New Delhi, Jan 16 (KNN) The Indian Electrical & Electronics Manufacturers' Association (IEEMA) has submitted a comprehensive set of recommendations for the 2024 Budget, aiming to revitalise the domestic electrical equipment manufacturing sector.

IEEMA underscores the critical importance of maintaining the exemption of Basic Customs Duty (BCD) on essential imported components like CRGO steel, crucial for sustaining the cost-effectiveness of the Indian electrical equipment sector.

Additionally, IEEMA advocates for mandatory Bureau of Indian Standards (BIS) certification for key components, including transformer press boards, with the goal of elevating the overall quality and safety standards of electrical equipment.

These proposals are strategically designed to enhance domestic production, strengthen export capabilities, and uphold industry standards for quality and safety.

In a strategic extension of their policy initiatives, IEEMA calls for a BCD exemption on basic raw materials essential for manufacturing these critical components.

This move is aimed at reducing production costs and stimulating domestic manufacturing.

Furthermore, the association requests a zero custom duty on specific raw materials used in the production of major equipment for export, such as cables and conductors, to promote eco-friendly practices and enhance Indian exports globally.

IEEMA emphasises the inclusion of the RODTEP (Remission of duties and taxes on export products) scheme for exports made against imports under advanced authorisation licenses, enhancing the competitiveness of Indian exports.

To safeguard domestic manufacturing, IEEMA recommends an increase in basic custom duty on specific components, including electrical contacts used in low-voltage equipment.

The budget recommendations extend to reshaping duty structures to align with the 'Aatma Nirbhar Bharat' initiative, addressing anomalies in inverted duty structures, and reducing compliance burdens.

IEEMA urges the implementation of Production Linked Incentive (PLI) schemes for crucial imports, the adoption of insurance security bonds in lieu of bank guarantees, and the activation of the MAHIR scheme for start-ups.

The association also calls for budgetary allocation to promote innovation and the Internet of Things (IoT).

IEEMA encourages the adoption of Quality Control Orders (QCOs) and seeks government support for technology and investment through government-to-government interactions.

Additionally, the association requests a comprehensive review of the identification of major equipment/components available domestically to curb unnecessary imports in power projects.

(KNN Bureau)