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VOTE ON ACCOUNT: SIGNS FOR THE FULL BUDGET

Auto Components India

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March 2024

The Vote On Account or the Interim Union Budget 2024-25 gave signs of what's to come for the auto industry in the Full Budget due post-elections, writes Ashish Bhatia.

VOTE ON ACCOUNT: SIGNS FOR THE FULL BUDGET

The Vote On Account or the interim Union Budget attempted to sustain the momentum from the Union Budget 2023. It surpassed the previous CapEx outlay at 3.3 percent of the GDP when the capital investment outlay was raised for the third year to rupees 10 lakh crore and hailed by the industry. Finance Minister, Nirmala Sitharam set a CapEx outlay of rupees 11.11 lakh crore at a time when the CV industry expected continuity and sustained momentum in the past reforms to headline.

Despite the limitations of a capital budget, the industry put forth its wish list to the Ministry of Finance, Government of India. At a time when no major policy announcements were expected, the FM's speech was hailed as a confident approach by one section and a cautious approach by the other section in an election year in a mixed response as a whole. The focus on reducing the Current Account Deficit (CAD) amidst concerns of it widening to USD 36 bn at 4.4 per cent of the GDP had the FM allay fears of the country's status as a net importer leading to forex outflow.

Aligned with the 'Viksit Bharat' vision plan, the FM stressed the development mantra was linked to comprehensive development for all. Moving towards the vision of a developed India by 2047 translates to people-centric development. This encompasses substantial development of physical infrastructure besides digital public infra to promote formalisation and financial inclusion and social. It also entails deepening and widening the tax base through the Goods and Services Tax (GST). The government emphasised the FM is committed to proactive inflation management.

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Michelin's Premium Play

When Michelin unveiled its first 'Made-in-India' premium passenger car tyre from its Chennai facility, it marked more than a manufacturing milestone.

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5 mins

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Advanced Tyre Manufacturing Facility For Sustainable Innovation

Located in Sriperumbudur, Kanchipuram District, Tamil Nadu, the JK Tyre Chennai Plant represents a key milestone in the company's manufacturing expansion.

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3 mins

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Critical Challenges in Workplace Safety and Health

At the OSH India 2025 event held at NESCO, Mumbai, India's leading platform on occupational safety and health, The country's top industry leaders, safety professionals, and technology providers came together to discuss a larger truth, that safety is no longer an obligation, but a moral and operational priority defining the future of Indian industry.

time to read

3 mins

October 2025

Auto Components India

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ACMA MAKES NEW MANAGEMENT CHANGES

The Automotive Component Manufacturers Association of India (ACMA), has announced the appointment of Vikrampati Singhania, Managing Director, JK Fenner (India) Ltd., as the President of ACMA for the 2025-26 term. It has also announced Sriram Viji, Managing Director, Brakes India Pvt. Ltd., as President Designate.

time to read

1 min

October 2025

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INDIA TO LAUNCH NATIONAL CRITICAL MINERAL STOCKPILE

The Indian government is about to launch the National Critical Mineral Stockpile (NCMS).

time to read

1 min

October 2025

Auto Components India

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CUMMINS AND KOMATSU COLLABORATE

Cummins Inc. and Komatsu Ltd., have signed a memorandum of understanding (MOU) to collaborate on the development of hybrid powertrains for surface haulage heavy mining equipment.

time to read

1 min

October 2025

Auto Components India

ZF GROUP ACCELERATES INDIA GROWTH

ZF India Pvt Ltd. has secured a substantial business nomination from one of India's leading commercial vehicle manufacturers, for the supply of its locally manufactured and specifically adapted 430mm diameter heavy-duty clutch system.

time to read

1 min

October 2025

Auto Components India

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ACMA Annual Session 2025

At ACMA's 65th Annual Session, industry leaders and policymakers explored strategies to strengthen India's automotive supply chain resilience amid global shifts, and evolving trade dynamics

time to read

6 mins

October 2025

Auto Components India

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ICC AWARDS LANXESS

LANXESS India has won three prestigious industry recognitions from the Indian Chemical Council (ICC).

time to read

1 min

October 2025

Auto Components India

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GEG SECURES THREE PATENTS

Godrej Enterprises Group's (GEG's) tooling business has secured three patents marking a significant leap in precision engineering and smart manufacturing. From Smart Die Casting to Railway Coach and Bogie Automation, these patents reinforce Godrej Enterprises Group's contribution to a future-ready, self-reliant country. GEG will deliver cutting-edge, accessible solutions across burgeoning sectors. The company already holds 122 patents, reflecting its longstanding commitment to supporting India's industrial growth. These patents reflect the business's focused investment in innovation to address complex industrial challenges through smart, automated, and efficient solutions.

time to read

1 min

October 2025

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