Comments
Construction equipment sales is expected to grow at 30 per cent this fiscal, Anand Sundaresan, Vice-Chairman and MD, Schwing Stetter (India), has said.
According to him, nearly 68,000 units were sold last fiscal. In 2011, the infrastructure sector had reported its best numbers with nearly 70,000 units sold.
“Growth in infra is expected to be back, specially with the government’s focus on the sector. We are looking at a 30 per cent growth in sales of construction equipment over last fiscal,” Sundaresan said on the sidelines of the CII-Excon 2017 roadshow here.
GST worry Excon, organised by CII, is South Asia’s largest trade fair. Sudaresan is a member of its steering committee. While the initial disruptions caused by GST seem to be settling down and construction equipment finance companies witnessing a 25 per cent month-on-month growth (in disbursements) in August-Spetember period, the high rate of taxation continues to be a worry.
Tax, on construction equipment, stands at 28 per cent, which is on the higher side, , according to Sundaresan.
“We have represented to the government through various industry bodies and in individual capacities to bring the rates to 18 per cent,” he added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.