Industry & Economy
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Automobiles
Tax sops on research to help, says SIAM
Our Bureau
Bangalore, Feb. 29 The Society for Indian Automobile Manufacturers (SIAM) has said that the Finance Minister has presented an encouraging Budget that sought to give fillip to the growth of the auto sector.
The SIAM President, Mr Ravi Kant, said duty reductions will definitely help in revival of growth in the manufacturing sector.
He said a vehicle retirement policy should also have been announced in the Budget. He said the auto industry welcomes the proposal to allow 125 per cent weighted deduction for outsourced R&D.
“This will help the industry to undertake more R&D and access latest technologies and capabilities to develop advance products.”
The Director-General of SIAM, Mr Dilip Chenoy, lauded the Finance Minister’s proposals for the auto sector.
“I think the three- wheeler, two wheeler (sector) were having a negative growth. The steps announced by the Finance Minister will in a large way help address (the issue) to turn around this negative growth.
“They have also factored in agriculture and rural credit issues which serves an important market for the two wheeler industry. For the long term, the deduction in outsourced R&D and the skill development initiative would help sharpen the competitiveness of the automotive industry.”
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