'Hopeful that scrappage policy will find mention'

Budget 2021 | 'Hopeful that scrappage policy will find mention'

Credit: Toyota Kirloskar Motor

By the Toyota Kirloskar Motor Spokesperson 

The growth momentum across key sectors witnessed in the post-lockdown period is encouraging.  

India Inc. is now looking forward to a Budget that will strike a right balance between need for addressing fiscal considerations and the requirement to propel growth, thereby further consolidating the gains now seen.  

Already, the honourable Union Finance Minister has indicated that the next Budget will focus on boosting growth.  

At Toyota Kirloskar Motor (TKM), we believe that focus on long-term growth and a further improvement in the investment climate are necessary for continued sustainable economic development. For this, the Union Budget 2021 is a good time to bring in more policy measures, reforms and simplification of laws which can further strengthen ease of doing business. 

The scrappage policy which has been under consideration of the Government for quite some time. It has the potential to simultaneously reduce pollution, fossil fuel consumption as well as boost demand for new vehicles thereby meeting many key objectives. We are hopeful that this will find a mention in the upcoming budget along with enhanced actions to usher in reforms in land, labour and liquidity, which will help in attracting investments and improve competitiveness too.  

Rationalisation of custom duties on SKDs and CKDs should also be considered as it will be beneficial in the long term for faster market introduction and localisation of newer and enhanced technologies. 

We are also looking forward to measures that can provide the necessary impetus for the manufacturing of xEVs and their parts in India. In order to attract investments for local xEV parts manufacturing, it is necessary that Government policy support extends to all xEV technologies proportionate to the social benefits they provide. This will help for a faster, smoother and disruption free technology shift to electrified vehicle eco-system.