SIAM welcomes excise duty cuts on automobiles: Budget 2014/15
â€śMr. Vikram Kirloskar, President, SIAM has welcomed the announcements made by the Finance Minister in the Vote on Account presented today. SIAM would like to thank the Finance Minister for recognizing the need for a more moderate tax structure for the automotive industry and for accepting SIAMâ€™s tax related recommendations, he said.
SIAM – Society of Indian Automobile Manufacturers welcomes the excise duty cuts on automobiles. This would have positive impact on demand and manufacturing as a whole.
“We believe that this reduction in Excise Duty would reduce the acquisition price thereby making vehicles more affordable which would improve the consumer sentiment and hopefully revive the demand for vehicles,” Mr. Kirloskar added. The Automotive industry is the engine of growth for the manufacturing sector as a whole as it supports key industries like auto-components, capital goods, raw materials, electronics, chemicals, plastics, software etc. Revived growth in the automotive industry would have significant positive impact on these key downstream and upstream manufacturing sectors that largely depend on the performance of the auto sector. This could hopefully herald a revival of the manufacturing sector in the days to come, Mr. Kirloskar said.â€ť