M&M MD Pawan Goenka speaks to Anil SInghvi on Budget 2021, says scrappage policy a welcome announcement

As government gears up to bring scrappage policy after announcement in this regard was made by Union Finance Minister Nirmala Sitharaman in Budget 2021, Mahindra and Mahindra MD Pawan Goenka spoke to Zee Business Managing Editor Anil Singhvi and revealed how he perceives this piece of news.  

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Talking to Zee Business Managing Editor, he said, "The talk on scrappage policy was going on for a while and it was expected that announcement about it will be made in the Budget 2021. It is very good that Finance Minister has made announcement in this regard. This will be an effective policy and overall, it is good for industry, environment and even tax revenue for government."  

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#BudgetOnZee | देखिए महिंद्रा एंड महिंद्रा के MD पवन गोयनका की बजट 2021 पर पहली प्रतिक्रिया।#Budget2021 #MahindraAndMahindra @AnilSinghvi_ @GoenkaPk pic.twitter.com/3kkI75YBHj

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Talking about budget in general, Pawan Goenka said though industry-specific things are minimal in this budget but overall, this budget is budget of growth. He said Finance Minister failed to address maximum demands of industry, which only makes sense as we have to look at broader picture and consider economy in general. " If our GDP grows by 11 to 12 per cent, it will ultimately help auto industry. Scrappage Policy is one auto industry-specific good thing that has been announced and no further increase in tax of any sorts also helps industry."

The only thing concerning is increase in import duty on auto components. "It will not affect Mahindra and Mahindra much as we import very less components unlike many companies. Otherwise, it is a very good budget for auto industry."