Union Budget Preview

Budget Wish List - Mr. Ved Prakash Mahendru, Chairman and Managing Director, Eon Electric Limited

Posted On : 2014-06-28 00:05:37( TIMEZONE : IST )

Budget Wish List - Mr. Ved Prakash Mahendru, Chairman and Managing Director, Eon Electric Limited

"This particular budget is coming up at a very opportune time. Industry in general and Electrical / Electronic Industry in particular is confident, committed and upbeat now to expand their capacities substantially with more creative and energy efficient products not only for Indian market but also for the fast growing markets around India including Middle East and Africa.

1. Extend the period of tax benefits for another 10 years for the special industrial zones created in Himachal Pradesh and Uttarakhand to ensure that the heavy investments already made and the experience gained which were lost in setting up the plants and in policy paralysis for effective implementation of the industrial growth can now be put to use. The Industry now wants to further modernize and expand these units. Help this fast growing industry with duty free import of critical raw materials unavailable in India.

2. Organize a dry-port around Chandigarh to facilitate fast track growth of exports and ease import of critical components expeditiously to ensure growth from Northern India including Punjab, Haryana, Himachal Pradesh, Uttarakhand, Western UP etc.

3. Encourage setting up cluster of similar Industries for 100% utilization of high quality common facilities such as import of raw materials, testing of products and convenient distribution of products all over the country and abroad thus creating millions of new job opportunities.

4. Enforce companies to procure on priority power from Solar and Wind Energy sources and encourage use of LED Lights for home, domestic, industrial and commercial uses apart from Street Lights which account for 20% of the power generated by our Nation.

5. Impose Anti Dumping Duty particularly on import of low tech fast growing demand products such as LED Indoor and Outdoor Lights including Bulbs, Tubes, Flood Lights and Street Lights etc. The technical Universities such as IIT Delhi, Roorkee, Pant etc. should be encouraged to take up research in LED Lights which have 60 - 80% higher efficiency than traditional lights. This will also provide LED Lighting Engineers to the fast growing LED Lighting Industry. These R&D Trained Engineers / skilled / semi-skilled workers will have great job opportunities in such Industries."

Source : Equity Bulls