Open Forum

What India Inc expects from the upcoming Budget?

Shekhar Singal, Managing Director, Eastman Auto & Power Ltd
CBEC has sought to reclassify imported solar panels and modules in a category that attracts 7.5 per cent duty and various kinds of cess with the cost of a solar cell, around 30 cents at present, will go up to around 50 cents for Indian developers if 70 per cent safeguard duty is imposed. The cost of solar power will accordingly go up to around Rs 7 per unit. We do hope the forthcoming budget will address this issue.

Domestic solar industry is faced with a significant loss of potential employment and innovation opportunities with manufacturing units and R&D. This could also act as a roadblock in the ‘Make in India’ initiative in the power industry. Introducing favourable policies for domestic solar manufacturing, driving innovation through R&D support in the sector, focusing on skill development – are few of the many steps that Indian solar industry drastically needs for growth.

VP Mahendru, Chairman and Managing Director, EON Electric Ltd

This year, we request the finance minister to give special impetus to the electrical lighting sector by reducing the excise duty on the manufacturing of LED lights and reduction of import duties on raw material for LED lighting products. This will help India to achieve its mission of using LEDs for all lighting needs by 2019 which will save Rs 40,000 crores annually.

We also request the government to put a check on the import of spurious and Chinese LED or lighting bulbs, as the same could jeopardise the government’s energy efficiency targets without serving the very purpose of using of LED lights. Hence the government should increase the custom duty on the import of LED, lighting bulbs and CFLs. This move will support the government’s ‘Make in India’ campaign in a big way

Sajiv Nath, Managing Director, Yokogawa India

In a move that will profit bigger organisations, the legislature may cut corporate expense in the forthcoming Union Budget. For broadening the tax reduction, the legislature could consider organisations with yearly turnover of Rs 1,500 crore and above. A cut in corporate duty will likewise rely upon income standpoint for GST in the following financial.

Budget 2018 may propose a withdrawal of DDT and come back to the great arrangement of profit tax assessment, that is, profit pay to be saddled on account of the beneficiary investors. The instance of evacuation of DDT is the need to influence successful corporate assessment to rate in India contrast positively and contending economies. It additionally empowers remote speculators to get credit of assessment in their nations.

Dharmesh Arora, CEO, Schaeffler India

The government should come out with a clear long-term policy on supporting mobility needs of future. We believe the transition to e-mobility is a good step, but it must include hybrid vehicles as a necessary and viable intermediate step. Appropriate support to the industry in creating the pull from end consumers and tax breaks to component industry by means of zero duty imports of components going into e-mobility, tax breaks for investments in local research and development will encourage quicker adaption of new technology. On taxation front, continuing the announced roadmap for reduction of corporate taxes will support industrial growth and investments. We expect a balanced budget supported by right monetary policy that creates a positive investment climate and promotes consumption led growth.

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