Chennai, Feb 4 : General Motors India Vice-President P Balendran today batted for introduction of Goods and Services Tax (GST) in the forthcoming Budget Session of Parliament commencing February 21. Talking to newspersons here on the occasion of launching of Sail Premium Sedan, he said," We are hopeful of GST being introduced in Parliament. The introduction of GST would provide a common platform to the players in auto market."
On oil market companies deciding to increase retail price of diesel, he said 'it would not affect the market. 'In fact, it would be good for the economy as the government would find very tough to tackle increasing fiscal deficit (without raising the prices).' 'Subsidy should be done away with as it would be in favour of the economy and spurring growth,' he added. Stating there was need for reform in labour market, he said, "We want flexible labour reform. You cannot expect us to work under 1956 Labour Act." When asked about prevailing interest rates, he said Reserve Bank of India (RBI) would definitely reduce interest rates. However, it was also important to see that growth rate was not compromised, he added.