Union Budget 2016
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.