Business

Rationalisation of duty structure important for fast adoption of new technologies: BMW India Head

Vikram Pawah, President of BMW Group India, emphasized the necessity of rationalizing the duty structure for the swift adoption of new technologies, particularly electric vehicles (EVs). Pawah called for a level playing field in taxation, advocating for equal treatment of both existing and new players entering the Indian market.

“Our plea to the government has consistently been for a rationalization of the duty structure to drive faster adoption of new technologies and localization,” Pawah stated during a press conference. He suggested that reduced duties would enable companies to introduce products at competitive prices, facilitating demand creation.

Also Read: Jail construction not solution to decongest prisons, thinking out of box is: Tihar DG Sanjay Baniwal

Highlighting BMW’s strategy, Pawah explained, “Initially, we import products as Completely Built Units (CBUs), and as demand grows, we promptly localize production.” Currently, cars imported as CBUs incur customs duties ranging from 60-100%, depending on factors such as engine size and Cost, Insurance, and Freight (CIF) value.

Addressing discussions about potential concessions for a U.S.-based EV major, Pawah emphasized the importance of a level playing field for all players, regardless of their tenure in the market. He stressed that this fairness should extend beyond the EV segment to encompass all automotive sectors, considering the evolving landscape of cleaner and safer technologies.

Pawah also noted BMW’s continued investment in new technologies without expecting special incentives. Despite the luxury car industry’s modest share in India, accounting for just over 1% of overall passenger vehicle volumes annually, Pawah expressed optimism about the business outlook. He cited a robust economic environment and positive consumer sentiment, coupled with the availability of a comprehensive product lineup in 2023 and plans to launch 19 new products in 2024.

Also Read: RJD MLA’s Controversial Remark: Questions Ram Mandir Inauguration, Asks If Ram Was Lifeless For So Long

In conclusion, Pawah affirmed BMW’s confidence in sustaining solid growth throughout 2024, underlining the brand’s commitment to advancing technology and meeting evolving consumer demands.

Naiteek Bhatt

Recent Posts

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

4 hours ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

4 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

4 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

4 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

7 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

8 hours ago