It is no secret that the Indian automotive market is going through a bad phase. Sky rocketing petrol and diesel prices, high interest rates and lack of proper infrastructure are few of the major reasons which have been pulling down the sales volume.
To deal with this, a high level Society of Indian Automotive Manufacturers (SIAM), headed by their President Mr Vikram Kirloskar, met the Ministers of Commerce, Road Transport, Environment and Heavy Industries on June 16-17, 2014.
Apart from the problems, the delegation also talked about the potential of the automotive sector as its contribution directly affects the economic growth of the country as a whole. It boosts the exports as well as lifts the economy of the rural sector.
Here is the small list of suggestion that were put forward by the SIAM delegates:
- Continuation of reduced excise duties on vehicles.
- New foreign trade policy.
- Enhanced export incentives for vehicles.
- Streamlined and free inter-state movement of vehicles.
- Promoting and encouraging of electric and hybrid vehicles.
- Prevention of overloading and enhancing road safety.
- Improving the emission and fuel efficiency norms.
- Improving Fleet Modernisation and Scrappage policies.
The SIAM delegates are satisfied by the response they got from the ministers and are hopeful that they will very soon bring improvements to the economy and give the automotive sector the necessary push in the right direction.