Anil Sardana
CEO & MD, Tata Power
The Finance Minister has rightfully focused on policy and taxation reforms to provide the much-needed impetus to strengthening the economy. The Budget has strongly indicated the Government’s desire to move towards an annual growth of 8-8.5 per cent this fiscal year.
The Budget enhanced the target of 175,000 MW for renewable energy by 2022, and proposed five new ultra mega projects on plug-and-play model, with a capital outlay of Rs. 100,000 crore. This model is appreciated and will be a new approach to bidding.
The proposal to set up regulatory process of permissions, rather than seeking clearances, so that work can commence on investments that are held up, is a welcome move. The government also launched e-Biz Portal that would help 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 April 1, 2016 will help reduce multiple taxation and simplify the tax process in India. The Government is targeting housing for all and 24x7 electricity for all, by 2022. Electrification of the remaining 20,000 villages by 2020 is the need of the hour. These targets need States to reform the distribution sector; this aspect has so far been illusionary in most States.
The Budget presented is progressive.
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