Budget 2019: What cement, telecom sectors make out of Nirmala Sitharaman’s maiden budget

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Updated: July 5, 2019 6:24:06 PM

Union Budget 2019 India: With economy undergoing slowdown, Finance Minister Nirmala Sitharaman’s proposals in the general budget 2019 may help in reviving it, industry experts said.

Union Budget 2019 India: The cement sector offers to further the circular economy practices on close partnership through government support.

Union Budget 2019 India: With economy undergoing slowdown, Finance Minister Nirmala Sitharaman’s proposals in the  general budget 2019 may help in reviving it, industry experts said. While cement sector said that the budget balances growth aspirations of both business enterprise and rural India, telecom sector expected the government to provide for further financial relief in the post-budget review.

“The Cement Industry extends its full support in realising economic reforms through rapid growth in infrastructure across housing, rail, road, waterways and highways. The Cement Industry finds the Government’s idea of prioritising waste to energy and enabling entrepreneurship among farmers through harvesting bioenergy are very encouraging,” said Mahendra Singhi, President, Cement Manufacturers Association. The cement sector offers to further the circular economy practices on close partnership through government support, he added.

Also read: Union Budget 2019 LIVE: Petrol costlier, more tax on rich, housing relief to middle class announced by Nirmala Sitharaman; PAN, Aadhaar interchangeable

In the budget, the government expected an increase of 28 per cent in non-auction revenue at Rs 50,519.8 crore in FY20 from the telecom sector as against Rs 39,245 crore earned for FY19.

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“We are happy that our government has acknowledged the pivotal role of digital technology in India’s evolution to a five-trillion dollar economy over the next five years. Budget proposals focused on evolving technologies like artificial intelligence, big data, robotics will not only fuel entrepreneurship but also open enormous job opportunities for our people. But at the same time, the telecom sector, which is under financial stress as the collection in the last fiscal fell short by over Rs 9,000 crore,” Sanjay Bakaya, Regional Vice President, India and South Asia, Mavenir.

Even as the budget showered some relief, the telecom sector expects further reliefs from the government. “The telecom industry was expecting some noticeable reliefs from high taxes and fees being levied currently. But, we are positive towards our government and believe that they will provide some financial relief in the post-budget review,” he added.

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