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Union budget to be presented on July 10; Auto industry hopes excise duty cut will continue

June 23, 2014, 05:23 PM IST by CarWale Team
Union budget to be presented on July 10; Auto industry hopes excise duty cut will continue

The 2014 Union budget will be presented by Minister of Finance, Arun Jaitley on July 10 and there are high expectations from the auto sector that the cut in Excise Duty introduced by the previous government will continue in a bid to help them revive numbers. 

In a press release regarding its expectations, Dun and Bradstreet, have said that consensus for growth has been pegged at 5 per cent to 6 per cent. They expect the presentation of a more realistic budget on these lines which would help in lowering the gross borrowing for the year partly reducing the strain on availability of finances for the private sector. They have added that the biggest challenge would be therefore to set the path for fiscal consolidation while focusing on revival in growth. India needs a robust fiscal policy to support growth and monetary policy going ahead. 

The report also suggests a focus on the infrastructure sectors and announcement of some measures to facilitate infrastructure financing. ‘Investment-linked incentives could incentivise the private sector during the current period of slowdown . Sector-wise coal, power with special focus on nuclear power as well new and renewable energy, transport and information technology besides urbanisation is expected to receive a boost in the upcoming budget.

We have already listed our expectations from the new government with regard to the revival of the auto sector and you can find the link to the story below.   

Elections 2014: BJP takes charge; Industry awaits reforms

 Budget Impact: Small cars and SUVs to get cheaper with Excise duty cut

Union Budget: Automobile dealers demand cut in excise duty and more tax sops

Auto manufacturers ask Commerce Ministry for extension on Excise Duty cut

Car manufacturers want tax sops to continue post June 30 

Tags:Excise Duty,Union Budget,Excise Duty reduction,GST
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