Insights into 2024 Interim Budget's Impact on Trucking, Parking Tech, and Toll Collection Innovations
The 2024 Interim Budget is about to be launched and we are already reaching the end of January 2024. This is the perfect time to discuss what lies ahead, especially when it comes to the automotive sector. While manufacturing, EVs, Car ownerships have been covered in separate articles, here is a gist of what more you can expect. From the perspective of truck drivers, to the upcoming parking technology and GPS Based toll collection, 2024 is surely taking a ride. The union government is expected to allot a total amount of INR 3.74 lakh crore, which includes fuel subsidies along with other types of subsidies. This is expected to control the rising fuel prices in the country as well as with added advantage from the Russia-Ukraine War. Let us dive more deeply in these topics.
In the dynamic landscape of 2024, truck drivers find themselves at the forefront of regulatory changes. The implementation of Bharatiya Nyaya Sanhita (BNS) has stirred a nationwide protest among truckers, primarily due to stringent penalties for hit-and-run cases. The new law, replacing the colonial-era Indian Penal Code, introduces significant fines and imprisonment for drivers involved in serious accidents who attempt to flee.
Truckers express concerns about the financial burden of hefty fines and extended imprisonment. Protests have erupted in multiple states, causing disruptions in the fuel supply chain and long queues at fuel pumps. The truckers demand amendments to the penal provisions, emphasizing a more balanced approach that considers their economic challenges.
While the protests highlight the challenges faced by truck drivers, government officials reassure that stringent punishment applies only to those evading responsibility by not reporting accidents. The clash between regulatory measures and the livelihoods of truckers remains a key theme in the trucking sector for 2024. The Interim Budget is expected to address the issue as it will be the next major parliamentary session before the 2024 Lok Sabha Elections.
As we step into 2024, the Parking InfraTech Expo unveils the latest trends shaping parking technology. The focus is on linking mobility with parking, aligning with the evolving landscape of smart cities and increased vehicular traffic. Automation and digitization take center stage in parking solutions, responding to the demand for touch-less facilities.
Smart parking solutions, access control technologies, and multilevel parking systems are at the forefront of innovation. Parking apps, equipped with features like remote payment and advanced guidance systems, redefine the user experience. The Expo, with over 150 exhibitors and 350 brands, provides a platform for networking and business opportunities. The union government has not yet announced anything related to the innovations in parking technology and any production based incentive scheme. But with the current trend, and the rise in innovations, the Startup fund allocation can address this sector as well via the Interim and Final Budgets of the FY-24.
The year 2024 signifies a pivotal moment for parking tech, emphasizing sustainability, efficiency, and the seamless integration of parking facilities into the broader urban mobility landscape.
In the realm of toll collection, 2024 marks a revolutionary shift towards GPS-based systems. The government's plan to replace traditional toll plazas with GPS-based collection aims to enhance efficiency and eliminate the need for vehicles to stop or slow down. The integration of GPS devices and ANPR cameras enables real-time tracking of vehicles on tolled roads.
Unlike FASTag, which operates at toll booths, GPS-based toll collection tracks the entire travel route. The system calculates toll amounts based on the distance covered, automatically deducting fees from the driver's account. The move is anticipated to reduce traffic congestion and waiting times at toll plazas significantly.
The shift to GPS-based toll collection aligns with broader technological advancements, offering a glimpse into a future where seamless, technology-driven processes redefine the way we experience road travel in 2024. While the infrastructure changes estimates and the loss of jobs, and the overall infrastructure being invalid estimates haven’t been revealed, it is sure that the introduction of the technology is as revolutionary as the introduction of FASTags and will require changes in the system. While the pilot test is after the Interim Budget, the final Budget of the year 2024 is expected to address this change as well.
As we approach the Interim Budget, the expectations are heating up and for good reasons. While big events and reveals are lined up after the announcement, it is sure that the concerns and incentives will be addressed in the upcoming financial year. This change will be paving India’s way towards a 5 trillion economy. Stay tuned with Park+ and visit our website for all things related to cars, especially when it comes to the upcoming budget.