News Update

Goyal discusses rising freight cost, shipping delays & congestion at the portsCustoms - First Schedule - Chapter 98 - Clarificatory explanation on 'laboratory chemical' insertedKentucky Sheriff accused of shooting dead District Judge inside courthouseM/s Konoike Transport approved as Strategic Buyer for disinvestment of FSNLCus - Gold seized from appellant & auctioned without considering cogent evidence furnished; seizure invalidated, auction proceeds be refunded with interest: CESTATIndia grants USD 50 mn budgetary support for one more year to MaldivesFATF smacks on India's back for measures to tackle illicit financeCX - Rule 4 of Central Excise Valuation Rules 2000 are rightly invoked where assessee suppresses material facts about clearance of finished goods to related entity: CESTATTMC disowns Minister’s statement that women were drinking during protestBRICS Summit: India showcases Legal Reforms and InitiativesST - For the amenities provided by service recipient, the cost thereof cannot be included in assessable value of service in hands of appellant being service provider, therefore, demand is not sustainable: CESTATChina, India are not rivals rather cooperators, says Chinese envoyRM exhorts Navy to be prepared for every situation in today's volatile global scenarioI-T - Revenue is not permitted to express different opinion based on very same facts disclosed during original assessment proceedings: HCIndia trashes report on Indian ammunition reaching UkraineI-T - No distinction to be made between direct and indirect expenses that are eligible for deduction under Section 35 D of the Income Tax Act: HCBiden hopeful of further cut in rates by FedI-T - Non-investment of sale consideration or portion thereof in designated capital gains would not come in way of assessee claiming exemption so long as assessee had invested said amount for construction: HCLanka to go to polls for New President tomorrowI-T - Assessee sought repeated adjournments without valid reason; costs of Rs 2000/- per appeal imposed on assessee; nevertheless, case remanded for de novo hearing, given tight scheduling of notices & interests of justice: ITATIsrael incinerates 1000 rocket launcher barrels of HezbollahI-T - Interest received by credit cooperative society from investment held, cannot be treated as it's operational income, as interest received is not from credit facilities provided to its members as envisaged u/s 80P(2)(a)(i): ITATSEBI hammer falls on Axis Capital; Ban imposed from acting as investment banker in debt marketI-T - Where DVO has power to estimate value independently & fails to do so, then PCIT's action to seek fresh report & revise the assessment, is outside scope of Section 263: ITATCJI asks lawyers to use SC Platform for recorded ordersNPS Vatsalya - FM launches pension scheme for minorsIP Saarthi - Govt launches AI/ML-based search engine for TrademarksNACIN hosts 3-day roundtable on IPR; Govt envisages greater role of Customs in IPR protectionUS Presidential Poll: Tall promises by Hopefuls elbow economy closer to tax-doom-loop!Fed lives up to global expectations; cuts interest rate by 0.5% - first cut in last 4 yearsMandaviya chairs meeting to provide Social Security to Gig and Platform WorkersCAQM announces revised GRAP schedule for Delhi-NCR
 
ACMA event - Goyal urges industry to be future-ready

 

By TIOL News Service

NEW DELHI, SEPT 07, 2020: UNION Commerce and Industry & Railways Minister, Piysh Goyal, has called upon the Indian Automotive Component Manufacturers to work in the spirit of cooperation, collaboration, and commitment, and Compete with the rest of the world and grow with confidence. Addressing Automotive Component Manufacturers Association (ACMA)'s 60th Annual Session, he said that Manufacturers have grown over the last few years and pushed themselves to be globally competitive.

The Minister said that the industry is ready for the future and going to emerge victorious in the post-COVID world. “It is only in the time of crisis that best comes out of our organisation. Through trade promotion, technology upgradation, quality enhancement, measures to collect and disseminate information, ACMA can be at the forefront of this new normal”, he added

Mr Goyal said that the entire country adopted the Prime Minister Mr NarendraModi's clarion call of Aatmanirbhar Bharat to engage with the rest of the world from a position of strength and confidence for the way forward. He said that there is a huge demand for trusted partners in resilient global supply chains. “We will expand our global engagement. We see huge opportunities to expand businesses and provide truly high-quality products at competitive prices & become that trusted partner”, the Minister added.

Talking about the positive trends in the Indian economy, the Minister said “I n the Railways, last month we have been able to grow our freight traffic by 4 percent over the corresponding period last year.In the current month, the trend is even better than that.Tractor sales have already been revived, two-wheelers and three-wheelers are also showing very good traction. It is a day to bring in positivity into our crystal gazing of the future, move out of pessimism. And look forward with hope and faith.”

The Minister said that we should start taking measures to tighten the belt, improve productivity, start looking at every element of cost and smarter solutions to become the preferred suppliers to customers. He said Aftermarket business can open up a lot of opportunities for ACMA if the industry starts looking at more affordability and more attractive ways. With perseverance towards quality and bringing in scale, the industry will certainly become more export competitive. He called for innovative financing for the auto industry.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.

AR not Afar by SK Rahman



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.