As per SIAM, the entire automobile industry barring R.C.Bhargava of Maruti Suzuki, have voiced their concern for reviving the auto sector and reducing GST on automobiles. The president of SIAM Rajan Wadhera said that the automobile sector including all players in the car, commercial, 2/3 wheeler, construction equipment stand united on lowering of GST on vehicles from 28% to 18%.
SIAM (Society of Indian Automobile Manufacturers Association), the apex body representing vehicle manufacturers have demanded robust and immediate stimulus from government to reverse the downward trend due to slow down and have made their representation for support from the government in forthcoming Union budget on July 5th
Due to high GST rates, the prices have gone up resulting in lower demand from consumers and this has resulted in production halt in almost all manufacturers due to piling up of inventories. May-19 saw the 18 year low in the passenger car segment and other vehicle segments like 2/3 wheeler and the commercial vehicle also registered negative growth.
The new rules on safety and emission norms would further dampen the demand as the cost of vehicle would go up and this is the right time for government to take corrective measures and provide a suitable stimulus to automobile industry to survive this demand scare.
Image Source: IndianTimes
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