Honda Motorcycle and Scooter India on Friday sought elevated lending assist for two-wheeler patrons from the banks to assist push demand.
Yadvinder Singh Guleria, director, Sales & Marketing, Honda Motorcycle & Scooter India (HMSI), informed reporters it was too late for a dialogue over a proposed lower within the Goods and Services Tax (GST) for two-wheelers and the main target should be on getting shoppers’ confidence on the OEM degree.
“The confidence of our network is very high… we do hope that the upcoming festival should be a better one… based on the trends/momentum till now,” Mr. Guleria mentioned.
Replying to a question on the steps wanted to enhance demand for two-wheelers, he added that banking was one of the vital necessary enablers for the business.
Along with measures by the RBI and the Centre, there have been expectations of assist from the banking system by way of loans to two-wheeler patrons. However, this had not been seen until August.
“So, we hope that with more money with banks and very low interest rates, considering the reverse repo rate, lending should be increased so that more and more customers come [in] and purchase at a lower rate of interest,” he mentioned.
‘Too late for GST cuts’
“Let’s not talk about GST, it is already too late… we know the Centre is already struggling, so let’s not talk about that and focus on what is in our hands,” Mr. Guleria mentioned, including that if there was a proposal and no fast motion, it will solely confuse the client. In August, Finance Minister Nirmala Sitharaman had mentioned two-wheelers had been neither luxurious nor ‘sin’ merchandise, and that the GST Council would take up the problem for dialogue.