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- Mar 8, 2024
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The automotive sector currently accounts for about 7 per cent of India’s GDP, and provides employment opportunities to nearly 19 million people, both directly and indirectly.
Excise duty concessions, reducing customs duties and incentives to green vehicles are some of the demands auto manufacturers have been putting up before the government. Eventually, the 2014-15 Union Budget was without any big bang announcements for the auto industry.
Despite that, the last Budget was more or less welcomed by the industry, largely because there weren’t any announcements or policy decisions that were cause for concern or were seen as not in the interest of auto makers and allied industries.
Here are a few highlights of the 2014-15 Budget and what automobile manufacturers will be expecting this time around.
In the last Budget, the government left excise duty cuts announced in the interim budget as it is, and extended them till December 2014. From January 1, 2015, however, the excise duties have been rolled back to pre-February 2014 levels. Auto makers now hope the government will once again announce concessions in the 2015-16 Union Budget.
The announcement of implementation of general and goods tax (GST) was also widely welcomed by the industry. This time around, auto makers are expecting more concrete steps and a roadmap for implementing and streamlining tax structures.
Focus on infrastructure projects, particularly focusing on rural roads, highways and expressways have been seen as welcome announcements in the last Budget. Growth in infrastructure is expected to boost medium and heavy commercial vehicle sales. This time around too, auto manufacturers will be hoping for more focus on infrastructure projects and announcements to strengthen the rural economy.
Reduction in steel prices and elimination of customs duties on auto components have been welcomed by auto makers in the past. The focus for auto manufacturers in the upcoming Budget will not only be on concessions on auto components and ancillaries, but manufacturers will also hope for major policy announcements to kick off the “Make in India” campaign.
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