Industry’s Expectations from Budget 2023
Now, we are about to get the Union Budget 2023-24 tabled in Parliament. Industry is sharing it's expectations from the Hon'ble Finance Minister.
The country’s eco system for LED TVs and Washing machines has already started to develop, however, if PLI schemes are extended to these 2 products, the ecosystem for complete product manufacturing will develop faster and will inturn help to compete globally. Open Cells, which are not domestically produced, should have no taxes applied to them. The GST on LED TVs bigger than 32″ should also be decreased. These adjustments will boost the product’s demand, promote domestic production, and improve exports too. Schemes from the government are expected to push consumers towards more energy-efficient LED TVs & replace existing CRT TV homes.
Sanjiv Kanwar, Managing Director, Yara South Asia
“We are enthusiastic about the opportunities and pathways that are opening up for engagement in the sustainability, food, and nutrition sectors as India assumes the G20 leadership this year. At Yara, we are hoping for a push toward simplifying regulations for introduction of innovative crop nutrition products, particularly micronutrients and speciality fertilisers. Nutrition will be critical to food security in India, given that we may take the title of the most populous country in the world this year. Therefore, we firmly believe that introducing the ‘Plant Nutrition Management Bill’ is necessary and ought to be a top priority for 2023.
Soil fertility and micronutrients will be critical to meet the quality requirements for the food being produced in the country. Hence, bringing parity between the taxation on bulk fertilizers and micronutrients will help farmers take advantage of these products to not only improve quantity, but also quality of produce. In fact, measures like direct benefit transfers of subsidy amounts into farmers’ bank accounts, will empower them to make a choice of products and services to be used to improve overall productivity for the farm sector. This step will also give wings to the export aspirations of the country.”
Mr. Neeraj Tyagi, Co-Founder, We Founder Circle.
“As a startup builder, we would expect some bold initiatives by the government to encourage more participation of small check investors as angel investors in the ecosystem. This could be in the form of tax exemptions on returns from investments, as already the investment is risky in this asset class, so an incentive in the form of tax rewards would work as a catalyst.
Also, for startups, a tax exemption slab increase in GST would be a big step. Moreover, more active participation of government supported Incubations and seed funding would bring a lot of pace in the Tier 2/3/4 cities startup innovation.”