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Forwarded Auto Industry's Budget Suggestions to FM Nirmala Sitharaman: Meghwal

File photo of Union Minister Arjun Ram Meghwal (PTI)

File photo of Union Minister Arjun Ram Meghwal (PTI)

The Indian auto industry has been under a heavy ongoing consumption slowdown for several months now.

Union Minister Arjun Ram Meghwal said he has forwarded the automobile industries' budgetary suggestions to the Finance Ministry. Speaking at the Society of Indian Automobile Manufacturers (SIAM) organised 4th annual CSR conclave, the Union Minister of State for Parliamentary Affairs and Heavy Industries and Public Enterprises said that the suggestions were submitted by the SIAM and that these have been forwarded to the Finance Minister Nirmala Sitharaman. "We are in the process of consultation of budget," he said.

One of the suggestion pertains to GST tax cuts, he added. Besides, the minister asked the industry players to submit any other suggestions at the earliest before the Budget document preparation ritual, known as the 'Halwa' ceremony, begins. He said that no suggestion after the commencement of the ceremony will be considered for the budget. The ceremony marks the commencement of the printing process for the Budget and is held in the North Block.

Theses suggestions assume significance as the auto industry has been heavily battered by the ongoing consumption slowdown. Industry insiders have blamed subdued demand, high taxation, low job creation, stagnant wages and stressed rural sector for the economic slowdown.

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