Stating that the tyre industry is looking forward to positive announcements that create a level-playing field and benefits customers, Raghupati Singhania, Chairman & MD, JK Tyre & Industries on Friday said that he expects removal of the anomaly of Inverted Duty Structure for domestic players, which is keeping with the spirit of Make in India.
“We are also hopeful that FM Arun Jaitley will take cognizance of the uninterrupted dumping of cheap Chinese tyres coming into India at 25 to 30% lower prices, and accounts for over 40% of the replacement market for truck/bus radials. This is causing great harm to the huge investments made by the Indian tyre industry in the recent past. This needs to be addressed by imposing necessary Anti Dumping Duty, which will go a long way, not only for the betterment of the industry but also the economy at large,” he added.
Narendra Modi government will be presenting Budget 2017 on February 1. Supreme Court, recently, dismissed the plea to change the Budget date from February 1. The Budget is special not only for the fact that it has been preponed but more importantly because it comes within months after Modi government’s massive demonetisation drive. Most analysts and economists expect Budget 2017 to be tax-payer friendly, especially given the pain that common man has faced after old Rs 500 and Rs 1000 notes ceased to be legal tender money.
Meanwhile, the Cabinet Committee on Parliamentary Affairs (CCPA) recommended holding of the Budget Session from January 31. The first part of the Budget Session will run until February 9. The 92-year-old practice of presenting a separate Rail Budget is going to end from this fiscal, with the Finance Ministry accepting Railway Minister Suresh Prabhu’s proposal to merge it with the General Budget.