A previous extension of excise duty concession till year end bodes well for the industry. Announcements related to infrastructure growth, i.e., development of 100 smart cities and rural roads is being welcomed. Auto industry will benefit from increased savings due to direct and indirect tax proposals.
Mr. Eberhard Kern, Managing Director & CEO, Mercedes-Benz India is of the opinion Union Budget 2014 focuses on inclusive growth and is forward looking. Despite a lack of announcements specific to the auto sector, proposals for developing infrastructure, manufacturing and enhancing agriculture have been made.
Such growth has a long-term effect on fuelling automobile industry to bring back growth back to the sector. Mercedes-Benz India eagerly awaits quick implementation of proposals while being confident of a positive outcome. The German luxury automaker’s long term view on growth potential of India remains bullish.