The Supreme Court has allowed the sale of 10 per cent of unsold BS-IV emission-norm compliant inventory for 10 days post lockdown. This comes after Society of Indian Automobile Manufacturers (SIAM) had filed an application in the Supreme Court seeking for an extension to the deadline for selling and registration of BS-IV vehicles which earlier stood till March 31, 2020.
Auto industry body SIAM had lauded the government for Rs 1.7 lakh crore financial package to support vulnerable sections of society in wake of coronavirus pandemic and urged the finance ministry to also come out with measures to support the automobile industry.
"The announcement of Financial Action Plan of Rs 1.7 lakh crore by Hon'ble Finance Minister to support our medical warriors, daily wage earners, farmers, construction workers, self-help groups, women, etc. will certainly entrust the faith of the vulnerable section of our society on the government and support them in dealing with the immediate concerns caused by COVID-19," SIAM President Rajan Wadhera had said in a statement.
He further added, "We hope the government will also soon announce measures to support the automotive industry."
Echoing similar sentiments, Hero MotoCorp Chairman Pawan Munjal had said, "We now look forward to a stimulus for the national economy which will be most severely impacted due to the ongoing situation."
Automakers have been facing an unprecedented slowdown over the last one year and have suspended production temporarily to comply with government directives to contain the spread of coronavirus. Besides, auto dealers are staring at huge losses as the lockdown has hampered retail sales and they are saddled with the large BS-IV inventory.