In an announcement that could soothe nerves in the stressed auto sector, Road Transport Minister Nitin Gadkari on Thursday said a possible GST cut on vehicles — including hybrid ones — will soon be taken up with Finance Minister Nirmala Sitharaman.
Speaking at the 59th Annual Convention of the Society of Indian Automobile Manufacturers (SIAM), he said the Centre will support the auto sector, including in the form of export incentives.
Auto stocks gain
Further allaying the sector’s fears, he said the Centre does not have any plans to ban the sale of petrol and diesel vehicles. Automobile stocks jumped 7.8 percent on Thursday following Gadkari’s assurances to the auto sector.
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