Govt assures all help to auto sector to face FTAs, RTAs
Hindustan Times, India
2 September 2004
Govt assures all help to auto sector to face FTAs, RTAs
Press Trust of India
Assuring all help to the auto component industry in dealing with free trade agreements (FTAs) and regional trade agreements (RTAs), the Government on Wednesday said formalities for setting up an R&D centre for the industry would be completed soon.
"The Government will stand by the industry and help it face the challenges arising out of signing of FTA and RTAs," Secretary, Ministry of Heavy Industries and Public Entreprises Adarsh Kishore said at the 44th annual session of Automotive Components Manufacturers’ Association (ACMA).
The ministry will continue to address fiscal and tariff issues of the industry to help it attain its goals, he added.
"We are keen to see that all formalities are over and the R&D centre starts soon," Kishore said. The centre will be a showcase of public-private partnership, he said, adding it will leverage India’s strength in IT and electronics.
The Government is committed to the implementation of the auto policy in letter and spirit, he said, adding auto and auto components will be the priority and tax breaks given in the Budget for R&D in the sector were an indication of this.
Kishore said auto components manufacturers should strive to increase their share of global trade to two per cent in the next five years as the sector has huge outsourcing potential.
