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Force Motors’ Chairman, Dr Abhay Firodia, says the impact of the budget on the automotive industry will be adverse on account of the increase in the basic rate of duty from 10 per cent to 12 per cent. This should be seen as a 20 per cent increase in the content of the duty, and not just as 2 per cent.
The increase in excise duty on large diesel vehicles from 22 per cent to 27 per cent is also an unwelcome step because these are operated as taxi cabs and are the backbone of rural transportation for the poor people. As a matter of fact, this duty needs to be reduced to the basic rate of duty, rather than being increased.
On the other hand, the welcome moves by the Finance Minister are the extension of the weighted deduction of R&D expenditure, and the introduction of weighted deduction for expenditure on skill development, besides the concession in import duty on specified parts of hybrid electric vehicles.
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