Union Budget 2021: Auto Components Special
Auto Components India|March 2021
The Union Budget 2021 attempts to offer the necessary “succour” to the automotive components industry. Ashish Bhatia takes you through the key budgeted allocations and brings out the expert opinions.
Ashish Bhatia
Union Budget 2021: Auto Components Special

The Union Budget 2021 was deemed as the “once in a century budget” even before it was made public. After a pandemic marred 2020, the ask was for bold reforms to address and alleviate pain points, both from the supplyside and demand-side perspective. Finance Minister Nirmala Sitharaman was dealing with expectations that had skyrocketed. On February 01, 2020, when she uttered the first word from her speech on the ‘Made In India’ tablet, the departure from the traditional practice of reading out from the “Bahi-Khata” or cloth ledger was interpreted by pandits as a metaphor for change. The government, in an attempt to tone down the soaring expectations, had on the eve of the budget, cited the sector specific ‘tranches’ as having already addressed most pain-points in the form of ‘mini-budgets’. This Union Budget was deemed as a consolidated account of the mini-budgets. The government , it was evident, walked the rope of maintaining a tight fiscal plan with the RE 202021 at 9.5 per cent compared to the budgeted level of 3.5 per cent of GDP (attributed to increased expenditure on various schemes announced by the government in light of the pandemic). The industry, however hoped for additional support to reverse the negative impacts of the pandemic induced de growth as it had repeatedly sounded off the expectations on both the supply-side and the demand-side concerns ahead of the D-day.

Budget outlay for the sector

Esta historia es de la edición March 2021 de Auto Components India.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición March 2021 de Auto Components India.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE AUTO COMPONENTS INDIAVer todo
RENESAS UNVEILS MULTI-DOMAIN SOC.
Auto Components India

RENESAS UNVEILS MULTI-DOMAIN SOC.

Renesas Unveils 5th-Generation Multi-Domain SoC for ADAS, Infotainment and Gateway Systems

time-read
1 min  |
November 2024
BORGWARNER SECURES NEW HVCH PROGRAMS
Auto Components India

BORGWARNER SECURES NEW HVCH PROGRAMS

BorgWarner has secured three significant business wins for its High Voltage Coolant Heater (HVCH) technology, expanding its reach in the Chinese, Korean and Japanese electric vehicle markets.

time-read
1 min  |
November 2024
RESHAPING REALITY
Auto Components India

RESHAPING REALITY

Abhiyantriki, the 26th annual technical fest of K J Somaiya School of Engineering at Somaiya Vidyavihar University, took place at its Mumbai campus under the theme ‘Reshaping Reality’, focusing on futuristic innovations and real-world problemsolving.

time-read
1 min  |
November 2024
CONTINENTAL TIRES INDIA CELEBRATES CONTINUED PREFERRED PARTNER STATUS
Auto Components India

CONTINENTAL TIRES INDIA CELEBRATES CONTINUED PREFERRED PARTNER STATUS

Continental Tires India reaffirms its dedication to customer-centric solutions and operational excellence through its sustained partnership with Mercedes-Benz AG.

time-read
1 min  |
November 2024
ACMA IAUTOCONNECT 2024
Auto Components India

ACMA IAUTOCONNECT 2024

The Automotive Component Manufacturers Association of India (ACMA), hosted the ninth edition of its premier buyer-seller event, iAutoConnect, at Yashobhoomi in New Delhi.

time-read
1 min  |
November 2024
4TH ACMA AUTOMOTIVE RAW MATERIALS CONCLAVE
Auto Components India

4TH ACMA AUTOMOTIVE RAW MATERIALS CONCLAVE

The 4th Automotive Raw Materials Conclave focused on automotive innovations and sustainability in nonferrous materials, writes Richa Tyagi.

time-read
5 minutos  |
November 2024
MOBILITY PLAYSETS
Auto Components India

MOBILITY PLAYSETS

Even as the Indian automobile industry touches new heights and innovations, it is the commercial mobility play sets that continue to be a major draw. It is a good starting point for the next generation, writes Prajakta Chavan Rane from her plant sojourn.

time-read
7 minutos  |
November 2024
SUSTAINABILITY AS STRATEGY
Auto Components India

SUSTAINABILITY AS STRATEGY

In an Industry Talk session, Satyakam Arya Managing Director and CEO, Daimler India Commercial Vehicles spoke to Ashish Bhatia on integrating sustainability into the overall business strategy.

time-read
7 minutos  |
November 2024
EMBRACING SHOPFLOOR AUTOMATION
Auto Components India

EMBRACING SHOPFLOOR AUTOMATION

In manufacturing, where precision, efficiency, and cost-effectiveness are paramount, Mahindra Mahindra has embraced shopfloor automation as a cornerstone of its strategy

time-read
5 minutos  |
November 2024
FREUDENBERG EXPANDS MANUFACTURING FOOTPRINT
Auto Components India

FREUDENBERG EXPANDS MANUFACTURING FOOTPRINT

Freudenberg opens two state-of-the-art manufacturing plants in Morinda, marking its largest investment in expanding the manufacturing footprint in India, writes Richa Tyagi.

time-read
3 minutos  |
November 2024