Auto Budget 2015: Sanjeev Ranjan from International Copper Association of India comments
"The railway budget had set up a roadmap for reforms and the tone for the Union Finance Budget has followed more or less a similar pattern.
It is more of a directional budget which talks about the "what" & "where" rather than "how". The intent of the budget has been to focus on Growth & Equality and as a budget which has something for everyone. The thing which stands out that the government has realized that there is a very strong case for improving the Global Competitiveness of India by focusing on infrastructure, ease of doing business by bringing in regulatory reforms to cut bureaucracy and improve existing taxation norms and help to generate jobs.
The announcement that GoI will set up 5 more ultra mega power projects of 4000MW, entailing investments of around Rs 1 lakh crore, is a big positive for copper industry. Though we do not have anything specific for real estate but the clarity that there will be no capital gains tax on contribution to REITS will also be positive.
Consolidation and improvement in operations of railways by bringing in better technology will also be a big positive for the copper industry.
We are happy with government sticking to its vision of 'Housing for All' by 2022 which will mean the government will build 60 million homes -- 40 million in rural areas and 20 million in urban areas by allocating Rs 22,407 crore for taking measures in housing and urban development across the country in 2015-16. If this happens, then it will be a big boost for our building wire for residential application. We would have been more happy if the exemption limit on interest on home loan was increased too.
Additional public expenditure is likely to increase to Rs 1.25 lakh crore, with Rs 70,000 crore of capital expenditure. This commitment of government to have participation of sovereign in Infrastructure space can be a very positive step for boosting the almost defunct PPP model. The idea of having National Infrastructure Investment Fund is very good, concept of Plug and Play kind of projects where all clearances are worked out before allotment of the project is also very good.
By and large we as an association, are happy with the announcements in the budget and feel that it will all boil down to "How" part and quick creation of capital on the ground which will mark how successful this budget has been in setting a roadmap for future."
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