Praising the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi, the Society of Indian Automobile Manufacturers (SIAM) has said that the stimulus package will provide boost to demand and growth of India's economy once again. The industry body also hoped that a focused package to support the Indian automotive industry would be announced by Finance Minister Nirmala Sitharaman, when she announces the details of the package.
Drawing attention to the Indian automotive industry, SIAM President Rajan Wadhera said the sector is a strong pillar of Make in India with huge contributions to GDP (gross domestic product) and employment and relies on its highly indiginised supply chain.
Meanwhile, with the auto sector suffering one of the longest slowdowns in the past one year followed by the impact of the coronavirus pandemic, SIAM has been seeking government support to help the industry. It has called for reduction in goods and services tax (GST) on automobiles and bringing the scrappage policy among others to help spur demand.