Mumbai, Sept. 23 -- Automotive Component Manufacturers Association of India (ACMA), the apex body representing India's auto component manufacturing sector, hailed the latest measures announced by the Indian Government today. The auto component industry contributes 2.3 per cent to India's GDP.
ACMA President Deepak Jain said that the decision to expand the scope of CSR expenditure to include incubation centres and public-funded institutions will also encourage R&D in automotive industry.
ACMA stated that the measures would give a big impetus to domestic manufacturing and help attract investments in the private sector. The announcement made on the onset of the festive season is expected to infuse positive sentiments in the market.
"The ann...