Indian roads may see a rush of top-of-the-line electric vehicles, luxury cars, vans & superbikes, with the government to liberalize import norms by removing restrictions on price & engine capacities.
The liberalization may encourage new product launches by carmakers by carmakers such as Mercedes, BMW, Nissan, Toyota, premium two-wheeler companies like Triumph & Kawasaki.
The government will henceforth allow the import of vehicles, which are certified by internationally accepted test agencies such as those in Europe, Singapore, and some other countries.
Current norms fixed by the Directorate General Foreign Trade allow homologation-free import of four-wheelers valued above $40,000 and two-wheelers of 800cc & beyond.
In certain segments, import duties add up to over 100%.
- Luxury vans may benefit from the measure.
- Toyota can look at introducing the Alphard people’s carrier.
- Mercedes may be prompted to get the Via-no or V-Class.
The government’s aim is to give exposure of more models of vehicles to people & there are certain segments of vehicles, which can be used by physically-challenged or older persons, and these will also be allowed under this scheme.
Disclaimer: This information has been collected through secondary research and Crescendo Worldwide is not responsible for any errors in the same.
Written By: Abhilasha Kumari
( Market Report & Research Analyst)