Continuous growth
The Indian economy is growing well. The structural reforms of the last few years have increased the ease of doing business and setup the country for further growth in the coming years. Through this budget, we look forward to this continuing.
KN Radhakrishnan, President & CEO, TVS Motor Company
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India should bounce back to growth rate of over 7%
The last complete Budget before the 2019 general elections brings lots of hopes from trade and industry and common man in general. This government has by far done a commendable job in addressing various issues related to Indian economy .The year 2017 has been quite eventful with three major reforms viz Demonetization, GST and Bankruptcy and Insolvency Code.
The major agenda has been to flush out black money, cashless economy, rationalization of indirect taxes, bring informal to formal and addressing NPA issues.
This budget is expected to be an extension of all these measures. Most important being the after effects of these steps have started dwindling and economy seems to come back to normalcy. It is expected that India should bounce back to growth rate of over 7 percent consistently and steps need to be taken in that direction.
Nikunj Turakhia, President of Steel Users Federation Of India (SUFI)
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Restoring the growth rate
The country has been through two muted years of growth after economic reforms like demonetisation and GST. As we prepare for another Union Budget for FY 19, the economy is expected to recover and be back on track but needs boost for growth. The forthcoming budget is expected to put thrust on areas like agriculture and rural growth, infrastructural development, small businesses and affordable housing. A stimulus for ailing industries is another area, which needs attention. Reduction in both direct and indirect tax is also welcome as the base is increasing.
R. S. Agarwal, Joint Chairman, Emami Group
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Support for manufactures in the LED lightning domain
India is all set to become the most-populous country in the world by 2030. An anticipated increase in urban population of 500 million people during 2010-2050 in megacities like Delhi, Mumbai, Bangalore, and Kolkata will pose a huge challenge to meet the electricity demand. Smart LED lighting is the only solution to address the power shortage for lighting purposes which leaves less carbon footprint as compared to conventional lighting solutions such as CFLs, halogens and incandescent lights.
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 for our Nation.
We also request the government to put a check on the import of spurious and Chinese LED/lighting bulbs, as the same could jeopardize the government's energy efficiency targets without serving the very purpose of using of LED Lights. Hence our government should increase the custom duty on the import of LED / lighting bulbs / CFLs. This move will support Govt's ‘Make in India' campaign in a big way.
We also seek government to consider an establishment of SEZ for manufactures in the LED lightning domain, which will help to reduce production cost for LED manufacturers and thus make it available to all not only within cities and towns but also in villages and other rural areas which need light.
V. P. Mahendru, Chairman and Managing Director, EON Electric Ltd.
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