Budget 2023-24 Expectation: Provide tax breaks, incentives to CV industry; invest in infra
Government should introduce policies and schemes to bolster small Industries and businesses facing challenges since the pandemic
India's manufacturing sector. News18
The forthcoming Budget is on the cusp of being released, and stakeholders from all economic quarters are expressing their interest in the introduction of suitable policies. Experts are anticipating that the new policies formulated will bring about a degree of relief to various industries and sectors.
The manufacturing sector has contributed 15 per cent to India’s GDP and the industry is flourishing in the wake of India’s rapid growth and development initiatives aimed at a better India. The electric vehicle (EV) sector is witnessing a surge because of the government’s myriad of policies and schemes that have brought forth a notable rise in the electric vehicle sector. With the development of technology, India is capitalising on it in the most constructive manner possible. All eyes are on the Union Budget and what transformations and relaxations it will bring forth.
Provide tax breaks to CV sector
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The commercial vehicle segment is an integral part of the economy, and any new investment in this area can be a boon for many businesses. The government should take the initiative to promote new investments in this segment, both on a national and local level. This can be done through providing tax breaks and other incentives to businesses, as well as investing in infrastructure and improving transport networks. In addition, the government should provide access to capital for businesses, to make it easier for them to invest in this segment. By doing so, the government can ensure the growth and development of the commercial vehicle segment, which is essential for economic growth.
Streamline administrative processes in Railways
Indian Railways are poised to play a pivotal role in the country’s economic growth. The government appears to be making a concerted effort to invest heavily in the development of the Railways and with the right decisions, this could prove to be a catalyst in the railway sector’s growth. The initiative to revamp and electrify the sector is sure to yield significant results. Substantial investments will be instrumental, and streamlining administrative procedures will be helpful in ushering in a period of positive economic development. The automotive industry could also use support for the scrappage policy.
Announce policies, schemes for small businesses
The COVID pandemic has had a detrimental effect on Industries, especially the marginal and small players. The elimination of marginal players or lower-level players due to the COVID crisis has been notable, as they were already facing numerous challenges. The Government should therefore introduce policies and schemes to bolster small Industries and businesses. This would have a positive impact on the prices, as bridging the supply chain gap would restore balance in the market. Consequently, the government should focus on promoting these small businesses to curb rising prices.
The government’s proactive stance in taking prompt measures to bolster India is praiseworthy. To further the ATMA NIRBHAR BHARAT initiative, it is imperative to introduce PLI schemes to those industries which are yet to be impacted by the scheme. This initiative has the potential to bring about a remarkable transformation in the economy and GDP.
Modify personal I-T rates
There have been extensive discussions about the potential modifications to the personal income tax that must be taken into consideration. This has been a highly contested issue for over a decade now. It would be a progressive move on the part of the government to analyse the present situation and modify its policies and schemes accordingly. It is of the utmost importance that the government considers the current personal income tax rates, which have remained unchanged for the last decade.
When discussing the potential impact of road infrastructure on the economy, the conversation could be inexhaustible. Further policies and investment of the government in road infrastructure will be an essential element in ensuring a modern, efficient, and safe transportation network for its citizens. Investing in road infrastructure can create jobs, stimulate economic growth, and make the nation more attractive for businesses.
Prudent investment of the government in road infrastructure is paramount, factoring in various conditions. These considerations include the safety of users, the maintenance of the infrastructure, and the economic costs of building and maintaining the roads. Additionally, the policy of the government towards road infrastructure is also important, as it will influence the level of investment and the road infrastructure policies that are implemented. Implementing a scrappage policy is of the utmost importance.
By comprehending how export and import impact the economy, the government can provide guidance and advice on how to capitalise on these forces.
The writer is the Executive Director and CFO of Ramkrishna Forgings Ltd. Views expressed are personal.
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