ACMA welcomes continuity in bolstering of Indian economy in the Budget

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Team Pro MFG Media

Indian manufacturers have been eager for the 2021 budget, especially since the pandemic. The Automotive Component Manufacturers Association (ACMA) has expressed contentment with Budget 2021.

ACMA, the apex body representing India’s auto component sector, expressed satisfaction with the measures announced in the Union Budget especially for the focus on health & well-being, infrastructure, inclusive growth, human Capital, Innovation & R&D, and reforms in governance.

Thanking the Union Finance Minister, Nirmala Sitharaman, Deepak Jain, President ACMA, said, “The vision of an Aatma-nirbhar Bharat enshrined in the Union Budget, coupled with the ‘Sankalp’ of ‘Nation-First’ will be the bedrock to propel us further as we redefine our economy in a post-pandemic world. The significant outlay for vaccination in the country will add to the confidence of a resurgent India.”

“Announcements with regards increased spend on road infrastructure, voluntary scrappage policy, Research & Development and PLI among others, augur well for the automotive sector. Further, continued focus on building rural and agricultural infrastructure and prioritizing agriculture credit growth will have long-term positive impact on rural demand for vehicles”, added Jain.

Jain further mentioned, “Increase in basic customs duty on select auto components will encourage local manufacturing of such items. It is also heartening that the budget outlay for the MSME sector has been doubled compared to last year. The auto component industry is dominated by MSME and this will provide them the necessary succour as the industry recovers.”

Mr. Deepak Jain, is the Chairman & Managing Director of Lumax Industries Ltd. and is the President of ACMA for the term 2019-21.