Union Budget 2015-16 raises infrastructure investment by Rs 70,000 crore. India looks geared towards having all necessary groundwork to become a global sourcing hub for automotive components, and varied make in India products. Jagdip Singh, Chairman Sigma Group says Arun Jaitley announced a move to integrate regulatory permissions at one source. It will help India become a investment destination, and resultantly generate jobs with increased industry set up.
Sigma Group recently set up its second Indo-German and Japan joint venture production facility in Basma, Punjab to manufacture critical oil seals and sealing products for domestic and overseas automotive industry at an investment of Rs 185 crore.
Overall increase of Rs 70,000 crore in infrastructure sector investment in FY2015-16. Setting up National Investment and Infrastructure Fund (NIIF) is being welcomed.
Sigma Group is pleased with much needed increase in infrastructure investment, and will boost infra projects in India. Lack of proper infrastructure across sectors, including aviation, ports, roads and highways, railways, power and telecommunications has stunted growth levels in recent times. This has been detrimental to economy.
To ensure skilled man-power to achieve ‘Make in India’ initiatives, government looks to strengthen the National Skills Mission to offer skill development. Sigma Group chairman says auto component industry is short on skilled manpower. Suitable regulatory environment will boost growth momentum here. India will be able to progress in regards to design and engineering capability, quality supply, and customer and after sales support in the auto component sector.