The Indian Electrical & Electronics Manufacturers’ Association ( IEEMA ) has proposed recommenudations to boost Indian Electrical Manufacturing Sector for the upcoming Union Budget 2024.
The recommendation included the need for the inclusion of basic customs duty on materials like CRGO Steel aiming to reduce production costs and stimulate domestic manufacturing and proposed to include the mandatory BIS certification for key components to ensure the quality and standards of various electrical equipment.
The Association also urged to include RODTEP ( Remission of duties and taxes on export products ) scheme for exports made against imports under advanced authorization licenses. The Association also called for the implementation of PLI schemes for crucial imports, the use of insurance security bonds instead of bank guarantees, and the activation of the MAHIR scheme for startups. IEEMA has also urged a NIL custom duty for select raw materials used in manufacturing major equipment used for exports which will ultimately help to enhance Indian goods in global economy.
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