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Hero MotoCorp Chairman Pawan Munjal has called for a reduction in GST on two-wheelers to 18 per cent from current 28 per cent, while lauding the Union Budget 2023-24 as the dawn of a new high-growth economy, ensuring India's increased contribution to the global economy. The veteran auto industry leader noted that the two-wheeler segment, which has been witnessing subdued sales over the last few years, needs government support in terms of taxation. "There is a clear case for reducing the GST slab from 28 per cent to 18 per cent for the two-wheeler category, which has been adversely impacted over the past few years. This category is a means of mass mobility and should not be clubbed along with the luxury and sin goods category for GST slabs," Munjal said in a statement. He also said: "Further, now that the GST collections are buoyant, I urge the GST council to take this up since this segment is an income multiplier and its growth will boost the economy." Hero MotoCorp, the country's
The COVID-19 pandemic presents an opportunity for the Indian automobile and components sector to become a global hub, thereby helping the country become self-reliant and such a chance must not be wasted, Hero MotoCorp CMD and CEO Pawan Munjal said on Saturday. Speaking at the annual session of Auto Components Manufacturers Association of India (ACMA), Munjal said the auto sector can also lead the way for other industries in India in responding to Prime Minister Narendra Modi's "clarion call" for Aatmanirbhar Bharat. "The silver lining in this pandemic is the Honorable Prime Minister's clarion call and push for an Aatmanirbhar Bharat -- I believe that going forward we, and our sector can be the growth engine for bringing alive Atmanirbhar Bharat, a self-reliant India, by all of connecting, communicating and collaborating on multiple fronts such as innovation, engineering and R&D," Munjal said. Stating that India's biggest advantage and key asset is its unique position of "having ...