With the government set to present the Union Budget 2017-18 on February 1, automakers in India have expressed high expectations. Currently, the auto sector in India is still recovering from the impact of demonisation and is looking forward to a low tax slab in the yet to be implemented GST.
Here's what Vimal Sumbly, Managing Director Triumph Motorcycles India had to say
‘’India is one of the most promising economies across the globe and this budget is the perfect time to remonetize India. The auto sector hopes that budget will bring measures to boost consumer sentiments. There should be ways to increase disposable income in the hands of corporates and customers in tier-2 and 3 cities. I look forward to the moderation of taxation and expect that taxes are not imposed heavily on luxury vehicle segment. The government has been making rapid strides in infrastructure development by carefully planning and implementing smart cities projects, strengthening road network and building bridges and flyovers. A little more push will set us firmly on the path of a long-term economic growth, which will create demand and more avenues for the auto sector. I also feel that there is a need to revisit existing import duty structure’’. Also Read: Budget 2017: Electric Vehicle Makers Seek Support and Incentives from the Government
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