Heavy Industries and Public Enterprises Minister Praful Patel today said his ministry has asked the Finance Ministry to give two years’ time to the auto industry to comply with the new import duty norms for completely knocked down units.
“We have sent a formal request to the Ministry of Finance with the request from SIAM. The industry is asking sometime to set up facilities to have more indigenisation,” Patel told reporters here.
He said the industry players are asking for two year’s time to implement the new norms.
“… And this we have forwarded (to the Finance Ministry),” Patel said.
In the Budget for 2011-12, Finance Minister Pranab Mukherjee had redefined the meaning of completely knocked down (CKD) units to encourage local production of automobiles.
Source: PTI
