Auto trade physique SIAM had urged the finance ministry to additionally come out with measures to assist the auto trade.
- Last Updated: March 27, 2020, 4:33 PM IST
The Supreme Court has allowed the sale of 10 per cent of unsold BS-IV emission-norm compliant stock for 10 days publish lockdown. This comes after Society of Indian Automobile Manufacturers (SIAM) had filed an software within the Supreme Court in search of for an extension to the deadline for promoting and registration of BS-IV autos which earlier stood until March 31, 2020.
Auto trade physique SIAM had lauded the federal government for Rs 1.7 lakh crore monetary bundle to assist susceptible sections of society in wake of coronavirus pandemic and urged the finance ministry to additionally come out with measures to assist the auto trade.
“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 stated in an announcement.
He additional added, “We hope the government will also soon announce measures to support the automotive industry.”
Echoing related sentiments, Hero MotoCorp Chairman Pawan Munjal had stated, “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 going through an unprecedented slowdown over the past one yr and have suspended manufacturing briefly to adjust to authorities directives to include the unfold of coronavirus. Besides, auto sellers are watching large losses because the lockdown has hampered retail gross sales and they’re saddled with the massive BS-IV stock.