India’s Budget threatens short-term sales loss but offers long-term promise

India has lofty ambitions for its automotive industry but changes introduced in the latest Union Budget could reshape the direction of its development. In his recent presentation of the Budget for 2016-2017, Finance Minister Arun Jaitley touched on India's place in the global industry. "I am presenting this Budget when the global economy is in serious crisis. Global growth has slowed down from 3.4% in 2014 to 3.1% in 2015. Financial markets have been battered and global trade has contracted. Amidst all these global headwinds, the Indian economy has held its ground firmly," he stated in his opening speech. "Thanks to our inherent strengths and the policies of this Government, a lot of confidence and hope continues to be built around India."