Income tax rate cuts encourages buying of Small Cars: Nissan India President
Guillaume Sicard who is the President of Nissan India Operations reacted to Union Budget 2017,
The Union Budget 2017 agenda on Transform, Reform and Energise is a positive approach towards growth, with a clear focus on rural sector, increased spends on infrastructure development, and improve road construction for better last mile connectivity across India.
The Income tax rate cut from 10% to 5% for individual tax payers earning under 5 lacs per annum will create a positive sentiment among likely first time buyers for entry level and small cars. However, there is nothing substantial for R&D for automotive industry, EV and Hybrid vehicles, which is a dampener. We look forward to the implementation of GST for the automotive sector in the months to come to offer the much needed stimulus to the auto industry and encourage buyer sentiment and consumer confidence.
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