New Delhi, Feb 28 (UNI) Calling Finance Minister P Chidambaram's Budget as more agriculture and education centric, auto majors today said it completely failed to live up to their expectations.
''We were looking for excise duty relief on larger passenger vehicles and wanted more on infrastructure creation,'' Mahindra&Mahindra Automotive Unit President Pawan Goenka said.
General Motors President and Managing Director Rajeev Chaba said the Budget is encouraging due to its focus on agriculture, irrigation, education and healthcare.
''The auto industry expected a reduction in the excise duties on motor cars, phase out of CST, elimination of surcharge, withdrawal of FBT, removal of cess, etc which have not happened,'' Mr Chaba said.
Since the Budget addresses some of the concerns of the industry, in general it should help fuel demand and economic growth, going forward, he added.
Mr Chaba said a reduction in the peak Customs Duty from 12.5 per cent to 10 per cent and reduction of one per cent CST are welcome moves.
UNI
''We were looking for excise duty relief on larger passenger vehicles and wanted more on infrastructure creation,'' Mahindra&Mahindra Automotive Unit President Pawan Goenka said.
General Motors President and Managing Director Rajeev Chaba said the Budget is encouraging due to its focus on agriculture, irrigation, education and healthcare.
''The auto industry expected a reduction in the excise duties on motor cars, phase out of CST, elimination of surcharge, withdrawal of FBT, removal of cess, etc which have not happened,'' Mr Chaba said.
Since the Budget addresses some of the concerns of the industry, in general it should help fuel demand and economic growth, going forward, he added.
Mr Chaba said a reduction in the peak Customs Duty from 12.5 per cent to 10 per cent and reduction of one per cent CST are welcome moves.
UNI
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