Auto industry has reported strong growth post crisis on the back of strong demand in the domestic markets & recovery in exports. The budget last year had partially rolled back the stimulus provided to the auto players by increasing the excise duty to 10%.
Every year corporate India, international investors and ordinary Indians stays glued to Finance Ministers’ budget speech to discover the economic policy direction of the country.
Excise duty on automobiles could be hiked by 2% in the forthcoming budget, feels Venu Srinivasan, chairman and managing director, TVS Motors.
In the current budget, small businessmen enjoy a tax rebate of income upto Rs 160,000. Besides, interest subvention of 2% was extended for some exports by a year.