A big good news has come for the Indian automobile market. The government has taken a big step towards the long-discussed India-UK trade deal and announced new rules. After this change, taxes and duties on luxury cars imported from Britain have been reduced, making it easier for lovers of premium vehicles to fulfill their dreams. Experts believe that this decision will not only reduce the prices of luxury cars but will also increase competition in the Indian market.
According to the new rules issued by the government, the custom duty and other charges levied on imported luxury vehicles have been rationalized under the trade deal. Till now, due to heavy taxes, cars which used to be very expensive in India, may now see a significant reduction in their prices. India has been a big market for luxury car manufacturers, and after this deal there is every possibility of a surge in the sales of premium segment cars. Auto experts believe that this will not only bring down prices, but the availability of latest models will also be better than before.
This trade deal is not limited to prices only, but it will also take the trade relations between the two countries to new heights. Promoting ‘Make in India’ along with easier access to foreign technology and luxury brands will help modernize the Indian auto sector. While this may also increase competition among domestic manufacturers, ultimately it will directly benefit Indian customers, who will now be able to buy international class luxury cars at competitive prices. At present, market experts have also expressed hope that the waiting period of cars will reduce after the introduction of new rates.
