Corporate India has high expectations from the budget to be presented next week amid the Corona crisis. In a special conversation with us before the budget, Anil Agarwal, Executive Chairman of Vedanta Resources said that the government should cut the tax on oil and gas with the push on technology. He further said that our position in technology is very strong but there is a need to further promote the technology.
Anil Aggarwal further said that there are great expectations from the budget. Work on Ease of doing business is going on from the government. The government has a focus on making India self-reliant. The emphasis is on reducing imports. To achieve all this, the focus has to be on privatization. Privatization will increase employment. The budget should encourage SMEs and startups. It is expected that the infrastructure will get a big boost in the budget.
Anil Aggarwal says that there should be tax cuts to push the economy. 50 percent energy security is necessary for the country. At present, there is 15% energy security in the country. It pays the highest tax on oil and gas in the country. We have the best oil here. We should focus on increasing oil production. Reduction in cess is necessary to promote oil and gas in the country. Approval should be obtained from the automatic route in this sector.
In this conversation, Anil Aggarwal further said that for the goal of delivering gas to every household, tax on gas should be reduced and emphasis should be on increasing production. Production should not stop at mines. There is the heavy import of aluminium scrap in the country. Duty should be increased on aluminium scrap.