Union Bud­get 2016

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In­dian Elec­tri­cal & Elec­tron­ics As­so­ci­a­tion of In­dia (IEEMA) wel­comed the Union Bud­get 2016-17 as a bal­anced one.

Babu Ba­bel, IEEMA Pres­i­dent stated, “The bud­get is in con­tin­u­a­tion of Govern­ment’s com­mit­ment to pro­vide 24x7 Elec­tric­ity For All, with in­creased al­lo­ca­tion in the power sec­tor. The fo­cus on aug­ment­ing nu­clear power with an al­lo­ca­tion of Rs.3,000 crore is a wel­come step and re­flects the govern­ment’s in­tent to achieve the right fuel bal­ance. While the fi­nance min­is­ter has not gone over­board to make some pop­ulist an­nounce­ments; yet he did his best to strike a bal­ance be­tween short-term growth and sus­tain­able eco­nomic gains and has done a great bal­anc­ing job. This will give a big boost to the in­fra­struc­ture and ru­ral sec­tor.

“With a bud­getary out­lay of ₹ 79,884 crore to the power sec­tor in the new Bud­get there is an in­crease over pre­vi­ous year. The elec­tri­cal in­dus­try is hope­ful that the Govern­ment will take all steps to en­sure that there is full util­i­sa­tion of funds al­lo­cated”, Ba­bel said.

“Sub­stan­tial em­pha­sis is given to Stand Up and Start Up In­dia to make it a re­al­ity. A large sec­tion of the so­ci­ety, with lack of op­por­tu­nity, shall ben­e­fit out of this,” he added. The in­dus­try wel­comed the govern­ment’s com­mit­ment to achieve 100% vil­lage elec­tri­fi­ca­tion by May 1, 2018. A fund al­lo­ca­tion of ₹ 8,500 crore was al­lo­cated, out of which ₹ 3,000 crore and ₹ 5,500 crore was al­lo­cated to Deen­dayal Upad­hyaya Gram Jy­oti Yo­jana and In­te­grated Power De­vel­op­ment Scheme, re­spec­tively.

Su­nil Misra, Di­rec­tor Gen­eral, IEEMA said, “Bud­get 2016-17 ad­dresses Skill De­vel­op­ment and new job cre­ation, with 1500 Multi Skill Train­ing In­sti­tutes pro­posed to be set up un­der Prad­han Mantri Kaushal Vikas Yo­jana, across the coun­try with an amount of ₹ 1,700 crore. More­over, the pro­posal to set up a Na­tional Board for Skill De­vel­op­ment Cer­ti­fi­ca­tion in part­ner­ship with the in­dus­try and academia is en­cour­ag­ing, which will train one crore youth over the next three years, fur­ther ben­e­fit­ting the man­u­fac­tur­ing sec­tor. This will also re­sult in uni­for­mity of growth and de­vel­op­ment across the coun­try.”

The in­dus­try ea­gerly awaited for an­nounce­ment of a roadmap for im­ple­men­ta­tion of the Goods & Ser­vices Tax (GST) regime, which will pos­i­tively im­pact com­pli­cated tax is­sues and boost pro­duc­tiv­ity and busi­ness de­vel­op­ment. How­ever, there was no men­tion about the same, a state­ment by IEEMA ob­served.

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