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Hope govt soon announces measures to support auto industry: SIAM

Press Trust of India  |  New Delhi 

Auto industry body SIAM on Thursday 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 said in a statement.

He further said, "We hope the government will also soon announce measures to support the automotive industry."

Echoing similar sentiments, Hero MotoCorp Chairman Pawan Munjal said, "We now look forward to a stimulus for the national economy which will be most severely impacted due to the ongoing situation."

Automakers, who have been facing an unprecedented slowdown over the last one year,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.

In current circumstances, any BS-IV stock left with dealers after March 31 would be as goodas scrap as it would be not be possible to get such vehicles registered.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 26 2020. 18:50 IST