Duty cut to enhance production in machine tools sector: Union Minister
The Dollar Business Bureau Reduction in customs duty on machine tools components will help the industry enhance production during the current financial year, said Minister of State for Heavy Industries and Public Enterprises GM Siddeshwara. The heavy industry sector registered growth up to 8.25% during the last financial year. According to the latest data released by the government, the automobile sector registered the highest 8.25% growth. The total output of the auto sector was worth Rs 5.29 lakh crore, up from Rs 4.89 lakh crore recorded a year ago. The target fixed for this sector was Rs 5.79 lakh. The heavy engineering equipment and machine tools sector grew by 7.13 %, with total output worth Rs 64,525 crore during the last fiscal. ...
