BackBudget 2023: How to accelerate growth of Indian manufacturing sector
Experts believe that Union Budget 2023-24 will be critical for the reemergence of India's manufacturing industry, which is currently rehabbing from the pandemic's impact
PremiumFinance Minister Nirmala Sitharaman will present the Union Budget in the Lok Sabha on February 1, 2023. Experts believe that Union Budget 2023-24 will be critical for the re-emergence of India's manufacturing industry, which is currently rehabbing from the pandemic's impact.
Experts weigh in their opinion as to how to accelerate the growth of the Indian manufacturing sector.
Dr. Deepak Jain, Founder, of The Fragrance People
We believe the budget identifies some vital austerity policies like the reinstatement of 'Investment Allowance'. While developing the Union Budget 2023-24, the Indian machine tool sector strives for an amalgamation of policy proposals, concessions, and specific schemes to resuscitate growth
Sanjay Mehta, President MRAI (the apex body of the Recycling Industry of the country)
Removal of basic custom import duties and taxes along with policy measures to boost the growth of the industry. Removal of basic customs duty on metal scrap will provide a big boost to the MSME units of the Recycling Industry largely dependent on imported scrap as a key raw material. The move will also benefit other industries in the MSME sector that uses metal for finished products in various downstream applications such as infrastructure and auto components.
Lokendra Singh Ranawat, CEO, WoodenStreet
Indian manufacturing sector anticipates promoting R&D and providing incentives for local manufacturers. Adding to that, companies in the manufacturing space should be rewarded for bringing up new technologies and adopting sustainable business practices. With pandemic crises affecting both supply and demand both, the manufacturing industry seeks support from the government.
Ashish Aggarwal, Director, Indo Innovation
Manufacturing financing should be urged within and between technology companies to bring self-reliant remedies to the nation, and the creation of cutting-edge production skill sets from across the top and bottom of the hierarchy must be empowered. The advancement of cutting-edge mfg skills at the top and bottom of the hierarchy must be illustrated, as this could be a huge success for future skills training.
Raghunandan Saraf, founder, and CEO of Saraf Furniture
The Indian government should emphasize policies that support infrastructure, the manufacturing industry, and clean energy, thereby enabling the nation to start realizing its global potential. The government must establish the appropriate policy and fiscal framework. The forthcoming union budget is expected to keep and offer the best policies and government budget framework to guarantee the nation's economic growth, as well as a budget layout that really can stick up to the growth rate of GDP expectations.
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