March 1, 2016: The reduction in excise duty if expected to boost the usage of solar pumps in the country, said Akhilesh Maru, CFO, Shakti Pumps. The company further said that the cut of excise duty from 12.5 per cent to 6 per cent will have a good positive impact on the sector.

With the motor component of around 40-50 per cent in the overall pump and the company manufacturing motors for all the products on which the excise duty has been announced, it is expected that it will impact the cost price for the company positively by around 3-4 per cent.

Apart from the excise cut, budget announcements like focus on rural development and agri growth is expected to be a boost for the pumping segment, according to the company.