INVC,,
Delhi,,
ACMA, the apex body representing India’s auto component sector, welcomed the thrust given in the Union Budget towards sustaining the national economic growth and making it inclusive. The industry body expressed satisfaction for the thrust given to infrastructure development, upliftment of the rural economy and significant outlay for promotion of the social sector, especially education and healthcare. Further, it also appreciated the focus on proactive measures for environment conservation.
Congratulating the Union Finance Minister, Shri Pranab Mukherjee, President ACMA, Srivats Ram, said, “We are glad that the Hon’ble Finance Minister has unveiled the roadmap for Direct Tax Code (DTC) with a definite date for implementation i.e. April, 2011 and for introduction of Constitutional Amendment Bill in the current session of the Parliament for the GST. Implementation of GST will help not only in creation of ‘one-India’ market, but also bring transparency in implementation of taxation as also mitigate a significant number of taxation issues.”
“ACMA also welcomes the setting up the National Mission for Hybrid and Electric Vehicles. This is a step in the right direction as the world over a significant investment as also initiatives are being taken in this area. This will also help improve the environmental impact of the automotive industry on the environment. Further, to create an ecosystem for manufacturing of the Electric vehicles in the country, some of the components for the same would now attract nil customs duty. While this may be a benign measure in the short run, we must ensure that we encourage local manufacturing and the entire value-chain, including components, are manufactured in the country, in the long run.”, added Ram.
