Union Budget to give push to auto sales
The announcement has come during a year when the auto companies are predicting a slowing of sales in the automobiles after a record year of 2022, where car makers sold record numbers despite semiconductor shortage impacting manufacturing during the early part of the year.
The Budget announcement is set to give a push to the sales of automobiles with the finance minister Nirmala Sitharaman announcing a scheme to support state government and also municipalities in replacing their old polluting vehicles.
Impact
This scheme will not just give a boost to auto sales but also electric vehicles, as the focus of the government is also on a shift to green fuels by 2030. The biggest beneficiary of this push is likely to be companies such as Tata Motors and Toyota Kirloskar, which have a line up of electric vehicle products in all segments.
The announcement has come during a year when the auto companies are predicting a slowing of sales in the automobiles after a record year of 2022, where car makers sold record numbers despite semiconductor shortage impacting manufacturing during the early part of the year.
Union Budget 2023: All you need to know
The Budget announcement is set to give a push to the sales of automobiles with the finance minister Nirmala Sitharaman announcing a scheme to support state government and also municipalities in replacing their old polluting vehicles.
Impact
This scheme will not just give a boost to auto sales but also electric vehicles, as the focus of the government is also on a shift to green fuels by 2030. The biggest beneficiary of this push is likely to be companies such as Tata Motors and Toyota Kirloskar, which have a line up of electric vehicle products in all segments.
The announcement has come during a year when the auto companies are predicting a slowing of sales in the automobiles after a record year of 2022, where car makers sold record numbers despite semiconductor shortage impacting manufacturing during the early part of the year.
Union Budget 2023: All you need to know
