FMAI president dissatisfies with Union Budget
Author(s): City Air NewsLudhiana, February 28, 2013: Fastener Manufacturers Association of India President Narinder Bhamra has said engineering industry had a lot of expectations from the Union Budget but nothing had been done. He regretted...
cityairnews
Feb 28, 2013 12:30
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Ludhiana, February 28, 2013: Fastener Manufacturers Association of India President Narinder Bhamra has said engineering industry had a lot of
expectations from the Union Budget but nothing had been done.
He regretted that exemption limit of excise duty had not been enhanced and it had been kept at Rs. 1.5 crore whereas MSME Sector was expecting that it should be enhanced to Rs.3 crore.
He said in the CLCSS Scheme for engineering sector there was no increase in investment limit of Rs. 1 crore whereas industry had been expecting that the limit should be enhanced to Rs. 5 crore so that modernisation could take place.
“No reduction in excise duties have been announced”, he said, adding no step had been taken to save industry at location disadvatage by introducing freight equalisation policy.
Also, no step had been taken to introduce anti dumping duty on imports from China to save engineering industry. Besides, no step or road map had been announced to introduce GST and DTC, he regretted.
“Overall budget has nothing to boost engineering sector and particularly Fastener Industry”, he remarked.
