GST: Small cars to become costly, SUVs, 2-wheelers benefit
Aamir H Kaki Under the new goods and services tax (GST) regime, the luxury cars will become cheaper and for buying small cars the buyers have to shell out a little more. Luxury cars, sports utility vehicles (SUVs) and larger sedans would be benefitted from some rationalisation in tax structure as even after a 15% cess on the total levy, it will be lesser than the tax currently being levied on such models. Under the new tax regime, there will be a uniform rate of 28% on cars, unlike the multiple rates of tax levied presently. An additional cess of 1% and 3% is being discussed to be imposed on small cars of petrol and diesel, respectively. Larger cars and SUVs are ...
ACMA pegs auto components exports at $80 bn by 2026
Sreenivasa Rao Dasari Setting a seven-fold rise in auto component exports for the next decade, Automobile Component Manufacturers Association (ACMA) has advised the industry to focus on quality and innovation. ACMA forecasts $70-billion exports by 2026 from the $10.8-billion level in 2015-16 financial year. According to Automotive Mission Plan 2016-26 (AMP), the Indian auto component industry aims to achieve $200 billion in revenues by 2026 including exports of $70-80 billion. India recorded auto component exports to Rs70,996 crore in 2015-16, which grew 3.5% from Rs 68,500 crore ($11.2 billion) in 2014-15. ACMA President Rattan Kapur has estimated that the auto component industry requires investments to the tune of $30-billion to achieve the target under AMP. Speaking to The Dollar Business, Kapur said, ...
Auto components industrys turnover grows by 8.8%
The Dollar Business Bureau With the automotive industry on the trajectory of growth in financial year 2015-2016, registering a growth of 7.24%, the auto components industry also witnessed an increase in turnover by 8.8% to Rs. 2.55 lakh crore. With the continuing recovery and hopes on monsoon, the turnover is likely to climb to 10-12%, said Arvind Balaji, President of Automotive Component Manufacturers Association of India an apex body which represents the interests of the Indian Auto Component Industry. In fiscal year 2015-2016 the components industry grew by 8-9% and the target for the ongoing fiscal year is to achieve growth of 10-12%, he said. Reiterating the importance of monsoons, he said, that the first two months of the ongoing fiscal 2016-2017 have been ...
Parrikar sets $2-bn target for defence exports in 2 yrs
The Dollar Business Bureau Defence Minister Manohar Parrikar has set a target of raising India’s defence exports to $2 billion in the coming two years. He said this during the Aerospace and Defence Summit held by Automotive Component Manufacturers Association of India in New Delhi. Indian defence exports have almost doubled from around $140- $150 million to reach $330 million at present. The government’s push in exports has shown good results. The Defence Minister has set a target to touch $2 billion defence exports in the next two years. The target is not impossible to reach as defence offsets are in the area from where exports as well as expertise can come to the country, the minister said. Parrikar said that the ‘Make ...
Huge potential to grow Indian auto component exports to China: ACMA
Bidhu Bhushan Palo | The Dollar Business China accounts for over 20% of India's auto components imports compared to just 3% of India's auto components exports Rising wages in China and ongoing improvements in design and value addition by Indian auto component manufacturers present an opportunity to boost exports to China, according to the Automotive Component Manufacturers Association of India (ACMA), the apex body of the Auto Component Industry in India. In a study, “Export Opportunities for Made-in-India auto components for China”, ACMA says that there are export opportunities for Indian auto component manufacturers estimated at $20 billion for auto components to select OEMs in China. The study focussed on understanding the buying behaviour and the market dynamics of ...
