Chennai, Feb 1 : TVS Srichakra Limited President P Srinivasavaradhan today welcomed the steps on revisions in personal income tax slabs under the new tax scheme. In a statement here, he said with the changed direct tax structure some surplus income will be available which can drive consumption. These are key to boost manufacturing and revive consumer sentiments.
Major fund allocation for infrastructure, warehousing and logistics through rail, land and air will allow manufacturers to strengthen the business footprint domestically and are in line with international best practices.
''It will make India more competitive globally in the years to come,” he added. Consumers who had deferred their purchases now hold the key to aid growth in the automobile sector as well as the auto components sector.
''The economy can look forward to be buoyant and we are glad that the government in this budget has introduced steps in different areas to reduce the stress on the manufacturers as well as the customers'', he said. Government's step to extend support in the areas of technology upgradation, R and D will boost the auto component sector. (UNI)