Auto component sectoral body welcomes govt's push on exports, manufacturing, local value addition

New Delhi [India], February 2 : ACMA, the apex body representing India's auto component sector, on Thursday congratulated the government on the measures announced in the Union Budget, especially for the focus on inclusive growth, development of infrastructure, ease of doing business, enhanced outlay for capital expenditure, impetus to growth and development of MSMEs and thrust on skilling and research in the latest technology domain.
Thanking Union Finance Minister Nirmala Sitharaman, Sunjay J Kapur, President, Automotive Component Manufacturers Association (ACMA), said, "The Budget is a blueprint of a digitally-enabled Aatmanirbhar Bharat, coupled with measures that will drive sustainable yet inclusive growth at a rapid pace. Focus on exports, manufacturing, local value addition and encouraging green energy and mobility are indeed steps in the right direction. Further, the proposals for personal income tax will put more money in the hands of people thus fuelling consumption leading to economic growth."
Kapur further mentioned, "ACMA is also delighted by the measures announced for skilling and research in hi-tech areas such as AI (artificial intelligence), Robotics, 5G, Mechatronics and 3D printing, among others. With increasing telematics and software content in vehicles, these measures will ensure that our industry continues to be relevant and globally competitive".
He also said, "The Budget also announced measures to assuage challenges faced by MSMEs due to failures of execution of contractual obligations during the pandemic. That apart, continuation of reduced duties on copper scrap and inputs for steel will help in availability of raw materials in the automotive sector."