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The hike announced in Union budget gives big disappointment to the automobile industry

The various reforms brought about in the latest union budget has given a big disappointment to the auto industry. Because of the reforms, the prices of both the two wheelers and the four wheelers will increase and this, to a certain extent will reduce the sales in the industry.

"The announcement of a 2 per cent increase in excise duty is disappointing and not favorable towards the auto industry. This will lead to increase in prices of our products and will have negative impact on consumer confidence." said Mr. Michael Boneham-President and Managing Director, Ford India

Dr. Abhay Firodia, Chairman, Force Motors said "The fundamentals of our economy are obviously good though growth rate is slowed down. I am therefore disappointed that due to political compulsions, the Finance Minister has not been able to implement the many steps required to give a strong boost to the economy."

" The impact of the `budget on the Automotive Industry will be adverse, on account of the increase in the basic rate of duty by 2 percent from 10 percent to 12 percent. This should be seen as a 20 percent increase in the content of the duty, and not just as 2 percent." he added.

Last updated on 20-03-2012. Published on 20-03-2012. Written by .
Category: News
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