“The budget looks to be a reform oriented one as it focuses on infrastructural development, education, skill development, agriculture, irrigation, health care etc. Given the condition of the economy, the direction given in the budget is a positive one and the call for fiscal prudence is a welcome move.
The corporate sector was expecting a timeline for the roll out of GST. But the government’s intention to introduce CenGST and also the DTC after review are very encouraging news. The steps outlined for the manufacturing, power, coal and mining sectors should spur economic activity going forward. Having said this, a monitoring mechanism should have been in place to ensure timely implementation of the projects in these sectors,” said Arvind Saxena, President and Managing Director, General Motors India.
“As far as the automotive industry is concerned, the focus on rural roads, highways and expressways are welcome decisions. Some of the other announcements made by the finance minister on the taxation front are also positive steps. These proposals and announcements made in the budget, if implemented effectively, should have a positive impact on industry and the economy as a whole going forward. The challenge now is the implementation of the proposals. Our hope is that the market will respond favorably,” MrSaxena added.
