Ford India speaks on Union Budget

Tuesday 20 March 2012, 11:04 AM by

After the presentation of Union Budget for 2012-13, Michael Boneham, President and Managing Director, Ford India, commented "One of the clear takeaways from the Union Budget 2012-13 is the impetus it will provide to infrastructure development, with its focus on improvements in areas like the power sector and road network development. The stimulus to social sector is progressive and a welcome step towards development of the economy. We are also pleased with the Government's decision about not levying extra tax on diesel vehicles as any additional tax would have been a regressive step. However the announcement of a 2 per cent increase in excise duty is disappointing and not favorable towards the auto industry. This will lead to increase in prices of our products and will have negative impact on consumer confidence. The increase in excise duty for large cars up to 27% (advelorum) is again not favorable though we are assessing its full impact on our product portfolio.''

With true potential of the Indian auto industry, the country is counted among the leading automotive markets of the world. The senior officials of Ford India expects that the auto industry of India reach to five million vehicles by the end of 2015 and nine million vehicles by the end of 2020. By the end of this decade, Ford India is expecting 325 million Indian between the age group of 20-35, which will substantially create new opportunities for the company to cater their demands.

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