Recent announcements made by Fin Min will definitely uplift customer sentiment for the upcoming festive season: FADA

New Delhi, Aug 26 (KNN) The Federation of Automobiles Dealers' Association (FADA) has welcomed the announcements made by Finance Minister Nirmala Sitharaman for auto sector.

Commenting on the announcements, President of FADA, Ashish Harsharaj Kale said, "All our points of concerns and suggestions have been listened to seriously and actions have been taken by the Finance Minister.”

The liquidity easing and confidence building in banking industry which was already actioned followed up  by the slew of announcements of increase depreciation rate till March 2020,deferment of one time registration fees which would have further burdened the affordability of automobiles, coupled with soon to be announced scrappage policy will definitely boost demand, he added.

He stated that the release of Rs 70,000 crores Capital to PSB's immediately and another 5 lakh crores in a phased manner, linking retail loans to repo rate, providing more credit to NBFC's for auto and housing loans are all huge demand generating steps added to the above.

The announcement of BS4 vehicles being operational for the entire registration period is a very important announcement and will clear the confusion which was prevalent in many customers minds about the current BS4 petrol and diesel vehicles, he further added.

FADA is quite confident that these measures will definitely uplift customer sentiment for the upcoming festive season and the dealer community has a very positive hope that demand in auto sales would soon pick up and turn to the positive.