Automobile Sector expectations from Union Budget 2019

SIAM (Society of Indian Automobile Manufacturers) has made following recommendation: - Rationalization of GST and bring the base rate to 18% for all types of vehicles - GST cess only for luxury vehicles and 5% GST for electric and fuel cell vehicles. -Status quo for CBUs of passenger vehicles and two-wheelers. -Customs duty for CBUs of commercial vehicles to be increased from 25% to 40% (excluding CKD/SKD of CV. -It is suggested that year wise plan for reduction of Income-tax rate for Corporates (without any linkage to turnover) should be notified and 200% weighted deduction on R&D expenditure should be restored. -The Government should one time incentivise replacement of vehicles, which were registered before the year 2000 when the first emission norms were introduced and put in place a robust Inspection & Certification regime to control such vehicles of later vintage. The incentives could be in the form of rebate in GST, No road tax, subsidized finance like what happened in Delhi for Public Transport Vehicles.

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Tesla plans to enter India this year or next

Tesla have chief officer tweeted that he would love to be in India this year or max by next year. Same Musk 10 months back had blamed restrictive policy of India for delaying carmaker’s entry into world’s 4th largest automobile market. The Narendra Modi-led government has been wooing Tesla to set up a factory but Musk has held back citing challenging government regulations as hurdles and in the past had sought temporary waiver on import penalties and other restrictions until a local facility is built. After 4 years planning Tesla started its first car manufacturing unit outside US in China at a cost of $5 billion. India has a paltry 6,000 passenger EV on its roads, compared with China’s 1.35 million. Though India is a promising market for EV maker but it lags behind China and is plagued by minimal government support for cleaner technology and paucity of charging stations. To read more articles about TESLA visit: https://www.a...

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Nandan Nilekani on Self-drive cars and e-vehicles future in India

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