ACMA welcomes continuity in Foreign Trade Policy 2023

Automotive Component Manufacturers Association (ACMA) congratulated the Government on announcing the promotion of exports under the Foreign Trade Policy 2023. Thanking the Union Commerce and Industry Minister, Piyush Goyal, Sunjay Kapur, President at ACMA, and Chairman Sona Comstar said, “The Foreign Trade Policy 2023 is another step towards a digitally enabled, Aatmanirbhar Bharat, coupled with measures that will drive India to become a significant player in global trade. Focus on continuity of remission of taxes, ease of doing business, technology-led enhanced trade facilitation, promotion of exports through e-commerce and wider engagement with states and districts to foster exports are indeed steps that will help us achieve the target of USD one trn in exports by 2030.” Vinod Aggarwal, President, SIAM and MD and CEO, VE Commercial Vehicles opined, “The auto industry would be substantially benefitted with measures like self-certification of origin, reduction of the threshold for status holders of exporters, enabling rupee payment and reduced export obligation under the EPCG scheme for electric vehicles.” “These measures will go a long way in propelling exports from India, as Indian vehicle manufacturers are increasingly focusing on widening their footprint,” he added.