Central Excise Law amendment benefits Indian auto industry
Indian auto component sector’s apex body ACMA welcomes Union Budget announcements that are a bid to foster national economic growth. Focus on infrastructure development, education, skilling, infrastructure development and attracting investment are being hailed.
MSMEs constitute over 70% of ACMA’s membership and the sector has faced challenges when scaling up. The government’s decision for 15% allowance to companies investing more than Rs 25 crore in new plant and machinery will garner investments in manufacturing sector, including automotive.
Manufacturers can take a sigh of relief in regards to Central Excise Law amendment to overcome impact of Supreme Court’s Fiat judgment, a longstanding demand of the manufacturing industry, especially auto industry.
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