Interaction | February 2015
´Make in India´ has been the innate desire of every Indian
Ved Prakash Mahendru, CMD, Eon Electric Limited
Will the unrolling of GST make any difference to your operations?
Unrolling of GST is indeed a great initiative which came up for review with the government from time to time in the last five-six years, yet no tangible decisions could be taken. It appears that now GST is a clearly defined piece of legislation which will be implemented soon, thereby avoiding unnecessary and irksome repeat taxation on the same goods, thus increasing burden of the consumers. Fortunately it also ensures that there is only one uniform regime of taxation on all-India basis on sales rather than having variety of them including the provincial sales tax, Central sales tax and VAT etc., applicable at varying rates in different States. The chances of fraudsters misusing the old regime of taxation will now be practically a thing of the past as GST will uniformly simplify tax at one point and such tax will be adjusted in the tax to be charged when the goods are re-sold.
What are the opportunities do you see for your sector in 2015?
It is heartening to see how the government during the last six months has taken effective control of the above said system shortcomings and problems being faced by the public by reducing the revenue expense through introduction of energy efficient power distribution equipment for the power distribution companies. Many highly inefficient transformers/cables and power lines have been and are further being replaced with more efficient power equipment as a result of which much power which was going down the drain because of system wastages is being consistently saved and turned into revenue.
Has the ´Make in India´ campaign made any difference to your operations?
´Make in India´ has been the innate desire of every Indian involved in manufacturing and marketing. Above all it brings to them and the users a great pride in contributing to the development of India´s own industry thereby providing an opportunity of technological growth and experience to Indian working hands, be it engineers, technicians or workmen. Apart from that the effective implementation of this slogan, ´Make in India´ promotes opportunity of research and development of new products, opportunity of consistent cost of reduction and certainly lower cost to the consumers.