Finance Minister Announces Measures To Revive Auto Industry

Finance Minister Announces Measures To Revive Auto Industry

A few measures to revive the ailing auto industry has been announced by finance minister Nirmala Sitharaman. The automobile industry is witnessing its worst slowdown in decades and the measures were announced by the finance minister as part of her press conference which she conducted last week.

The first things she announced was lifting of ban by government department on the purchase of new vehicles. This should create demand for new cars and thus reviving production. The decision to levy one time registration fee on vehicles which was to be paid upfront has been deferred till June 2020.

BS4 compliant vehicles which are purchased till March 2020 will remain operational for their entire period of operation. She also said the government is working on a scrappage policy which has been a long standing demand of the automobile industry. But the government would need to create necessary infrastructure first.

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