Budget comment: Venu Srinivasan, Chairman & MD, TVS Motor Company ltd
I would like to highlight two or three issues concerning the industry.
I think the second-level manufacturing reforms that we would have liked to see haven’t been taken care of. Really, the manufacturing reforms aren’t clear. I wish that there was a real thrust for the manufacturing segment, in terms of land acquisition, addressing the various gamuts of labour laws, factories acts towards ease of running a factory. From that point of view, I would say that we wish there had been a greater push in that direction.
Clearly on the auto industry, the growth of expensive diesel cars and SUVs has been addressed without saying so, by increasing the excise duties on high-end vehicles to 27%. The 22-24% isn’t a big deal. He’s certainly gone a little further ahead in terms of high-end cars. I still do believe that the fuel subsidies issues and fuel pricing mechanism issues haven’t been addressed properly. Overall, it’s a very pragmatic and realistic budget. The tenor of the finance minister’s speech was very positive.”
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