Budget 2018: Auto industry’s expectations

according to The Gov. of India is all Determine to present the Union Budget 2018. The automotive industry is 1 of the prime drivers of the Indian economy accounts for around seven% of the country's gross domestic output (GDP), comprising approx. The automotive sector is looking forward to backing from the Gov. to more boost the industry out of Union Budget 2018. Although some relaxation has been given to auto components after the recent GST council meeting, continue almost40% of the auto components attract a higher GST average of 28%. Thus, it is wished which Gov. takes into consideration the above asks & provide an impetus to the automotive sector When announcing the Union Budget 2018.

Budget 2018: Luxury cars , Auto portions To Get further costly

There was a lot Guessed from the Budget 2018, especially for the automotive industry. generality of the engines which strengthluxury cars aren't made in India & are imported & assembled here. Also Read: Budget 2018: Expectations For The Auto Industry From Arun Jaitley On Electric & Luxury CarsRahil Ansari, Head, Audi India, said, "For the luxury auto sector, the Union Budget 2018-19 is disappointing & is versus the spirit of copartnership. Ltd. said, "The Gov. announcements in Budget 2018 also ought accelerate rural request. by nearly 50 per cent of 2-wheeler request coming from rural & semi-urban India, Budget 2018 ought have a positive influence on customer sentiments."

Union Budget 2018: Union Budget 2018: Luxury carmakers feel ditched by the promote in custom duty, Auto break news, ET Auto

as declared in Luxury carmaker pointed that the Budget definitely needed an inclusive view for the luxury automobile industry, that would have helped the industry to rebound & innovate further jobs. As a industrialist, we have a core social responsibility towards our workforce & the dealer network."He further added, "promote in custom duty & intro of Social Welfare Surcharge in lieu of an Education Cess (that is higher than the erstwhile Cess), is will definitely affect the luxury vehicle prices once more, that will further confuse the customer.""The market sentiment had just soon become stable after the intro of GST Cess. The budget Apparently lacks a focus towards the luxury auto industry, that otherwise would have given America the best clarity to outline our strategy for the India market for short & long term.""The influence of importation tax promote reported in today's budget is will affect auto OEMs, who havn't yet localized sourcing of engine & commute portions, by around five% promote in duty. Companies such as Volvo & Scania would be influenced, as they assemble CKD units of buses (HS code 8703)," said Turab Ali Khan, Industry Manager, Mobility (Automotive & Transportation) Practice, Frost & Sullivan.Motorcycle companies such as Triumph will be influenced because of the promote in tariff for CKD units, he added.Luxury carmaker pointed that the Budget definitely needed an inclusive view for the luxury automobile industry, that would have helped the industry to rebound & innovate further jobs. Roland Folger , MD & CEO, Mercedes-Benz India, believes, "The promote in fundamental customs duty hike will highly restrict the development of the luxury vehicle industry & this will just result in the loss of extra income, that would have surged safely by promote in volume."

collected by :Catlin Logan

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