Budget 2020: GST cut likely to EV boost, auto industry

New Delhi:Finance Minister Nirmala Sitharaman is all set to unveil the Union Budget on Saturday (February 1). The budget for the fiscal 2020-21 will play a very crucial role for the automobile industry. The industry desperately need favour from the finance ministry as it recently recorded its worst-ever sales decline in two decades. The sector has been facing a slowdown since last 12 months and it is banking on the FM Sitharaman to break vicious cycle of falling sales and steeper discounts. Auto sector is a key contributor to GDP growth and industrialisation in the country.