Auto sector needs boosters like scrappage policy soon: JK Tyre & Industries Chairman Raghupati Singhania

June 2, 2024

New Delhi: Raghupati Singhania, Chairman, JK Tyre Industries, Automotive Industries of India He said a number of measures, including a speedy announcement of a vehicle scrapping policy, were necessary to get out of the economic slowdown caused by the coronavirus epidemic. Singhania said the recent decision to restrict imports of some pneumatic tires was a step in the right direction to boost domestic manufacturing. But he added that more measures were needed to speed up the process.

“Much depends on implementing the much-needed scrapping policy to effectively utilize the pent-up demand,” Managing Director Singhania said in an email interview with The Economic Times.” . “The current GST on the automobile sector has been temporarily reduced from 28% to 18%, which may also help increase demand. Auto sales declined last quarter as production and sales were severely affected by the Covid-19 pandemic and blockade. The biggest fall was at 140 Compared to the same period last year, lakh units fell by 75%.

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