Auto components industry body ACMA on Friday said the cut in corporate tax rate and other policy measures announced by the government would give a big impetus to domestic manufacturing and help attract investments in the private sector.
The auto component industry body, whose members account for around 2.3 per cent of country’s GDP, said the policy measures announced at the onset of the festive season were expected to infuse positive sentiments in the market.
“Reduction in corporate tax to 22 per cent for existing companies, 15 per cent for new manufacturing companies and relief on account of MAT are steps in the right direction to give manufacturing, investments and economic activity a boost,” ACMA President Deepak Jain said in a statement.