The Indian automobile market is slowly gaining momentum and the auto experts have predicted better days ahead. The enquiries have started to pour in, inventories are now getting off shelf, new cars are being launched and the sales are getting executed. People can drive like a boss in a stunning car. Truebil is India first and largest marketplace to sell and buy automobiles. You can shop most popular car models from Maruti, Suzuki, Toyoto, Hundai, and more with ease. You can shop from the widest collection of used cars and get the power of elegance in your hands. They also offer broad catalog of used cars such as used car in Mumbai, used swift car and more along with the comprehensive services. The emergence of e-commerce sites has increased manifold and more number of first time buyers are now investing in automotive sectors.
Having said this, here are the 3 other important reasons that confirm bright prospects for Indian automobile industry:
Aim to make India a global automotive hub: The term from the year 2012 to 2016 was a consolidation period that saw car market making some good grounds. The last 4 years saw host of decisions that will have far reaching positive effects on Indian Automotive sector. The governments have aimed to make Indian a global automotive hub, with special emphasis on the export of small cars, MUVs, two- and three-wheelers and auto components.
New initiative taken by the Government: The new initiative mission plan is undertaken by the government to accelerate and sustain growth in automotive sector. One of them was the evolution of online automobile website. The plan also aims to double the contribution of the automotive sector to the country’s GDP by taking its turnover to USD 146 billion and offering additional employment opportunity to 24 million people by 2016.
Low tax regime: Apart from the policies introduced by the government for the auto industry, another positive step taken by the Government of India has been the tax relief provided in the 2016 budget. The third reason that establishes the supremacy of car market in India is the low tax rate regime. The Indian Government has proactively cut the excise duty thereby leading to increased investment in infrastructure sector. Additionally, the scope for further rate cut confirms the low interest rate cycle India has stepped in. All of these parameters point to positive future for auto industry in the country.
All of the measures will give the much needed impetus to the growth of automobile in medium to long term. The car manufacturer and investors in India can be rest assured of some record gains in the years to come by.