Nawneet Vibhaw, Associate Partner, Khaitan & Co."It is a great initiative by the Government as it will not only incentivise sustainable ways of disposing crop residue but will also ensure that unnecessary burden is not imposed on citizens and stakeholders who may not have done anything to contribute to the worsening air quality in NCR and adjoining areas." Jatin Ahuja, founder and managing director, Big Boy Toyz."The lowering of corporate tax to 25% from 30% comes as a welcome move for corporate corridors. The industries will now be charged to take up new financial goals with reduced tax burden", Rajeev Singh, Deloitte"Increased allocation for infrastructure projects such as National highways (target completion in FY17-18 is -9000 KMs) and Bharat Mala project (target completion of 35,000 KM in Phase 1 at cost of Rs 5.35 lakh crore)for seamless connectivity in the union budget should give much needed push to the sector especially M&HCVs (Medium and Heavy Commercial … [Read more...] about Union Budget 2018: Reactions from the Indian automobile industry
The first session of the Union Budget 2018 happened today where Finance Minister Arun Jaitley presented the proposed budget. Click here to know about the different updates that were announced today. While the Finance Minister covered most sectors, nothing about the Indian automobile sector was announced today. The Lok Sabha house has been adjourned to February 5, 2018 where the next session will take place. We believe the Finance Minister will announce new reforms concerning the automobile sector. Here are some of the points taken from Union Budget 2018 verbatim that will directly or indirectly affect the reach, sales and other aspects of the automobile industry in India. Stay tuned for a detailed analysis of the Union Budget 2018 that comes later in the day.Infrastructure is the growth driver of economy. Our country needs massive investments estimated to be in excess of Rs 50 lakh crore in infrastructure to increase growth of GDP, connect and integrate the nation with a … [Read more...] about Union Budget 2018: How does it affect the Indian automobile Industry?
It is an important day today as Finance Minister Arun Jaitley announces the last budget by the Modi Government. While every sector in the country is eyeing the Union Budget 2018, the automobile sector in India is also hoping for positive reformations. The electric as well as premium car manufacturers have emphasised the fact reduce GST rate to 5 per cent on all electric vehicles and electric vehicle subsystems. Some have also expressed a relaxation on personal income tax, that is believed to be a key element of Union Budget 2018. Here are all the live updates from the 2018 Union Budget that concerns OEMs as well as accessory and ancillary manufacturers. … [Read more...] about Union Budget 2018: Live updates, announcements and reactions
We are just hours away from the proposed 2018 Budget that will be announced by the FInance Minister Arun Jaitley tomorrow by 11am. This will be the first session where the budget will be proposed. However, it is at the second session that approvals will be given at the proposed budget, which then becomes official. We have already reported about the expectations of the names from the electric car industry. Here is what the luxury car manufacturers are expecting from the 2018 Budget.Roland Folger, MD and CEO, Mercedes Benz India"We want relaxation on personal income tax, as a key element of Union Budget 2018. Also, GST on goods attracting maximum (GST+ Cess) rates needs to be optimized. Additionally, there should be normalization of provisions and procedures under direct tax (most of the operations are based on circulars by CBDT)."Charles Frump, MD, Volvo Auto India"Now is the time to look at immediate solutions that lower emissions and provide incentives. This will serve as a stepping … [Read more...] about Union Budget 2018: Expectations from luxury car makers
This week will be an important one for India as Finance Minister Arun Jaitley announces the the Union Budget 2018-19 on February 1, 2018. While every sector in India is eyeing the Union Budget 2018-19 to know about the new developments that will be brought into effect, here are some of the expectations from the the electric vehicle industry in India.Society of Manufactures of Electric Vehicles(SMEV)The Society of Manufacturers of Electric Vehicles (SMEV), the nodal body of electric vehicle manufacturers in India, has urged the government to reduce GST rate to 5 per cent on all electric vehicles and electric vehicle subsystems. The body sees unreasonably high GST as one of the key impediments to faster adoption of electric vehicles in the country and as one of the main stumbling block in achieving the electric-green vehicle adoption target as visualized in Government of India's Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles policy rolled out two … [Read more...] about Union Budget 2018: Expectations from electric vehicle industry