Budget to give boost to MSMEs: IEEMA

Indian Electrical & Electronics Manufacturers' Association (IEEMA) has welcomed the Budget 2018-19 stating that it will give a boost SMEs and help create employment.
Budget to give boost to MSMEs: IEEMA
Indian Electrical & Electronics Manufacturers' Association (IEEMA) has welcomed the Budget 2018-19 stating that it will give a boost SMEs and help create employment. 
 
Commenting on budget 2018, Shreegopal Kabra, President, IEEMA, said, “We are very happy that pre-budget focuses a lot on the electrical industry and the problems of the power sector. The government is also looking to reduce the power theft which would save more than 1 lakh crore per annum. The budget is an ideal balance between the agriculture and industry, and there is huge thrust on infrastructure and healthcare as well as on smart cities. The government has also managed to keep the fiscal deficit low. This will help the entire spectrum of the country. Right from the common man to the industry to the agriculturist. The thrust of creating employment and the boost to MSMEs is something that IEEMA welcomes.”
 
The budget 2018 emphasis on to enhance research in disruptive technologies like Artificial Intelligence (AI), Big Data, Internet of Things (IoT) and Robotics. “These policy changes will lead to a digital awakening and now the industry needs to formulate a strategic approach to ensure long-term sustenance of this digital movement without sacrificing speed, safety, and efficiency. India is standing on the cusp of a digital revolution. With the Digital India initiative, the Government has embarked on a focused journey to bring digital transformation in the lives of all its citizens. This year ELECRAMA’s focus is more on digital technologies that will dominate the future of electricity in coming years,” said Vijay Karia, Chairman, ELECRAMA 2018, a trade fair for electrical & electronics to be held from Mar 10-14, 2018 at India Exposition Mart Limited, Greater Noida.
 
Sunil Misra, Director General, IEEMA, added, “We find the budget positive considering the fact that it is affecting a major part of the population positively. The allocation for Saubhagya scheme, allocation to infrastructure, railway, smart city, and defence will boost power sector also. Rural electrification and social sector spending will in long-term help consumer electrical industry. The sops to MSME through corporate tax reduction and Mudra loans are a welcome move for the industry. Special allocation to the smart city will boost domestic electrical industry also increase in customs duty for certain item will also boost the industry.”
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