Corporate taxes should be brought down: Anil Gupta, KEI Industries
Refineries are upgrading them to meet the BSVI fuel norms; these projects are adding maximum to our business, says Anil Gupta, Chairman & Managing Director, KEI Industries Limited, during an interview with Zee Business.
Refineries are upgrading themselves to meet the BSVI fuel norms; these projects are adding maximum to our business, says Anil Gupta, Chairman & Managing Director, KEI Industries Limited. During an interview with Dimpy Kalra, Zee Business, Gupta said that the corporate taxes should be brought down. Excerpts:
Q: Key Industries has its presence in 45 countries and has proved itself as an expert in the Indian cable and wire industry. Tell something about the journey and what energises you to be at the helm?
A: It has happened due to the efforts of the team that has been created in the last 25 years. In fact, the team energise and supports us to function in these many countries and places and handle a long dealer network. Basically, it is a team strength.
Q: You have a presence in power, oil and gas, petrochemical, steel and marine among others. Talk about the segment that is providing the best business to your company?
A: Refinery sector, where almost every refinery is upgrading itself to meet the BSVI fuel norms, is contributing the most to our business. Transmission and distribution is the second segment and it is contributing a lot to our business and it is running very well. In the segment, we have several extra high-voltage underground cabling transmission projects in our bag and it has contributed a lot in this year’s growth. When it comes to distribution, then we have several projects related to distribution strengthening in different states and it involves underground cabling, which is being done to remove the overhead cable system in different states. Thirdly, the ongoing metro projects across the country have also contributed a lot to our business. Apart from this, the retail business, which depends on real estate, small industries, penetration in small cities and towns, is also contributing to our business. The retail aspect also depends on small projects of the local contractors who are functioning at local levels.
Q: What are your expectations from Budget 2019-20 that will be presented on July 5, 2019?
A: Corporate tax, which is very high in our country, is part of our budget wishlist. The taxes should be brought down with an aim to provide relief to big companies. This reduction will bring an investable surplus to the companies which can be ploughed back and give a boost to industrial growth. Secondly, demand growth should be encouraged, and it can be done by investing in infrastructure projects like railways, metros and transmission and distribution systems of the power segment. Encouraging infrastructure also includes highways because several overhead systems are removed existing utilities go underground during the process when highways are developed. So, it encourages demand. Thus, increased infra spend will give a boost to the country, economy and industries as well as real income.
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