Fastener Manufacturers Association of India unhappy with Union Budget (2014-15)

Ludhiana, July 10, 2014: Reacting to Union Budget (2014-15), the Fastener Manufacturers Association of India president Narinder Bhamra has said except from marginal enhancement in individual IT limit, enhancement of 80 C & housing loan , long pending demands of Engineering Industry in particular Fastener Industry remained unresolved.
In a statement here today, he added exemption limit of excise duty has not been enhanced & kept at 1.5 crore whereas MSME Sector was expected that it should be enhanced to 3 crore and in case of CLCSS Scheme for engineering sector there is no increase in investment limit of 1 crore whereas industry had expected that limit should be enhanced to 5 crore so that modernisation could take place.
Besides, there is no reduction in excise duties, it was expected that the ED be reduced to 8% so that inflation can be controlled but ED kept at 12%. No step has been taken to save industry at location disadvantage by introducing freight equalisation policy.
Adding, he said no steps have been taken to introduce anti-dumping duty on imports from China to save engineering industry and also for making road map to introduce GST & DTC. Overall budget has nothing to boost engineering sector, he remarked.