Budget 2020 Expectations: Sunny Kataria of Auto OLX speaks on what he seeks from Nirmala Sitharaman
#BUDGET2020ZEE: The big day of Budget 2020 presentation is almost here as only 2 days are left when Finance Minister Nirmala Sitharaman will be presenting the first full Budget of Modi 2.0 government.
#BUDGET2020ZEE: The big day of Budget 2020 presentation is almost here as only 2 days are left when Finance Minister Nirmala Sitharaman will be presenting the first full Budget of Modi 2.0 government. The preparations for the tabling of Budget 2020 (#BUDGET2020ZEE) are in full swing. Various sectors are expecting many crucial decisions from the presentation by Finance Minister Nirmala Sitharaman. Ahead of the big day, Sunny Kataria, VP, Auto OLX, spoke on what he seeks from the Budget 2020:-
"I expect the industry to kickstart recovery by the mid of FY 21 in order to adjust to the market reaction towards the transition to the BS6 transmission norms. Hopefully, the budget will focus on reducing the GST from 28% to 18% for passenger vehicles - a long pending demand from the industry, a clear incentive structure for the scrappage of old cars and most importantly, an economic stimulus to lift the morale of the industry," says Sunny Kataria.
He further adds, "OEM's will look to spruce up sales of older BS 4 models before the 31st March deadline and seek to make BS 6 models more affordable for the consumer as prices of new passenger vehicles will increase by 5-10% owing to the transition."
"This, in turn, would augur well for the pre-owned car market in 2020 since this would lead to a fresh supply of cars in the pre-owned car market owing to the price differential between BS 4 and BS 6 cars. The anticipated increased supply to the pre-owned-car market due to the ongoing liquidation of BS-4 cars will also help bridge the gap between the higher demand and insufficient supply for cars," concludes Kataria.
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