Budget 2024 Expectations: Union Finance Minister Nirmala Sitharaman is ready to present the interim Budget 2024. In which it is expected to present an outline of revenue, expenditure, financial performance, fiscal deficit and projections for the coming year. At the same time, in view of the Lok Sabha Elections going to be held in the country in April-May 2024Â , long announcements in the budget can be avoided. What is the possibility of getting something for the automobile sector in this? We are going to talk about this further.Â
Electric Vehicle (EV)
The focus may be on EVs due to the government’s continued efforts to promote electric vehicles to reduce dependence on fossil fuels (such as petrol diesel) and address concerns such as air pollution. Apart from this, some announcements are expected like extension of FAME-II incentive scheme, a government initiative for development of electric vehicles, investment in sectors like EV purchase, charging and exemption in import tax on EV parts.
automobile
The government can focus on providing help to promote consumption in the rural area. The objective of which is to enable the purchase of two-wheeler and entry-level four-wheeler vehicles in rural areas. Besides, the automobile companies making these OEMs can also be benefited. Subsidies through the FAME program are also likely to continue with some caveats.
As the country awaits the presentation of Budget 2024, in which many announcements are expected to be made for various sectors. Which will work to give a new direction to the country in the coming times. Also, it can prove helpful in taking the country’s automobile sector to a new height.
