Budget2021 : Post-Budget Reaction - Finolex Cables Limited

Spokesperson - Mr Deepak Chhabria, Executive Chairman, Finolex Cables Limited

'Manufacturing is an integral part of global supply chains, with the potential of core competence and cutting-edge technology. To sustain the double-digit growth, some of the initiatives will help bring scale and size in critical sectors, develop and nurture global champions and provide employment to the youth. The power sector has seen several reforms and achievements in the past 5 to 6 years. The Union budget 2021 announcement on the expansion of the metro rail network and augmentation of city bus service will create more avenues for companies like ours. To boost the non-conventional energy sector, the government has provided an additional capital infusion of INR 1,000 crores to India's Solar Energy Corporation and INR 1,500 crores to Indian Renewable Energy Development Agency.

Furthermore, to encourage domestic production, the government has also increased duty on solar inverters from 5% to 20%, and on solar lanterns from 5% to 15%. Additionally, reducing duty on copper scrap from 5% to 2.5% benefiting copper recyclers. With Atmanirbhar Bharat, the government has already unveiled plans in core sectors to stimulate economic growth and spur investments.'