crore package, Finance Minister Nirmala Sitaram announced relief for various industries in six phases of the relief package. But there is no specific announcement for the auto industry.

SIAM said the government's agriculture-focused relief package could indirectly help the automobile sector, but a larger relief package is urgently needed to boost demand in the auto sector. In the financial year 2021, the growth of the auto sector is likely to slow down to 2-3 per cent. Thus the government needs direct intervention to increase demand and create employment.

In its statement, SIAM further said that auto dealers also need financial support and should be included in the definition of MSMEs.

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