The upcoming Union Budget will be presented on 1st February 2022. Ahead of the Union Budget 2022, industry experts share their views on expectations from the Budget.
“The Union Budget in India is always eagerly awaited by everyone, from corporates to taxpayers, with all hopes attached to having simplified compliances. In the wake of the third Covid wave, there is a certain expectation in terms of rebates and relief from the Finance Ministry on Indirect and Direct taxes. Stimulus packages and tax exemption policies designed for the COVID impacted era would help revitalize the economy. Moreover, the duration of compensation cess ends in June 2022, hence it would be great if the government could look at providing an extension on this by six months or a year. The Ministry of Finance may have some surprises in their bags for the GST regime specifically from a sectoral perspective, hence as a leading industry player we are looking forward to this. In order to provide a fillip to business growth the government is also expected to introduce financial aid to build a strong digital infrastructure for MSMEs and startups. This will help further strengthen organizations, enabling them to grow and thrive in today’s remote work environment.”
– Niraj Hutheesing-Founder and Managing Director, Cygnet Infotech.
“India saw a euphoric rise in the number of unicorns in 2021, adding 33 in a year making it one of the fastest growing technology startup ecosystems globally. This growth has been on the back of overall improvement in ease of doing business, and this should continue to remain an ongoing focus and priority. Within the logistics space, there has been a massive disruption led by a major increase in last mile deliveries. Additionally, as Make-in-India along with the national freight corridors gains momentum, this is going to further increase demand for logistics. All of this necessitates building infrastructure capabilities that are future ready. We can achieve this with the right focus on digitizing processes and making international trade easier, which would go a long way in elevating India’s position in the global technology and logistics arena.”
– Dhruvil Sanghvi, Founder & CEO, LogiNext.
“As the country awaits Finance Minister Nirmala Sitharaman to present the Union Budget for 2022-23, under the ominous time of a potential third wave, we expect the budget to be a very pragmatic one. We hope additional incentives to businesses, particularly manufacturing companies, can be a part of the budget proposals.
We hope the government will use the ‘Atmanirbhar Bharat’ and ‘Make in India’ programmes to attract foreign investments, implementing cutting-edge technologies, and increasing exports in order to make India a global manufacturing powerhouse. This will also inturn help increase job prospects, which is necessary for a post-pandemic future.
From a future perspective, we hope our government would place a greater focus on employing emerging technologies to emphasize the importance of using energy-efficient solutions. We hope the government continues to support manufacturers to expand projects on innovative lighting products and other solutions which are environment friendly. These steps may also aid in defining a route toward meeting the net-zero target by 2070.”
-Kishan Jain, Director – Goldmedal Electricals
“The wires & cables industry in India has always been an essential part of the manufacturing industry. With the upcoming Union Budget, we would like to see the government’s increased focus on sectors such as infrastructure, healthcare and affordable housing as this encourages the demands for manufacturing and thereby wires and cables significantly.
In an effort to continue the economic growth of the country, we hope the Government will lower the interest rates and make higher capital availability to MSMEs as they are the backbone of the Indian business market and ultimately help generate employment.
Additionally, since we are looking at robust housing demand in 2022, we are expecting the Government to look at having the GST input credit reinstated as this will help reduce the cost of housing in major cities and make buying a home more accessible in larger cities. We also look forward for the Union Budget to boost affordable and mid-income housing by extending the cost bracket and expanding the tax benefit for first time buyers while introducing tax holidays and SOPs for developers engaged in affordable and rental housing projects. The real estate contributes around 8% to the overall GDP and this consequently creates the majority share of demand and opportunities for wires & cables in the country.”
-Shreegopal Kabra, Managing Director & Group President, RR Global
