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Indian Electrical and Electronics Manufacturers' Association (IEEMA), the apex representative body of manufacturers of electrical equipment, professional electronics and allied equipment in India has presented a Pre-budget Memorandum 2013-14 to the Ministry of Finance.
IEEMA believes that the Union Budget is a tactical and direction setter and therefore more focus should be given on encouraging domestic manufacturing and creation of level playing field for the industry in order to maintain its competitiveness.
The pre-budget memorandum has cited extension of service tax exemption to important infrastructure sector, power generation, transmission & distribution related services as their wish from the Union Budget 2013-14.
IEEMA suggested that, "Being an important infrastructure sector, power generation, transmission & distribution related services should also be exempted from payment of service tax. With the mission of providing power to all on demand at affordable cost; exempting all power projects from the levy of service tax would definitely be a step in the right direction and reduce the project cost.
The generation equipment sector is 26% of the total industry and the T&D equipment sector comprises of 74% of the industry. Growth rate of electrical equipment sector decelerated to 6.9% in 2011-12 as compared to 11.3% and 13.7% in 2009-10 and 2010-11 respectively. For the first time in 10 years, the electrical equipment industry has seen a negative growth of 3.9% in the first five months of the current fiscal (2012-13).
In its pre-budget memorandum, the IEEMA has appealed to the Government for the refund of excise duty paid by the domestic manufactures as a deemed export benefits. The electrical industry is extensively technology oriented and machinery used in the industry is susceptible to frequent technological changes. The industry has to keep pace with time to remain competitive nationally and internationally. Therefore, it is essential to adopt new technologies at a faster rate. The present rate of depreciation for construction equipment is 15%.
On this, IEEMA has advocated that, higher and accelerated depreciation should be allowed for construction equipment at construction sites @ 30% so that the equipment can be written off in 10 years. This will enable companies to bring in better technology in manufacturing sector where newer technologies can reduce project cycle time.
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INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
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