The 2013-14 Union Budget is to be announced on February 28, 2013 by P. Chidambaram, Finance Minister (FM) of the country. Sources have confirmed that the government will keep subsidies offered on fuels at minimum in 2013-14 fiscal, since the motor fuel prices had been deregulated in the country. Hence, dark clouds linger over the domestic consumers as they might have to pay more for petrol and diesel fuels this year.
Evidently, the fuel prices have a major impact on lives of an average Indian, along with all sectors of the economy where diesel and petrol are used. The transport, power generation and aviation sectors will be affected the most if the government hikes the fuel prices again, according to the Union Budget for 2013-14 financial year. Accordingly, the entire local consumer population and industries sector are keeping fingers crossed and wishing for a pocket friendly 2013 budget.
The Indian auto sector is emerging from the lacklustre sales and growth recorded in 2012 calendar year and is anxious over a rumoured additional tax being levied on diesel vehicles at the moment. Hence, immense expectations have been pinned with the this year's Union Budget, regarding the fuel prices. Experts believe that any further increase in retail values of petrol and diesel could lead to a dent in sales volume in the Indian passenger car market. All major auto majors are anticipating the 2013 budget to boost investment in infrastructure and mining industries that can allow surge in sales volume of passenger vehicles along with medium and heavy commercial vehicles.