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High taxes will limit luxury car market growth in India: JLR

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Kolkata, March 10 (IANS) Jaguar Land Rover India, which is expecting higher sales in volume in 2018, feels that high taxation can restrict the growth prospect of the Indian luxury car market, a top official said here on Saturday.

“We sold 3,954 units of Jaguar and Land Rover in 2017 calendar year, registering a 49 per cent growth in sales (over previous year 2016). We are looking for higher sales this year,” said Rohit Suri, President and Managing Director, Jaguar Land Rover India Ltd (JLRIL).

Asked whether the luxury car major is expecting to surpass the growth it achieved in 2017, he said: “We do not know. It was very good growth. I do not think it will be 49 per cent (this year).”

Although the luxury car industry was hoping a good double-digit growth in 2018 as it (the industry) grew by about 13 per cent in 2017, the industry growth could end up in “a single digit or low double-digit” with increase in customs duty and higher taxation in GST, Suri said.

Speaking on higher taxation, particularly in Goods and Services Tax (GST) regime, he said: “After announcing GST at 43 per cent for these cars, net taxation has been increased to 50 per cent for SUVs and 48 per cent for Sedans.

“This is very high taxation. This restricts the growth of the overall market as the prices go up with higher tax rates.”

He also said that the customs duty hike as proposed in the budget would further restrict the growth of the market.

With the 11 per cent market share in the luxury car market in India, the automobile major is optimistic of increasing its market share with “growing popularity” of its cars, he said after opening of a new showroom of Lexus Motors at Rajarhat in Kolkata.

The company’s distribution network stands at 27 outlets in 25 major cities across India, he said.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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