ANI PR Wire
31 Jan 2023, 23:30 GMT+10
New Delhi [India], January 31 (ANI/NewsVoir): Spark Minda is looking forward to a Budget that supports both the manufacturing sector and the consumer.
Aakash Minda, Executive Director, Minda Corporation Limited says, "The transition of the sector towards electric vehicles needs special focus. To build an upward tick within the EV market, Government Schemes should strengthen the indigenous EV industry. The focus must be on providing incentives and schemes to aggressively build a robust ecosystem that supports the infrastructure, supply chains and material required for growth. This will ensure India's participation in contributing to EV revolution in Indian as well across global markets."
"We urge the Government to consider incentivising the journey of 'electronification' by rationalising the GST rate for auto components. While EVs are priced with a 5 per cent GST, component manufacturers are currently mandated to pay GST of 18 per cent to 28 per cent. We are hoping for a tax standardization that will help the component manufacturers scale up and strengthen to provide parts and consistent quality and reduce litigations."
"We are excited to see how the budget will supplement the Faster Adoption of Manufacturing of Electric Vehicles Scheme - II (FAME-II). With its budgetary outlay of INR 10,000 crore, it is currently only effective till March 2024. We are keen to see the how the budget unfolds for the automotive sector. Further, the auto component industry keenly awaits further additions to Advanced Automotive Products (AAP) list under PLI scheme covering connection systems for BS VI and EV products, Antennas, Driver Information Clusters and Sensors," he added.
Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint. The Company was incorporated in 1985. Minda Corporation is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The Company has a diversified product portfolio that encompasses Mechatronics; Information and Connected Systems and Plastic and Interior for auto OEMs. These products cater to 2/3 wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market. The Company has a diversified customer base including Indian and global original equipment manufacturers and Tier-1 customers.
For assimilating the latest technologies, Minda Corporation has a dedicated R&D facility and collaborations with the pioneers and leaders of the automobile industry. This has provided Minda Corporation with the cutting-edge in product design and technology to meet strict international quality standards.
For more information, please visit: Facebook | Twitter | Instagram | Youtube | Linkedin.
This story has been provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
Get a daily dose of South East Asia Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to South East Asia Post.
More InformationOTTAWA, Canada: US President Joe Biden and Canadian Prime Minister Justin Trudeau have announced a plan to close a loophole ...
UVLADE, Texas: Texas police stopped a Florida-bound freight train this week and discovered two migrants had died in a freight ...
ROLLING FORK, Mississippi: A powerful tornado has struck Mississippi, killing at least 25 people, injuring dozens, flattening entire blocks and ...
TEGUCIGALPA, Honduras: In what could signal the end of his country's decades-long relations with Taiwan, Honduran foreign minister Eduardo Enrique ...
WASHINGTON D.C.: A new US Congressional committee focusing on China held its second hearing on the alleged abuses of the ...
SAN FRANCISCO, California: A new round of extreme winter weather that hit California, also drifted into neighboring Southwest states, with ...
WASHINGTON D.C.: The US National Transportation Safety Board has said that after an automated cockpit warning that switched off a ...
BEIJING, California: As the world's second-largest economy is still struggling to fully recover from the long-term effects of COVID-19, most ...
NEW YORK, New York - Bank shares were being bought up on Monday as U.S. industrial stocks kicked the week ...
WASHINGTON D.C.: To address summer airport congestion and low air traffic controller staffing levels, the Federal Aviation Administration (FAA) said ...
OTTAWA, Canada: After a meeting between Canadian Prime Minister Justin Trudeau and US President Joe Biden, Ottawa has pledged to ...
NEW YORK CITY, New York: Deposits at small U.S. banks throughout the country dropped the most since 2007 after the ...