Industry Reaction - Budget 2008
Budget Reactions
Mr V P Mahendru, CMD, Indo Asian Fusegear Limited
Commenting upon the Union Budget 2008-09, Mr. V P Mahendru, CMD, Indo Asian Fusegear Limited, said, "The budget has provided relief to the farming sector and to the common man but missed out in providing something substantial to the industry. The 2% reduction in the CENVAT is a welcome relief. The sum of Rs 800 crore provided to the Accelerated Power Development and Reform Project along with the setting up of the National Fund for transmission and distribution reform will leverage the power distribution companies to reduce T&D losses. While we share the same ideology of a clean and green environment, there has been no provision like reduction in the duty cut in CFL bulbs which are instrumental in this regard. The issue of high duty on raw materials and other inputs that goes into the production of CFLs is still at a high rate of 14% making it costlier for the masses to adapt to".
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