Budget 2020: Focus on providing level playing field for MSME says, Prakash Javadekar

Raj Kumar Singh, Minister of Power and Prakash Javadekar, Minister, Heavy Industries decoded the Union Budget in an interview with CNBC-TV18.

Singh said, “The FM  has simplified the tax slabs and she has brought down the taxes so this is something which will help the middleclass, lower middleclass and also upper middleclass, this is one highlight. The second highlight is she has managed to provide funds for investment in the infrastructure sector, in agriculture sector and even in the social welfare sector.”

He further added, “This budget makes investment in India more attractive, and also makes India an attractive investment destination by doing away with dividend distribution tax (DDT) and she had already brought down the corporate tax levels.”

Talking about power sector concerns he said, “The problem is in the distribution sector, there are many distribution companies which are running in losses now and for that we wanted a scheme so that we could reduce the losses of the discoms and that is what she has agreed to give in this budget - smart metering is the part of that scheme.”

When asked about imposed custom duty on several electronic appliances and components of electric vehicles and whether all this is being done to push assemble in India and manufacturing in India, Prakash Javadekar said, “The issue is every item was rigorously examined and wherever we have the capability to produce, we have given fillip to Indian producers and therefore rise in import duty in certain items, but there are number of items where that has not gone up because where we don’t have capacities or where we don’t produce we have not given. The small and medium industry or Indian industry can grow only if they get a level playing field and that level playing field is provided by this budget.”

When asked if the budget would promote indigenous electric vehicle manufacturing in India, he said, “ Yes, because electric vehicles are also becoming popular and people will be using them more. We have already started planning for a new policy of electrical battery waste management practices because we have to prepare for this. I am sure that the electrical vehicles will work.”