The Hon'ble Union Minister has presented a balanced budget with emphasis on infrastructure development and 'Make in India'.
The increased allocation in infrastructure & rural development, and emphasis on Make in India will put the economy on high growth trajectory, thereby fuelling the auto market.
A welcome announcement in the Union Budget 2015 is the assurance that GST will be introduced from 1st April 2016.
The auto market in India has been reeling under acute slowdown for the last 3 years. We, in FADA, were expecting special measures including softer excise duty regime and high depreciation rates in respect of motor vehicles, for giving boost to the auto sector.
We hope that the Hon'ble Finance Minister will consider incorporating lower excise duty and higher depreciation rates in respect of motor vehicles, before the Budget is finally passed by the Parliament.