Mr. Abhishek Gupta, Joint Managing Director, Gupta Power Infrastructure Ltd., says, “The Budget will also focus on laying the foundation for rolling out 5G spectrums, laying out optical fibre, and in turn enabling easy availability of broadband services in rural areas. This will be an added boost for the wire and cable industries.”
Gupta Power Infrastructure Ltd.
The Budget presented this year is quite remarkable. Highly anticipated, the current Budget has been hailed by the Prime Minister as ‘people-friendly’ and ‘progressive’. One of the key highlights of the session that the industrialists need to review is that the import duty on certain chemicals is being cut. Also, there has been a reduction in customs duty for certain electronic items; and the customs duty has been revoked for steel products. These facts are noteworthy and can be used profitably. Next, there has been a focus on industrial development and manufacturing, especially with the PM Gati Shakti Program.
To boost the infrastructure and productivity, the government has planned a slew of similar measures. And it is a good thing that the government has decided to keep the 15 percent tax cap on corporate.
The Budget has many times emphasised the developments that the PM Gati Shakti Mission is aimed at. Through this mission, plans to develop roadways and railways networks are on the roadmap, which in turn is aimed at improving infrastructure and connectivity projects.
Gati Shakti is a digital platform that is said to be a ‘multi-modal plan’, meant to achieve its targets in the upcoming 25 years. Not only will this help with bridging gaps across the departments, but will also reduce delays in various processes. IT & Communication is already in the limelight since the Budget last year, and this year, the government has pushed for the growth of digital infrastructure.
Watch: Wire & Cable Industry Year Review
The Gati Shakti platform itself is a significant example. The Budget will also focus on laying the foundation for rolling out 5G spectrums, laying out optical fibre, and in turn enabling easy availability of broadband services in rural areas. This will be an added boost for the wire and cable industries.
For energy transmission, the focus lies on clean and sustainable energy. And subsequently, there is an aim to boost the e-vehicle sector. This is a significant development, since catering to clean energy needs will be beneficial for industrial advancements as well as the overall growth of the country.
In addition to these, the Budget has mentioned the National Ropeways Development Programme, which comes under the Government’s Parvatmala Project. Under this Programme, eight ropeways projects will be awarded in the current financial year. This will also provide a positive scope for the industries.
Also Read: Gupta Power Infrastructure: Electrical Industry Playing a Justified Role in Developing Smart Cities
In a nutshell, it appears that the key focus of the Budget is on holistic development. And so far, the outcomes and plans discussed in it seem favourable for most of the manufacturing industries. Since it mostly draws from the Budget of the previous financial year, the current Budget can also be concluded to be beneficial for the wire and cable industry.
