Union Budget 2024: Incentivise capex, rationalise GST rates on EVs, components make part of ACMA's Budget wishlist

Auto components industry body ACMA has proposed measures to boost the auto component sector, including incentivizing capex expenditure, increasing depreciation rates on plant and machinery, and rationalising GST rates on EVs and their components. The recommendations were submitted to the Ministry of Finance and the Ministry of Heavy Industries.