The expansion in FY2024 would observe a yr of wholesome demand in FY2023, whereby the business volumes expanded by greater than 33 per cent, supported by a beneficial base, in addition to a wholesome pick-up in macroeconomic exercise, Icra mentioned.
The scrappage coverage, which was introduced in March 2021, has been carried out from April 1, 2023, and is prone to contribute to the expansion of latest business automobile gross sales, it added.
“The foremost impression of the scrappage coverage is predicted within the CV (Business Car) section, particularly passenger carriers, because the utilization of different automobiles similar to two-wheelers, passenger automobiles, and so on. past 15 years could be restricted,” Icra Company Rankings Vice President & Co Group Head Kinjal Shah acknowledged.
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