ACMA Applauds Union Budget’s Focus on Inclusive Growth and Sustainable Development for ‘Viksit Bharat’

New Delhi, India – The Automotive Component Manufacturers Association of India (ACMA), the apex body representing India’s auto component sector, 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 on growth & development of manufacturing & MSMEs, and thrust on skilling & research. 

Thanking the Union Finance Minister, Nirmala Sitharaman, Shradha Suri Marwah, President ACMA & CMD Subros, said, “The budget, a blueprint for ‘Viksit Bharat’, will drive sustainable yet inclusive growth, especially in the manufacturing industry, at a rapid pace. Focus on strengthening MSMEs through Credit Guarantee Scheme and credit support during the stress period; measures to bolster energy security; and encouragement to start-ups by abolishing the angel tax are indeed steps in the right direction. Further, the proposals for personal Income Tax will put more money in the hands of people, thus fueling consumption and leading to economic growth.” 

She further mentioned, “ACMA is also delighted by the measures announced towards employment, skilling, internships, and research. Reduction in customs duty to nil on critical minerals such as lithium, copper, cobalt, nickel, etc. will encourage cell manufacturing in the country and add to the evolving EV ecosystem in the country.”

That aside, measures to facilitate higher participation of women in the workforce are indeed welcome for fostering inclusive growth and encouraging gender diversity in the automotive value chain.

Image Source: ACMA

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