Industry & Economy
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Automobiles
Carmakers express disappointment over `exclusion'
Our Bureau
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New Delhi
Feb. 28
The absence of the mention of the automotive sector in the Union Budget has disappointed the domestic industry, which had been looking forward to excise duty rationalisation on passenger cars. In fact, a few companies have already finalised a price hike due to the increase in cess while others are still mulling over a price hike.
Maruti Udyog announced that it would be hiking car prices, on account of the cess, which will come in to effect on March 15. "In the run-up to the Union Budget, there was a speculation that certain taxes or duties may come down. Owing to that, several customers postponed purchase of new cars till after the Budget. In the light of this, the company has decided to defer the hike to allow these customers to purchase cars at pre budget prices", the company said in a statement.
The Maruti Udyog Managing Director, Mr Jagdish Khattar, expressed his disappointment about the lack of initiatives for the automobile sector in this year's Budget. He said, "There is nothing for the auto sector in the Budget. It is a disappointment."
Mr K.K. Swamy, Deputy Managing Director, Toyota Kirloskar Motor, said that the acquisition costs of car will increase with the industry request of a 16 per cent uniform excise duty for all passenger vehicles not being addressed and the levy of additional cess of 1 per cent.
Expressing similar sentiment, Mr Arvind Mathew, President and Managing Director, Ford India, said that the Union Budget has ignored the wishlist of the automobile industry in particular and the manufacturing industry in general.
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