The automotive industry wishes for fewer GST slabs for vehicles and streamlining of compliance processes. Automotive component GST rates may be standardised to 18%. Before Union Budget 2018-19 , Business Standard looks at the key sectors of the economy and what they expect Finance Minister Arun Jaitley to do to improve their business in the coming financial year Complete coverage of Union Budget 2018-19: Key developments In spite of a volatile regulatory environment, FY2018 has been a healthy growth year for India’s automotive industry Industry volumes grew by about 11.3% in April-Dec on a year-on-year basis Passenger vehicles segment rose around 8.1%, CV by around 15.2%. Total two-wheeler market grew 11.8%, while exports grew at a healthy rate of 13%. The automotive component industry continued to thrive due to a sharp growth in OEM demand and attractive exports growth. Technology change and its importance have become apparent to the industry. Safety and fu...