The Union Budget 2016 is set to get showcased in the Indian parliament. This event will set the tone for Government’s action plan for economic revival. However, the industry has already started pouring their respective recommendations to the finance ministry as they are the most important lot which directly and immediately gets effected by the Union Budget announcement. In this context, SMEStreet is running a series of interactions, interviews and features which explains the budget recommendations from the industry.
According to Mr Aggarwal, “During the current financial year, while the overall construction industry remained subdued; some initial signs of demand pick are now seen in the commercial (office) spaces in some of the Metro and suburban or semi-metro cities. Construction of Industrial units has gained momentum and some of these being fast track projects indicate positive expectations about the sustained growth of our economy.”
Many of the States have picked up the impetus to shape up the “Make in India” vision of our Prime Minister and this confidence building will attract more FDI in the manufacturing sector, aimed essentially at domestic consumption. The forthcoming Budget and Policies have to play their role now to sustain and build up this confidence.
Mentioning his expectations from the Budget 2016, Mr Aggarwal added, “Thus, I expect the Budget to facilitate the ease of establishing business, ease of creating intellectual property, ease of running the business, ease of borrowing money within and outside India to ensure business growth. While the ‘Make in India’ does bring in tons of new opportunities, it also has its own set of challenges. I expect the policies of this year to focus not just on manufacturing in India, but ensure that this manufacturing thrives in India, which in turn will drive more employment and more commitment from this industry, in the near future.”
“I also expect the budget to extend an assurance to the Manufacturers, including small and medium size enterprises that they would not be subject to unfair competition created by excess capacity in the other countries.” Dinesh Aggarwal further concluded.