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Indian Automotive industry sector among various segments has a positive outlook over the upcoming budget and has been sharing their suggestions with the government. The Indian Automotive industry sector has its expectations grounded on update of potential FAME 3 scheme, PLI sops and revision on GST entry-level two-wheelers. However, the interim Budget is expected to retain a status quo on the GST front on vehicles.

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Director General of Automotive Components Manufacturers Association, Vinnie Mehta informed Financial Express that with 2024 being an election year, February budget is most likely going to be 'a vote on account.'

He further mentioned, "I must credit the government for its benign policies especially the PLI and the FAME which have greatly benefitted the automotive ecosystem."

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Vinnie further expressed hope that these policies would further continue to receive generous budgetary allocations from the government. He also pointed out that with reference to GST in the case of EVs, there are a few cases of inverted duty structure. He said, "Some of their components which are being taken up with the GST council."

President, the Society of Indian Automobile Manufacturers (SIAM) Vinod Aggarwal said, "We are not expecting any special sops from the government. They should not create any sudden disruptions, they should continue with good policies, infrastructure investments, and stability in regulations, and not introduce regulatory norms," reported Financial Express.

He further added, "Any new norms also lead to an increase in costs. They should not levy or come out with surprises."