Prime Minister Narendra Modi unveiled his vision for an ‘Atamnirbhar or ‘self reliant’ India and announced a Rs 20 lakh-crore economic package to support MSME, NBFC, agriculture, migrants, farmers, and Make In India.
India’s auto sector which employs 3.7 crore people across the value chain and constitutes 15 percent of overall GST collections was looking for an urgent intervention to boost demand and restore supply chains. However, none of the key recommendations of India’s auto sector, including GST reduction, scrapping and including dealers under the MSME Act have been accepted so far.
The industry resumed production after almost 50 days into the lockdown. CNBC-TV18’s Parikshit Luthra spoke to Rajan Wadhera, President of SIAM, Rakesh Sharma, ED of Bajaj Auto and Vipin Sodhi, MD and CEO of Ashok Leyland and discussed the key challenges the auto sector would face and how customers would react over the coming months.
Watch the video for more.