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Benefits of Budget 2019 To The Automobile Industry

Published on Monday, February 18, 2019 by Team

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Benefits of Budget 2019 To The Automobile Industry

Indian Market before Independence was focused on the dealership, maintenance, and financing of automobiles. Just after a decade passed to Independence, the manufacturing of automobiles started. In the prior years of manufacturing of vehicles, production was limited to three major manufacturers - Standard Motors, Hindustan Motors, and Premiere Automobiles. In the last decade, the automobile industry had a share of 5% in the GDP of the Indian Economy. The Automobile Industry of India is the world's 4th largest automobile market with the annual production of 29.7 million automobiles manufactured in 2018. There are several benefits from Budget 2019 to the Automobile Industry are:

  1. Subsidy on the import of lithium battery, these batteries are used in automobiles and it can benefit the industry.
  2. The program on Faster Adoption of Manufacturing of Hybrid and Electric Vehicles(FAME) to promote clean fuel technology cars is expected to get a further push with the auto industry gearing itself first for the transition to BS-IV (Bharat Stage - VI) emission norms by 2020, said the rating agency.
  3. It is expected that the government will lower down the import on natural rubber which is used to manufacture the tyres.
  4. National Electric Mobility Mission Plan 2020 to produce 6-7 million Electric Vehicles by 2020.

Automobile Industry has experienced rapid growth over the years and played a great role in the economy and employment of the nation. One of the most successful automotive parts manufacturers, Kranti Industries after 37 years of excellence has now launched its own SME IPO to go public.

Kranti Industries IPO Latest Update

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