Automobile – The News Desk

Total capital expenditure to be Rs 1.25 trillion till FY31

9Oct

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Business

Total capital expenditure to be Rs 1.25 trillion till FY31

Maruti Suzuki India (MSIL) plans to spend about Rs 1.25 trillion on capital expenditure (capex) between FY24 and FY31, the company said on Monday. This is significantly higher than its capex spend of Rs 27,538 crore in the last eight years from FY16 to FY23, a Business Standard analysis showed. India's biggest carmaker said it will spend around Rs 45,000 crore to expand production capacity by 2 million units in this eight-year period. A range of strategic endeavours such as expanding sales channels, building service and spare parts infrastructure, enhancing export capabilities, and financing research and development (R&D) efforts for new vehicle models will roughly get a Rs 80,000 crore allocation. ...

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Ahead of the peak festival season, the figures for domestic passenger vehicle (PV) sales and goods and services tax (GST) collection suggested a healthy macroeconomic scenario prevailing in the country. While the monthly PV wholesales number at 363,733 units in September was a record high, the GST mop-up at Rs 1.62 trillion, up 10.2 per cent year-on-year (Y-o-Y), was the third highest. The average monthly gross GST collection at Rs 1.65 trillion in the first six months of 2023-24 was 11 per cent higher than in H1FY23. UPI transactions, too, breached the 10 billion mark for a second consecutive month, but the 10.56 billion count was slightly lower than in August; the value of such transactions at Rs 15.8 trillion, however, was marginally higher. ...