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Mahindra & General Motors React To 2014-15 Union Budget
The newly elected Modi Government had a mammoth task up ahead. They had to present the Union Budget for 2014 to 2015, seems like there is no settling down period for the new government. Their election campaign was ‘Ache Din Aane Wale Hain', which literally means good days are coming soon.
The automobile sector had received excise duty exemptions pre-elections. The advantage was suppose to end in June, however, the new government led by Prime Minister of India Narendra Modi extended it before the budget till December. The new government is keeping a positive mind frame and trying to revive the economy.
We have experts and professionals from the auto sector explaining how the Union Budget impacts them and their companies. Dr. Pawan Goenka, Executive Director, Mahindra & Mahindra, explains, "The Finance Minister has delivered a well defined and prudent budget with specific focus on infrastructure, manufacturing and rural schemes. To view it in the macroeconomic perspective, it has laid clear emphasis on supporting investment."
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He further added, "Though there were no big bang announcements, the intent of the budget is clear. It is a move towards the right direction and there is an attempt to put a lot of placeholders through the various Rs. 100 crore schemes. In fact, I see this budget as a blueprint to the direction the Government will take over the next nine months."
Mahindra was expecting an announcement on incentives for electric vehicles, which did not come along. The Indian based manufacturer would have appreciated a firm date for GST implementation.
Arvind Saxena, President and Managing Director, General Motors India, expressed, "As far as the automotive industry is concerned, the focus on rural roads, highways and expressways are welcome decisions. Some of the other announcements made by the finance minister on the taxation front are also positive steps."
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He further added, "These proposals and announcements made in the budget, if implemented effectively, should have a positive impact on industry and the economy as a whole going forward. The challenge now is the implementation of the proposals. Our hope is that the market will respond favorably."
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