The auto industry has been facing headwinds even before the COVID-19 pandemic derailed the entire sector last year, a research conducted by the Society of Indian Automobile Manufacturers (SIAM) has revealed.
Green tax may push up truck rentals, hit used heavy vehicle prices
Transport vehicles older than eight years could be charged green cess at the time of renewal of fitness certificate
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The imposition of green tax on certain categories of vehicles by the ministry of road transport and highways (MoRTH) could push up truck rentals as their owners will likely pass on the additional cess to customers.
To be calculated on road cess, the green tax is being imposed to ‘dissuade people from using old vehicles’ as well as motivate people to switch to newer and less polluting vehicles, the government has said.
Synopsis
To help you identify the car of your choice, ET Wealth in collaboration with Cardekho.com, enlists some expected car launches this year. We have categorised top five choices in three price bands: below Rs 7 lakh, between Rs 7 and 15 lakh, between Rs 15 and 40 lakh.
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In collaboration with Kartikeya Singhee
The year 2020 began on a dismal note for many industries, with sales figures plummeting as the pandemic surged through the year. The car manufacturers also registered a sharp drop in sales in the middle of the year. According to data by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicles witnessed a 49.6%decline in domestic sales in June 2020 compared with the same period last year. However, surprisingly, most companies ended the year on a positive note. Passenger vehicle sales rose 13.59% in December due to the pent-up demand, according to SIAM.
Budget 2021: Introducing incentives for electric vehicle buyers can boost the demand in auto sector
Budget 2021: The automobile sector has witnessed several challenges due to a reduction in demand and an increase in costs due to regulatory changes amid emission and safety norms. Some of the steps like reduction of the GST tax rates to 18 per cent, introduction of the incentive based vehicle scrappage policy to scrap over 15-year-old commercial vehicles, local sourcing of automobile parts and EV incentives for electric vehicle buyers can trigger a boost in demand for the sector, said Mr. Nilesh Shah, Chairman and MD, Atlas Integrated Finance Limited. The automobile sector suffered a slowdown in terms of demand and the expectations were not met for the sector in last year s budget.
0 Comments Indian Oil Corporation Limited (IOCL) has confirmed that following the BS4 to BS6 transition last year, it is enhancing its focus on higher octane petrol for our market. Commenting on the topic, Shrikant Madhav Vaidya, Chairman, Indian Oil Corporation, said in a recent interview with Autocar India, “We are on the job and we will chalk out the road map very shortly.”
Indian Oil’s 100 octane petrol
slated to be available in 16 cities
from January 2021
Octane rating of regular petrol to also improve in the future In line with its latest strategy,
IOCL recently launched XP100 – the country’s first 100 octane petrol – for high performance vehicles and is now working towards expanding its retail availability. Moreover, the company is also planning to increase the 91 octane rating of regular petrol by 2023.