The government should also look into reducing the import duties for motorcycles that are 800 cc motorcycles and above, says Vimal Sumbly
A fast roll-out of the Goods and Service Tax (GST) is needed so as to have an equitable tax system and unified market and in turn will help in improving the efficiency and competitiveness, says Vimal Sumbly, Managing Director, Triumph Motorcycles (India) Pvt Ltd in his expectations for Budget 2016.
“This will surely render India into one big market ensuring seamless movement of goods and services and push up GDP,” he added.
Speaking about his wish-list for the automobile industry, he said that the government should also look into reducing the import duties for motorcycles that are 800 cc motorcycles and above since none of the Indian manufacturers are working on similar capacity engines for now. “This will definitely be a favourable move as it will help tide over the recent slump in the market and encourage buyers to get an excellent price point for their vehicles over that capacity,” he added.
“Cutting down on the extremely high duties will make the business environment more conducive and allow us to be more relevant to a larger section of the society,” Sumbly said.
Sumbly expects a major thrust on infrastructure and spending and road development, as it will be good for the automotive industry as a whole.
“The Indian business community and overseas investors continue to be upbeat about India, and the government will hopefully do all that it takes to introduce measures to boost business sentiment,” he said.
He added, “The government has already augmented the ‘Make in India’ campaign which has been phenomenal in putting India on the world map generating encouraging opinions across industries.”