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India-EU FTA set to have visible impact on luxury car market: Industry leaders
India-EU FTA set to have visible impact on luxury car market: Industry leaders
The India-European Union Free Trade Agreement (FTA) is expected to have a visible impact on the premium automobile segment in the long term, according to industry leaders.
New Delhi: The India-European Union Free Trade Agreement (FTA) is expected to have a visible impact on the premium automobile segment in the long term, according to industry leaders. The agreement is poised to redefine the top end of the passenger vehicle market with proposed reductions in import duties on select European cars.
Jyoti Malhotra, Managing Director of Volvo Car India, described the agreement as a "watershed moment" for the sector. He said, "The finalization of the India–EU Free Trade Agreement is a watershed moment. At Volvo Car India, we celebrate this landmark pact as a catalyst for a more integrated and sustainable automotive future."
According to Malhotra, the phased reduction in tariffs means car prices are unlikely to change much in the near term. However, he cautioned that prices could rise in the short term due to the weakening Indian rupee against the euro and the US dollar.
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He said, "While the phased tariff reductions mean vehicle prices will remain largely stable in the immediate term, the long-term impact is extremely promising. However, due to the Indian rupee weakening versus the Euro and USD, the prices are likely to increase in the short term."
"This agreement provides the strategic framework needed to accelerate our electrification journey, ensuring Indian consumers have greater access to our world-leading safety standards and green technologies. It is a win-win for the industry and a bold step toward a more connected global economy,” Malhotra said.
Hardeep Singh Brar, BMW Group India President and CEO, said, "There is a strong and positive signal of confidence in India's long-term growth story. India today is not just a large market, but a future-ready economy backed by reforms and policies focused on building a globally competitive ecosystem."
He said the India-EU Free Trade Agreement would be a historic step for both sides, as it would boost trade and encourage greater exchange of technology and innovation. “The India EU Free Trade Agreement would be a historic milestone benefiting both sides by expanding trade and enabling deeper exchange of technology and innovation,” Brar mentioned.
“If customs duties on completely built units are reduced, it would help expand the luxury car market in India,” he added.
Piyush Arora, MD & CEO of Skoda Auto Volkswagen India (SAVW), said, "With EU being one of India's largest trading partners, this agreement will further propel the Indian economy, benefit the EU as well, and truly be a win-win for both regions."
He further said, "We believe this agreement will benefit customers in both regions. Greater tariff certainty and a more predictable trade framework will allow us to evaluate the introduction of a wider range of European models for Indian customers."
"Over time, this can support deeper technology transfer, capability building, and long-term investment in the Indian automotive ecosystem," he mentioned.
Source: ZeeNews
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