Reduction in customs duty on imported cars under the India-EU free trade agreement could enable the growth of the luxury car segment in India, which currently remains minuscule, BMW Group India President and CEO Hardeep Singh Brar said on Monday.
The domestic luxury car segment accounts for just 1 per cent of the overall passenger vehicle segment.
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 said in a statement.
“From an automotive industry perspective, we hope the FTA will include balanced, win-win provisions that help stimulate demand in the luxury segment while strengthening supply chain integration which is especially important in the current geopolitical context,” he added.
If customs duties on completely built units are reduced, it would help expand the luxury car market in India, Brar stated.
“While CBUs (completely built units) currently account for aThe Headlines – Latest News – Read More
