It’s time for the 2015 Budget. Here’s what it looks like for the automotive sector.
The anticipation is always palpable as the Budget for the year gets announced. This time though things are looking on the up.
The focus of the Budget primarily targeted black money, with major focus on education, job creation, infrastructure and the make-in-India aim. Corporate tax was reduced to 25% while infrastructure bonds will now boost investment too. The focus on developing road and railway networks also was a priority. Green will be the way forward. Electric and hybrid vehicles will be promoted.
Central Excise Duty meanwhile will be rounded off to 12.5%. Levy on petrol and diesel will also take into account fall in global oil pricing. Service tax rises to 14%. However, the government wants to be consistent in what is being said and what is being done.
Finance Minister Arun Jaitley said, “While monetary growth globally was forecast lower, for India, it was upgraded or remained the same.” He also added that states will be empowered more than ever before and that make-in-India, job creation and poverty elimination are the main aims.
