Union Budget proposals will boost electrical equipment industry, says IEEMA
- February 1, 2021
Indian Electrical & Electronics Manufacturers Association (IEEMA) has welcomed the Union Budget announced by the Hon’ble Union Finance Minister Smt. Nirmala Sitharaman, as a balanced budget. It focuses on India’s infrastructure boost and also emphasises on steps that the government will take to strengthen the discoms, IEEMA has noted in a statement.
In the extremely trying circumstances of pandemic and lockdown, with significant contraction in the Indian economy as also in the global economy, the government has presented the Union budget, keenly balancing its outlay between social, infrastructure and industrial sector. The Finance Minister had an onerous task to kick start the economy and her emphasis on infrastructure spend reflects the classical Keynesian model.
Reacting on the budget Anil Saboo, President, IEEMA, said, “A figure of Rs.3.05 lakh crore will be invested in discoms for improvement of feeder separation, prepaid smart metering and upgradation of systems. This investment will improve the functioning of Discoms and help in improving their health and viability.”
Vijay Karia, Vice President, IEEMA opined, “A record sum of Rs.1.1 lakh crore is assigned for railways, of which Rs.1.07 lakh crore is given for capital expenditure. Project imports Benefit is also being extended to All High-Speed Railway projects, which will boost the electrical equipment sector and bring new opportunities for electrical equipment manufacturers. We heartily welcome this investment in the lifeline of the Nation.”
Neeraj Nanda, Vice President, IEEMA mentioned, “The manufacturing industry was severely hit by steep rise in price of commodities, especially steel. Reduction of customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy will provide some relief to the manufacturers.”
Yogendra Agarwal, Chairman, Economic & Taxation Committee– IEEMA stated, “The Budget 2021 carries forward the Government’s endeavour to simplify taxation, make tax structure in line with spirit of AatmNirbhar Bharat and exhibits increased confidence in honest taxpayers.”
Sunil Misra, Director General – IEEMA cited, “Giving consumer the choice of more than one discom will set into motion competition amongst monopolistic companies, which will boost efficiency and accountability. This will be good for their own health also.”
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