Del. HC Stresses Mandatory Legal Assistance to Preserve Fairness and Integrity of Criminal Trials  ||  Supreme Court: Delhi High Court Ruling upheld on Taekwondo National Sports Federation Recognition  ||  SC: Blockchain-Based Digitisation of Land Records Necessary to Reduce Property Document Litigation  ||  Supreme Court to NCLT : Limit Power to Decide Intellectual Property Title Disputes under IBC  ||  Bombay HC: Railway Employee With Valid Privilege Pass is Bona Fide Passenger Despite Missing Entries  ||  Delhi High Court: Mere Pleadings Made To Prosecute or Defend a Case Do Not Amount To Defamation  ||  Delhi High Court: Asking an Accused To Cross-Examine a Witness Without Legal Aid Vitiates The Trial  ||  Delhi High Court: Recruitment Notice Error Creates No Appointment Right Without Vacancy  ||  Supreme Court: Subordinate Legislation Takes Effect Only From its Publication in The Official Gazette  ||  Supreme Court: DDA Must Adopt a Litigation Policy To Screen Cases and Avoid Unnecessary Filings    

Measures for comprehensive development of auto sector- (Press Information Bureau) (10 Feb 2020)

MANU/PIBU/0348/2020

Motor Vehicles

There are multiple regulations arising due to requirement of meeting internal Standard of Safety, fuel economy and environment across various sectors including Automobile Sector. These are statutory regulations and cannot be termed as over regulation. Moreover, current problems being faced by Auto Industry cannot be attributed to regulatory issue.

The Government, as a policymaker, always attempts to keep and improve momentum of the economy through a package of measure through stakeholder consultations for comprehensive and continued development of the auto sector as and when required. Some of the steps taken by the Government to counter automotive slowdown can be summarized as under:

Corporate Tax has been reduced to 22% resulting into more savings for the Manufacturing Companies. This move will help in uplifting the market and promote future investments in turn providing a boost to the economy.

Government has clearly indicated that Internal Combustion Engine (ICE) and Electrical vehicles (EVs) will be continued to registering future. This clarification will clear doubts among the end consumers and hence will help in boosting the sale of ICE and EVs.

Government is working on a Scrap page Policy. Ministry of Road, Transport & Highways (MoRTH) being the nodal ministry has almost finalized the Scheme. This policy would help to get unfit vehicles off the roads and thus increase the demand for new vehicles.

Government has announced that funds worth Rs. 70,000 crores will be released for PSU banks' recapitalization. This would improve the liquidity situation of the banks resulting into more finances available for dealers and end- consumers hence increasing demand for new vehicles.

RBI has announced that the interest charged for vehicle purchased has to be linked to the Repo rate announced by the Central Bank. This will mean that banks will have to reprice the interest rates on loans every three months resulting in lesser burden for consumer.

Tags : MEASURES   DEVELOPMENT   AUTO SECTOR  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved