'Holistic Economic Boost is Needed from This Year's Budget'

While the Union Budget 202324 is all set to get presented in the Lok Sabha, here are some wishes that industry leaders from manufacturing and automation have shared.

Dilip Sawhney, Managing Director of Rockwell Automation India

“We expect that government will continue its focused approach in boosting the domestic economy holistically by leveraging all possible fiscal tools at their disposal to improve infrastructure, connectivity, logistics, and skills, apart from the all-important aspects of health and education. The manufacturing industry, in particular, is strongly hoping that government will come up with a few additional PLI schemes (apart from strengthening all existing ones) to boost new segments within the manufacturing ecosystem and realize the hon’ble PM’s ambition to make the country a manufacturing hub of the world, by unlocking India’s potential to lead the fourth industrial revolution.

We expect the NIP (National Infrastructure Pipeline) scheme will be more focused to boost growth in related industries resulting in increased employment. We are also hoping that govt will bring back the earlier scheme under DSIR for weighted tax benefit for R&D expenditure of corporates - this will go a long way in rekindling domestic R&D activities of various industries.”

Mr. Rohit Saboo, President & CEO, National Engineering Industries Ltd.

“The budget 2023 is one of the most awaited budgets with markets keeping a close watch as to what this will bring after almost 3 years since the pandemic struck us, and with elections also approaching. We expect this year’s budget to be growth-oriented with an increased focus on infrastructure spends. We are also keenly looking forward to the government giving a boost to the usage of alternate energy to promote sustainability across sectors, as it is the need of the hour. We believe that the government should also give ample support to R&D to promote localization of manufacturing which will further augment the government’s make-in-India strategy.

The year 2022 also saw a rise in the EV auto segment and 2023 will see it thrive further. We are looking forward to a uniform goods and service tax (GST) levied on the EV components which will give a further boost to the industry.”

Vivek Nath, Head of India, WTW

“The risk and insurance sector in India is now moving from a phase of evolution, since privatization, to a phase of revolution as it aims for ‘Insurance for all’ by 2047’. The industry expects the budget to outline policy measures that move the country in that direction while increasing insurance penetration and safeguarding consumer interest. Some of these measures include the relaxation of the minimum entry capital requirement in order to bring in FDI, cutting edge technology and best practices in a way that safeguards policyholder interest. Considering the medical inflation, the budget should consider reduction of the GST applicable on retail insurance to improve insurance coverage. While there is significant focus on solar and renewable energy, industry in general, is prioritising actions towards a low carbon economy and the budget should outline policy measures that will improve assessment, measurement, mitigation and transfer of climate or climate related risks including via insurance”.