Hero MotoCorp Chairman Pawan Munjal Hails Union Budget; Seeks GST Cut on Two-wheelers

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Last Update: February 07, 2023, 18:16 IST

Hero MotoCorp CEO Pawan Munjal.

Hero MotoCorp CEO Pawan Munjal.

Pawan Munjal says the two-wheeler segment, which has been witnessing a slump in sales over the past few years, needs government support in terms of taxation

Hero MotoCorp Chairman Pawan Munjal has called for reducing GST on two-wheelers from the current 28 per cent to 18 per cent, seeing the Union Budget 2023-24 as the beginning of a new high-growth economy, contributing to India’s growing can be ensured. Global Economy. The veteran auto industry leader said the two-wheeler segment, which has been witnessing a slump in sales over the years, needs government support in terms of taxation.

“There is a clear case for reducing the GST slab from 28 per cent to 18 per cent for the two-wheeler category, which has been adversely affected over the years. This category is a means of mass mobility and should not be clubbed with the luxury and sin goods category for GST slabs, Munjal said in a statement.

He also said: “Further, now that there has been a spurt in GST collections, I urge the GST Council to take it up as this segment is an income multiplier and its growth will boost the economy.” Hero MotoCorp, the country’s largest two-wheeler maker Munjal, said he believes that focus on capital expenditure, agri-credit, infrastructure credit and lower tax slabs will result in higher disposable income in the hands of consumers and the auto sector’s growth. Development will get a boost.

Commenting on the overall budget proposals, he said that focus on strengthening macroeconomic factors along with balance of old and new industries, traditional and technical sectors, rural and urban economy, fiscal prudence and growth would ensure inclusive and balanced progress. Will be Country.

Munjal said that from a long-term perspective, there is also a clear focus on digitization with three centers of excellence for AI (artificial intelligence) and green growth. “The stability, direction and vision of policies, as demonstrated through today’s budget, will help the country continue to be a preferred investment destination,” he added.

He said the focus of investment on ‘Saptarshi’ (seven priority areas of the government), especially urban infrastructure, will develop Tier 2 and 3 cities to participate in the growth of ‘Bharat’ and an overall economic growth of 7 per cent. will help to do. ,

Munjal said that the Finance Minister presented an inclusive budget with a view to the development of India. India and its various components together.

“It is focused on human capital through investments behind women empowerment, education and youth power; Rationalization and sustenance for the economy through initiatives for startups, and MSMEs, and capital outlay in urban and rural India,” he said.

Munjal said the farm credit support of Rs 20 lakh crore will give a high impetus to the rural economy, while a capital investment outlay of Rs 10 lakh crore will also aid in growth and job creation for the youth.

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