The Indian auto industry, which has been struggling to emerge from sluggish market conditions, today said that continuation of excise cuts in the Budget is a good step, but added that there could have been some incentives for exports.
"It is a good step that the benefits of the stimulus packages have been continued," Bajaj Auto Chairman Rahul Bajaj told PTI.
Society of Indian Automobile Manufacturers (SIAM) Director General Dilip Chenoy said the Budget has maintained stability in the prices of vehicles "infact it has reduced the prices in case of some vehicles by Rs 5,000".
The country's largest carmaker Maruti Suzuki Chairman R C Bhargava said: "There are lot of positives in the Budget... Stability is very important for the industry, which is what he (the Finance Minister) has done."
However, country's largest exporter Hyundai Motor India Managing Director H S Lheem expressed unhappiness for not providing any incentives in promoting exports. General Motors India President and MD Karl Slym said the Budget did not meet industry expectations and sales continue to be sluggish.
Hero Honda Managing Director Pawan Munjal said: "It is a Budget that has invested in social and physical infrastructure by raising allocations for key flagship programs like NREGA."
The Budget today proposed to reduce the additional excise duty on big cars with engine capacities of 2,000 cc and above by Rs 5,000 per unit. It also cut the duty of petrol-driven trucks to eight per cent from 20 per cent at present.
