APN News

  • Saturday, May, 2024| Today's Market | Current Time: 03:25:12
  • Pre-Budget quote from Mr. Tarang Jain, MD – Varroc Group

    Published on July 8, 2014

    Varroc Group is India’s third largest auto components maker with capabilities of Tarang Jain- MD, Varroc Group - 4Full Service Supplier of Plastic Moulded Modules, Engine Valves, Machined Forgings, Exterior Lighting and Electrical Systems to Auto Industry. The company has a diversified product portfolio catering to renowned automotive companies worldwide.Established in 1990 Varroc Engineering has emerged as $1.2 billion turnover under the leadership of Mr. Tarang Jain, Managing Director of Varroc Group. The Group has made acquisition as well as set-up alliances with Indian and Global manufacturers that helped the company to establish itself as a major player in automotive components sector and a leading brand in Europe.

    Quote from Mr. Tarang Jain, MD – Varroc Group on the pre-budget expectation

    “We are very optimistic about NDA government and anticipating that budget will include speedy approvals on projects in the manufacturing & infrastructure space.

    Critical attention should be given on implementation of GST feature and cutting down on excise duty.  This will not only accelerate the revival in the automotive segment but will also have cascading effect on the manufacturing sector and optimistically create more jobs.

    The government should consider a step in the upcoming budget for interest subsidies on TUD scheme to support Auto component industry for up-gradation of technology as well as subsidy on Capital Equipment Investments for making Exports competitive.

    Due to benchmarked prices of raw material suppliers, inputs are becoming expensive for domestic component manufacturers. To reduce the impact, government should consider expanding list of tools for availing CENVAT Credit by including items such as moulds, dies, jigs, fixtures, etc. The capital investment in the industry can be encouraged by enhancing the depreciation rate on the capital goods to 25% and allowing 40% depreciation on domestically manufactured capital goods.”

    Source : Sachin Murdeshwar

    SEE COMMENTS

    Leave a Reply