Finance minister Arun Jaitley’s much-awaited Union Budget 2015-16 has no big-bang announcements but there is a clear focus on boosting infrastructure in the country with Rs 70,000 crore more to be spent in this area. Of direct benefit to the automobile sector will be the commitment to build 100,000 kilometres of new roads. The Budget has increased the allocation for roads to Rs 14,031 crore and the support to the railways by just over Rs 10,000 crore. Further, the minister said the Goods & Services Tax (GST) is in place and will be in force from April 1, 2016. The finance minister said in his speech, “GST is expected to play a transformative role in the way our economy functions. It will add bouyancy to our economy by developing a common Indian market and reduce the cascading effect on the cost of goods and services. We are moving on various fronts to implement GST from next year.” Meanwhile, the electric vehicle (EV) sector has received an allocation of Rs 75 crore, which while is a need of the hour for the sector, is not a big amount. This allocation, the minister said, will come in the form of a scheme… Read full this story
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