Fuji Electric welcomes Union budget

Fuji Electric welcomes Union budget

Agency News

Chennai, Feb 1 : Fuji Electric India Managing Director Sriram Ramakrishnan today welcomed the thrust in the Union Budget to reduce dependence on kerosene and diesel in the agriculture sector. In a statement here, he also welcomed the expansion of the PM-KUSUM scheme to 20 lakh farmers for setting up stand alone solar pumps and another 15 lakh farmers for solarizing their grid-connected pump sets.

''Also the extension of the concessional corporate tax rate of 15 per cent to new domestic companies engaged in the generation of electricity will provide an added incentive for growth of solar power generation in India'', he added.

On digital economy, he said it was heartening to see the Government's commitment on building strong foundations, including a policy to enable the private sector to build data centre parks throughout the country, extending basic Fiber connectivity to all 100,000 Gram Panchayat and allotment of Rs 6000 crore for the BharatNet program in 2020-21. He said a key booster shot for the economy will come with the Government giving details of how they intend funding for the 103 lakh crore National Infrastructure Pipeline projects.

The Government announced the allocation of Rs 22,000 crore which would cater for equity support to infrastructure Finance Companies such as IIFCL who can leverage it, as permissible, to create financing pipeline of more than Rs.1,00,000 crore.

Also granting 100 per cent tax exemption on interest, dividends and capital gains for investment made before March 31 2024 by the Sovereign Wealth Fund of foreign governments in Infrastructure sector, will help bring much needed foreign capital for the Infrastructure sector. (UNI)