Apollo Tyres and Cooper Corp Union Budget 2015 reaction
Onkar S Kanwar, Chairman, Apollo Tyres views Union Budget 2015 as a reformist budget. Finance Minister’s proposed roadmap for the Indian economy spells changes for business as expected. GST guideline has been announced, and would reinvigorate industry. Making manufacturing more competitive, GST by subsuming central and state taxes into a single tax will help establish a common national market.
Focus on roads and rail infrastructure, and increased spending of Rs 70,000 crore is beneficial for the economy, and tyre industry. Union Budget 2015 announcement of commissioning of five ultra-mega generation projects to combat chronic power shortages works towards ending infrastructure deterrents. Reduction in Corporate Tax from 30-25 pct in four years provides fillip to ‘Make in India’campaign. He is hopeful, Finance Minister will address anomalies of inverted duty structure in the immediate future so tyre manufacturers find it conducive to make in India.
Farrokh Cooper, Chairman and MD, Cooper Corporation opines Union Budget 2015 is an extremely positive one. Tools to simplify processes, encourage growth is much needed. Proposed measures will stimulate growth and revive Indian economy. Corporate Tax reduction will promote growth. He congratulates the Government for a budget that is realistic and progressive.