It is no doubt a visionary Budget with focus on long-term growth of the country but we expected more direct support for the auto industry which has been contributing significantly to GDP.
The market condition is still strained and the earlier roll back of the excise duty cut had dampened the spirit of the luxury car market further. We were expecting a favourable tax structure for the automotive sector in the Budget. The automobile industry accounts for a significant share of the country's manufacturing GDP and is one of the biggest job creators, both directly and indirectly. Some favourable measures would have given a fillip to the industry and subsequently the economy.
We welcome the move towards the rollout of GST next year, which will help ensure ease of doing business. We are happy to see the emphasis placed on infrastructure. This will go a long way in fulfilling the government's vision to make India the fastest growing major economy in the world. We welcome the reduction of corporate tax. The emphasis on working towards creating a universal social security system for all Indians, specially the poor and the under-privileged is commendable. However, increase in service tax is a setback for the common man.
We continue to be bullish on the Indian market. We are looking forward to growing in the country by offering our best products to Indian customers and are confident of strong growth once the economic indicators start looking up.