Budget Comments - Mr. Manoj Kumar Upadhyay, Chairman & Managing Director, ACME Group
This big-ticket budget is a mix of all measures to stay focussed on infrastructure development & manufacturing sector. It’s in line with the election agenda and the government’s commitment of providing 24x7 electricity to every house, 100 smart cities, focus on renewable energy amongst others.
The announcements of offering tax benefits for power generation projects is a welcome move with intent to bridge the demand-supply deficit of electricity generation in the country. The 1000-cr aid and 5% concessional duty showcased the increased focus on developing solar power projects and will provide the country with the desired impetus to achieve its aim of increasing solar power generation share in the overall electricity generation from existing 1% to 3%. Apart from the focus on the infrastructure, the announcement on increase in the FDI investment in defence sector to 49%, the government has highlighted its focus on uplifting the defence sector and intent to decrease relying on imported equipment. Over and above, this budget has increased an outlay of Rs 5,000 crore for defence over the amount provided in the interim budget.
This is a positive move and shall become a model for other critical sectors as this will allow international companies to bring-in their expertise to the country and help Indian manufacturers scale-up with the help of world-class technology. We believe that these measures will go in a long-way and bring the required reforms to make India lead the next wave of global economic growth. We look forward to strengthen the country's infrastructure by stepping-up our participation in energy, telecom and defence sectors and play an increasingly active role with all stakeholders in making India a manufacturing hub and an energy surplus country.