Budget will spur consumer spending & economy’s growth: SIAM

Budget will spur consumer spending & economy’s growth: SIAM

Agency News

New Delhi, Feb 1: Budget has taken in consideration all sections of the society, especially the distressed farmers and the weaker section of the society, to extend benefits in the form of direct transfers and tax sops, said Society For Indian Automobile Manufacturers (SIAM) and hails the interim budget presented by Finance Minister Piyush Goyal here on Friday.

"Electric mobility in the 2030 Vision would aim at increasing energy security, reducing oil import dependence and reduce vehicular pollution. SIAM would work with Government in creating an ecosystem that would enable us to achieve the target of becoming the world leader in electric mobility," said SIAM.

"The increase in income tax exemption upto Rs 5,00,000 is expected to positively impact consumer sentiment and consumption expenditure, which will give impetus to demand for two-wheelers and small passenger vehicles, while overall improvement in the road infrastructure will ease movement of people and goods on the road and have multiplier effect on the economy,"

Also, it has equally made progressive expenditure plans through higher budgetary allocation for infrastructural development and social measures.

"SIAM is very enthusiastic of India leading the world economy through high economy growth in the next few years and the announcement by Finance Minister stating target of becoming USD 5 trillion economy in next 5 years and USD 10 trillion economy in next 8 years reassures us that the future is bright," it added. (UNI)