Budget 2023 is the Blueprint of Digitally Enabled Aatmanirbhar Bharat: Sunjay J Kapur, President ACMA
Focus on inclusive growth, infrastructure, roads & highways, ease of doing business, enhanced outlay for capital expenditure, MSME and skilling, among others, auger well for the automotive value chain.
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 to growth & development of MSMEs and thrust on skilling & research in state-of-the-art technology domain.
Thanking the Union Finance Minister, Nirmala Sitharaman, Sunjay J Kapur, President 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, 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.”
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.