+
 Volvo Group seeks for moderate taxation regime for automobile sector
ROADS & HIGHWAYS

Volvo Group seeks for moderate taxation regime for automobile sector

Volvo Group India stressed on the requirement for a careful and selective strategy on phased manufacturing programmes in some places to enhance technology adoption, pitching for a more moderate taxation regime for the automobile sector in the Union Budget.

In its pre-budget expectation note, Volvo Group president and managing director, Kamal Bali had told the media that the industry is looking forward to a resolute policy to evade inverted duty structure for components.

He said that Volvo Group India was expecting and wishing to witness the budget continuing to press forward on infrastructure-focused capital expenditure, clean, green and connected logistics, to guarantee a strong, competitive and sustainable industrial ecosystem. After a stellar peak performance in 2018, the automotive sector, especially the CV industry struck a bit of a roller coaster with the new axle load mandate, graduation to BS-VI regulations, along with Covid-19 jolt and lockdowns, the surging commodity costs, chip shortage influencing the supply chain in the past few quarters.

While the last few quarters have been a term of good recovery and rebound, the industry is yet not close to the peak of 2018. Terming the production-linked incentive (PLI) scheme, together with the vehicle scrappage policy as path-breaking measures and many more, initiatives hit at the root of the restrictions that they have been confronted with and thus bode well for the economic development.

Stating that the automotive sector, which adds to nearly half of India's industrial gross domestic product (GDP), is at the cusp of a significant shift on the back of emerging technologies, climate agenda and future mobility trends. But, the sector needs some help on a more moderate taxation regime.

Image Source

Also read: Volvo CE records 13% y-o-y increase in Q2 sales

Volvo Group India stressed on the requirement for a careful and selective strategy on phased manufacturing programmes in some places to enhance technology adoption, pitching for a more moderate taxation regime for the automobile sector in the Union Budget. In its pre-budget expectation note, Volvo Group president and managing director, Kamal Bali had told the media that the industry is looking forward to a resolute policy to evade inverted duty structure for components. He said that Volvo Group India was expecting and wishing to witness the budget continuing to press forward on infrastructure-focused capital expenditure, clean, green and connected logistics, to guarantee a strong, competitive and sustainable industrial ecosystem. After a stellar peak performance in 2018, the automotive sector, especially the CV industry struck a bit of a roller coaster with the new axle load mandate, graduation to BS-VI regulations, along with Covid-19 jolt and lockdowns, the surging commodity costs, chip shortage influencing the supply chain in the past few quarters. While the last few quarters have been a term of good recovery and rebound, the industry is yet not close to the peak of 2018. Terming the production-linked incentive (PLI) scheme, together with the vehicle scrappage policy as path-breaking measures and many more, initiatives hit at the root of the restrictions that they have been confronted with and thus bode well for the economic development. Stating that the automotive sector, which adds to nearly half of India's industrial gross domestic product (GDP), is at the cusp of a significant shift on the back of emerging technologies, climate agenda and future mobility trends. But, the sector needs some help on a more moderate taxation regime. Image Source Also read: Volvo CE records 13% y-o-y increase in Q2 sales

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?