Increase in import duties on Truck Radial tyres will help domestic Industry: JK Tyre MD
Commenting on the the Budget presented today, Dr. Raghupati Singhania, Chairman & MD, JK Tyre & Industries Ltd., and Vice President, JK Organisation, “The Budget 2018-19, as anticipated, has put major thrust on the Agro Rural economy. The allocation of nearly Rs. 15.7 lac crores to this sector, which is almost 10% of the GDP, is many times higher than that in the previous year. The various measures to put in place a mechanism to boost farmers’ income, higher credit for agri sector, creating clusters for horticulture crops and supporting food processing, will give a tremendous boost to agro rural economy. This in turn will indeed improve their buying power and will encourage consumption. Health protection programme envisaging medical care and hospitalization for 10 crore poor families is indeed a bold step forward in ensuring health care for all.”
“Increase in import duties on Truck Radial tyres is a welcome move, which will help domestic Industrym” said Dr. Raghupati Singhania.
“The credit support and lowering of tax rates for MSME sector will indeed boost the sector which plays an important role in the economic activity of the country. The renewed emphasis on infrastructure development, in particular large outlays in the railways, will keep the economy ticking,” added he.
“The Corporate sector was hoping that the Finance Minister will live up to his promise of reducing corporate tax from 30%. On the other hand, surcharges have been increased, thereby making effective rate even higher than hitherto.”