Patel hails sops to heavy industry sector

Minister for Heavy Industries & Public Enterprises, Praful Patel welcomed the sops given to the heavy industry sector in the Union Budget 2011-12. The Minister has said these path-breaking measures, especially those for electric/hybrid vehicles will catapult India into the league of countries, which are at the forefront of clean and green technology.
In the heavy electrical equipment manufacturing sector, he excise duty exemption has been provided for domestic equipment manufacturers of capital goods for expansion of existing mega power projects and ultra mega power projects by delinking it from customs duty.
The reduction of the current surcharge of 7.5% income tax applicable on domestic companies, to 5% will also greatly benefit the domestic heavy electrical equipment manufacturing sector.
The setting up of the National Mission for Electric/Hybrid Vehicles will allow synergies, concerted, prioritised, collaborative, and continued support by the Government for greater adoption of electric/hybrid vehicles and their manufacturing in the country, which will not only lessen the impact of transportation on the environment but also lessen the dependence on fossil fuel.