The budget is clearly focused on reinventing a New India, with specific measures announced for strengthening the rural and agricultural economy in addition to infrastructure development. It is aligned to the objective of overall economic growth, Nation building and job creation. This budget, takes into account various stakeholders across the spectrum, right from the social sector, businesses, young India and the senior citizens.
The budget has given significant impetus to MSME’s who are the backbone for the wind energy sector of India, as they manufacture components and provide various services. Reduction of corporate tax for MSME’s will help them to reinvest the surplus capital in establishing newer units to meet the overall target of 175 GW renewables by 2022. Also, government’s initiative to recapitalize PSU banks, enables the banks to provide loans to MSME’s.
However, I am hopeful the finance minister will consider the following to enable Nation’s Energy Security, sustainable and affordable power for all:
Overall the measures on the economic reforms, ease of doing business and impetus for the social sector are steps in the right direction for the growth of Indian economy in the long-term.
Earlier this year, the International Monetary Fund (IMF) in its annual economic report predicted India’s GDP growth at 7.4% and China’s at 6.8% in FY 2019.
The scaling up of Renewable energy is imperative to the success and growth of the ‘Make in India’ initiative. With government’s thrust, the country is experiencing positive winds of change in the Energy sector particularly in Renewables.
The budget is clearly focused on reinventing a New India, with specific measures announced for strengthening the rural and agricultural economy in addition to infrastructure development.