" The Government's attempt to boost consumption by cutting the Income Tax rates could have a knock-on effect on the automotive sector. The cut in Income Tax rates could leave more money in the hands of people, encouraging them to spend. Also, the Finance Minister's attempt at offering some support to the auto component manufacturers could give an impetus to the indigenous manufacture of auto components, but that would take a while.
We had expected this year’s Budget to propel the auto industry to a higher orbit and help it recover from the lows it has touched last year. We were also hoping for a much-required push to EVs and greater clarity on the EV plans with a longer-term perspective as an industry." said Mr. Nishant Arya, Executive Director, JBM Group.
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