Financial Daily from THE HINDU group of publications
Sunday, Jul 11, 2004
Financial Daily from THE HINDU group of publications Sunday, Jul 11, 2004 |
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Industry & Economy
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Automobile Components Auto components industry happy Our Bureau
Chennai , July 10 THE Auto Component Manufacturers' Association of India (ACMA) has expressed happiness that all of its recommendations to the Government have been accepted. The 150 per cent deduction of expenditure on in-house R&D "is a long-standing demand of the auto components industry which has finally been accepted," says ACMA in a press release. The Budget speech mentions the `automobile industry' in this context. Asked if the R&D expenditure benefit would be available to the auto components industry also, the ACMA's President, Mr K.V. Shetty, told Business Line, "It is we who have been demanding this benefit, not the automobile industry." He said that ACMA had "made enquiries in Delhi" and found out that the benefit was available to the components industry. Accelerated depreciation of 15 per cent would now be available even if a company expands its capacity by 10 per cent (the earlier stipulation was 25 per cent). Mr Shetty said that this would help many medium-scale auto component manufacturers in raising their capacities. "We had been asked for investment allowance, but they have given this. It is all right," he said.
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