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OEM Update

SIAM welcomes Union Budget 2010-11

March 11, 2010 7:24 am

SIAM welcomes Union Budget 2010-11
 
Increased allocation for rural development including NREGA will have positive impact on automobile industry
 
Society of Indian Automobile Manufacturers (SIAM) welcomed the Union Budget 2010-11 as a reform focused growth oriented Budget in the background of economic downturn.
 
Dr. Pawan Goenka, President, SIAM and President – Automotive, Mahindra & Mahindra, stated that the Finance Minister and his team seem to have struck the right balance in pushing reforms, maintaining a high focus on social and physical infrastructure whilst returning to fiscal responsibility in a measured manner. He cited several positive proposals for the Automobile Industry -the correction in Excise duty on Electric Vehicles which will enable the manufacturers take CENVAT credit and exemption of Customs duty on Electric Vehicles parts. Dr Goenka also welcomed the increase in weighted deduction for in-house R&D to 200% from 150% and outsourced R&D from 125% to 175%. This would spur industry focus on innovation, R&D and product development that would increase the competiveness of the industry longer term.
 

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