The 2021 Union Budget will be announced on February 1. All companies, consumers and companies are all ears and eyes to Finance Minister Nirmala Sitharaman. For a country battered by a prolonged economic slowdown, harangued by the Covid-19 pandemic and beleaguered by job losses galore, multiple demand boosters are the need of the hour.

Speaking at Autocar Professional’s webinar, ‘Taking Stock’ on the outlook for the automobile sector for 2021, 

Shashank Srivastava, executive director, Marketing and Sales, Maruti Suzuki India, commented, “Any steps to reduce the cost of acquisition of PVs will help. Reduction in road taxes/registration taxes will help. Any step that helps revival of economic growth and GDP will help the passenger vehicle segment.”

Srivastava added that, “Lucrative financial schemes and plans can add to the increased purchase power of consumers. Government has to look at the additional cost involved with regulatory changes and postpone introduction of new norms accordingly, till the industry comes to a certain level.”