Increase in tax exemption limit with consequent more disposable income for Indian taxpayers in Union Budget 2023-24 is a positive development for domestic automobile space and shall spur growth for the domestic passenger vehicle industry. Positive for Maruti Suzuki, M&M, and Tata Motors in our coverage universe. It is also positive for the premium motorcycle segment with Eicher Motors as key beneficiary with the popular Royal Enfield franchise," said brokerage firm ICICI Direct.