By ASHWATH RAM
Managing Director, Cummins India
At first glance, it appears to be a progressive budget. There is a focus on the socio-economic development of the country with an emphasis on Railways, the Power sector, infrastructure, healthcare, and enhanced digital connectivity.
The voluntary policy on the scrapping of vehicles will have a positive impact and will drive the commercial vehicle and auto sector forward, the industry wanted an incentive-based scheme so we are still seeing the details.
In addition, MSMEs and other user industries have been severely affected by the recent sharp rise in iron and steel prices. The industry will definitely receive a push by the decision to double the allocation of MSME and reduce the customs duty on some of the steel products.
The focus on highways and the infrastructure investment plan will definitely give the necessary impetus to the CV and construction equipment businesses.