Indias beleaguered automobile industry on Friday pinned hopes on the new government, which is to be led by Narendra Modi, to push reforms such as Goods and Services Tax (GST) and policies that boost infrastructure development on the back of a clear mandate in the polls. The industry also hoped that the new government would keep the excise duty rates at the existing level to help the sector come out from a prolonged demand slump. I think at the moment the industry is in such shape that removing that concession (excise duty cut) would be very negative, so I hope that will continue, Mr Modi now has the mandate to implement whatever he has been promising.
Posted on: Sat, 17 May 2014 04:05:06 +0000
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