‘GST cut alone will boost auto industry’

  • | Saturday | 17th August, 2019

BC Datta, vice-president of Hyundai, said, “Uniform GST rate for auto component manufacturers and injecting liquidity into NBFCs is a positive move but we feel the government should have considered the auto manufacturers’ request as it will reduce the prices of passenger cars and could have wooed customers.”The concern of auto manufacturers is echoed by auto component manufacturers also. An auto component manufacturer said that currently the production cut across India was 22 pc to 25 pc, impacting over 20,000 auto component manufacturers. This is apart from the 830 registered members who come under Automobile Component Manufacturers Association. Currently, one lakh people in auto component industry have lost jobs, 2.5 lakh people in the dealerships and 15,000 in the vehicle industry, an auto component manufacturer claimed. It is learnt that auto component manufacturers demanded a uniform GST of 18 per cent besides improving liquidity and scrapping or recycling policy for vehicles in India.

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