general budget Preparations are going on at a fast pace. Finance Minister Nirmala Sitharaman will present the general budget on 1 February. This time everyone has high expectations regarding the budget. Now the cement industry has demanded from the Finance Minister to reduce GST in the budget. Making this demand, Arun Shukla, Chairman and Director of JK Lakshmi Cement, said that the government should reduce the Goods and Services Tax (GST) rate on cement from 28 percent to 18 percent and take some policy measures in the upcoming budget to increase its consumption. Should do. He said that there is a need to increase cement manufacturing capacity in India to meet the increasing demand. It is expected to grow at an average annual rate of 7-8 percent.
Currently 28 percent GST is levied on cement.
Responding to a question about the industry’s expectations from the Budget, he said that cement in India has the highest GST of 28 per cent and it needs to be reduced to 18 per cent. Shukla said cement is one of the key components driving growth in the economy. Cement is needed to create world-class infrastructure that can support the growth of the Indian economy. He also stressed the need to increase cement consumption in India. Shukla said cement concrete roads last longer and are more economical than asphalt roads in the long run.
Group is investing Rs 500 crore in Bihar
JK Lakshmi Cement, part of the JK Group, is investing Rs 500 crore to set up a manufacturing plant in Bihar’s Madhubani district. Bharat Hari Singhania family-promoted JK Lakshmi Cement had signed a memorandum of understanding (MoU) with the state government for its proposed manufacturing unit in 2023 at the investors’ meet itself. The company has already acquired land and is in the process of obtaining other approvals to set up the plant. He said that we want to meet the local demand from this plant in Madhubani, Bihar. The plant is expected to be operational within a year. Shukla lauded the Bihar government for delivering on its promises, including the fiscal stimulus, and said they were indeed living up to their word.
Lakshmi Cement’s annual capacity is 1.8 crore tonnes.
He said that the kind of support we have received from all parts of Bihar, all departments and bureaucracy is amazing. This is probably our best experience in setting up a new plant at a new location. JK Lakshmi Cement has an annual capacity of 18 million tonnes. He said, we have set a target to reach three crore tonnes by 2030. Shukla said that additional capacity expansion of 12 million tonnes is being done in different geographical areas.
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