Union Budget 2018: The focus on infrastructure developmen will play a key role in the growth in lubricants industry- Gulf Oil
The Union Budget, presented yesterday by Arun Jaitley, the Finance Minister didn't seem to touch the automotive sector directly at all. But we you shall see soon, it did. The auto sector happens to be too large to be unaffected by changes elsewhere.
Ravi Chawla, managing director, Gulf Oil Lubricants India Limited
"The Union Budget FY2018-19 lays out a robust framework to ensure India's long-term economic growth. While, the Government's decision to focus on the rural economy facilitates a broad-based economic growth, it would also be beneficial to spur a promising growth among diverse sectors, especially auto, auto ancillaries and FMCG.
The focus on infrastructure development with enhanced allocation of almost Rs 6 lakh crore in FY19 will play a key role in propelling the growth in lubricants industry witnessing positive development in heavy vehicles and construction equipment segments.
The Finance Minister stated that the Government's focus is shifting from 'Ease of Doing Business' to 'Ease of Living'. We believe that the identification of 99 smart cities with an allocation of Rs. 2.4 lakh crore, is a step towards this direction. Such measures would undoubtedly supplement the infrastructure development programmes."