‘Budget offers growth tonic to machine tool sector’

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Throwing light on the Budget, Jadeja, said: “Vibrant manufacturing is critical for the country’s growth. The incentives given in the Budget are but an initial step. The sops will take time to trickle down to end-users, resulting in demand for goods and services. However, with the momentum given by this Budget, the machine tool industry will pick itself up and traverse the right track.”

The machine tool industry has welcomed the Budget 2017 proposal to offer a growth tonic for MSMEs such as 5 per cent reduction in income tax, longer carry forward of minimum alternate tax credit and a three-year tax exemption for start-ups. Doubling the lending target under MUDRA Yojana will ease the doing of business and create jobs.