3 New Major Design Details Mahindra XUV 3XO Will Pack Over...
- Apr 12, 2024
- Views : 9861
There have been various reactions coming in from the automobile industry following the announcement of the 2016 Union Budget by Finance Minister Arun Jaitley in the Parliament on Monday; most of them negative though. The majority of demands from automakers have been left unattended including the lowering of interest rates on automobile loans.
The auto fraternity was expecting interest rates, currently varying from 9.75 per cent to 12.25 per cent, to go down but the Finance Minister left many a future customer aghast by overlooking it.
Automakers had hoped for tax incentives for interest rates on auto loans to motivate the demand for automobiles in the country.
With lower individual tax and higher income at disposal, it could have helped boost the demand for small car and two wheeler segments.
Elsewhere, the overall prices of cars will also shoot up following the Union Budget 2016-17. Jaitley proposed 1 per cent cess of CNG, LPG and petrol cars; 2.5 per cent on small diesel cars and 4 per cent on vehicles with higher engine capacity. He also proposed a 1 per cent luxury tax on the purchase of vehicles worth Rs10 lakh or more.
After the passenger car sales figures indicating negative growth for the first time in 14 months, for January 2016, this move could further hurt the cause of the auto industry in the coming months.
Budget 2016: Cars become costlier across the board
Budget 2016: Luxury cars become more expensive
Budget 2016: Improved road network to help CV sector
Budget 2016: Rubber industry disappointed by lack of support
Budget 2016: Government emphasizes on hybrid and electric vehicles
3 New Major Design Details Mahindra XUV 3XO Will Pack Over...
Tata Curvv: A Much Clearer Look At Its Interior Ahead Of Its Unveiling
Citroen Basalt vs Tata Curvv: Exterior Design Compared
10 New Features Expected In The Upcoming 2024 Mahindra XUV 3XO...
The Fronx Has Been Rebadged! Meet The Toyota Urban Cruiser Taisor,...
Here’s How Fuel Efficient The 2024 Maruti Suzuki Swift Sold In...
MG Hector And Hector Plus Blackstorm Edition Launched At Rs 21.25...
Mahindra XUV300 Facelift Teased, Gets A New Name
Citroen Basalt Vision, Its SUV Coupe For India, Revealed
India's largest automotive community