The Union Budget 2019-20 presented by the Finance Minister is positive and supports the ambition of the country as a $ 5 trillion economy over the next five years, said Sanjeev Ranjan, Managing Director, International Copper Association of India. He added, “We were enthused at the announcement of One Nation, One Grid that will ensure power availability at affordable rates. While this is extremely heartening we would appreciate that the government also pay attention to the quality of power being distributed and raise the efficiency of the grid and reduce economic losses. Further, the ‘House for all by 2022’ mission and additional tax benefits for home owners will enhance access to affordable housing.”
The budget encourages EV adoption in India by incentivising the purchase of electric vehicles and developing charging infrastructure. “With further support of lower GST rates and income tax incentives, electric vehicles will become affordable and accessible to the consumers. We welcome the announcements as the government works towards reduction in India’s carbon footprint,” commented Sanjeev Ranjan.