Finance Minister Arun Jaitley announced Union Budget in parliament on Saturday, Feb. 28, 2015 aiming at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit.
Anil Sardana, managing director and chief executive officer, Tata Power said, "The Finance Minister has rightfully focused on policy and taxation reforms to provide much needed & opportune impetus to strengthening of the economy in the Union Budget today. The budget has strongly indicated the Government's desire to move towards an annual growth of 8 to 8.5 per cent this fiscal year."
"The budget enhanced target of 175,000 MW for Renewable energy by 2022, and also proposed 5 new Ultra Mega projects on plug & play model, with a capital outlay of Rs 1,000 billion. This is much appreciated and this model will be good to learn the new approach to bidding & awards."
The proposal to set up Regulatory process of permissions than seeking clearances, so that work can commence on investments without holding up for permissions is a welcome move. The government also launched e-Biz Portal that would help to integrate regulatory permissions at one source. This has been a long standing need of the industry.
The announcement of implementation of Goods and Services Tax (GST) from 1st April 2016 will help reduce multiple taxation and also in simplification of the tax process in India.
The government is targeting Housing for all and 24 x 7 electricity for all by 2022. Electrification of remaining 20,000 villages 2020 is the need of the hour. These targets need States to reform distribution sector & this aspect has thus been far been, illusionary in most of the states.
"We look forward for introduction of more schemes like rationalization of Minimum Alternate Tax and introduction of innovative financing schemes for power sector," Sardana added.
"We are happy that the budget presented is progressive. We look forward to working closely with the government towards holistic development of the country. Tata Power is committed to provide 24x7 uninterrupted and reliable power supply and the fuel of the economy," Sardana opined.
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