2023 Budget Reaction Quote: Mr. Sumit Garg, Co-founder and MD of Luxury Ride

“The much-awaited anticipation around the Union Budget has come to an end. The policies chalked out for the automobile industry incurring increased duty rate is very unlikely to have any impact on the entry-level luxury vehicle segment. The condition of levying duty on engines with more than 3000cc petrol capacity will have a nullifying effect on the luxury cars as there are meagrely any cars in India exceeding the 3000cc capacity. Furthermore, the vehicle scrapping policy is an appreciative step on the part of the government. It comes as a silver lining that not just serves the novel cause of ushering towards a greener planet but at the same time, it will give an impetus to the surging demand for cars.”