Industry seeks more support says Budget to spur growth

Industry captains and young entrepreneurs said that the Union Budget 2021-22 would spur growth but they said more support would be required to be self reliant.

Prashant Ruia, Director, Essar Capital said the budget has attempted to put a medium to long term foundation to the emergency measures undertaken by the government in the first nine months of the pandemic.

“By all measures, the government has done a fine job at reviving the growth impulses in the economy.”

“This Budget, therefore, attempts to reinforce the health, physical and financial infrastructure so that the economy is never ever caught in a similar situation,” he said.

Anshu Budhraja, CEO, Amway India said, “The Indian FMCG sector witnessed massive disruptions in 2020 owing to the pandemic. In this context, the Union Budget provides a big boost to the Atma Nirbhar vision which will propel growth for all industries alike.”

“With the significant increase in consumer demand owing to the pandemic, the FMCG industry was looking forward to some relief in income tax as it could have positively impacted disposable income and thereby, further strengthened the spending power of consumers,” he added.

Rama Kirloskar, Director, Kirloskar Brothers Ltd said the government’s aim to spend ₹1.97 lakh crore on various PLI schemes over the next 5 years was a step in the right direction.

“This move is likely to attract global players in the Indian manufacturing sector as the government is planning to offer plug-and-play infrastructure. The special focus on manufacturing will also assist in augmenting Foreign Direct Investment (FDI) in this sector which is undoubtedly the need of the hour.”

Ashish Gupta, Brand Director, Volkswagen Passenger Cars said, “The increase in custom duty on certain auto parts would impact the input cost, although we’re yet to assess the financial impact.”

“On the voluntary scrappage policy, strict governance on the fitness test would determine the benefit on the environment and pollution reduction,” he said.

Vinay Kalantri, Founder & MD, QPS Global said the move to earmark ₹1,500 crore for promoting digital transactions was a positive. “This Atmanibhar Bharat move will encourage payment companies focussed on BFSI and Fintech to create world-class standards and benchmarks in payments,” he said.

“We appreciate the government’s move which provided a big boost for start-ups. Incorporation of one person companies to incentivise innovation in start-ups will boost employee generation and skill development,” he added.

Arvind Goenka, chairman, The Plastics Export Promotion Council (PLEXCONCIL) said, the Budget will stimulate growth in the economy after a global pandemic.

“The government has to encourage plastics manufacturing companies to become an integral part of global supply chains, possess core competence and cutting-edge technology. We request for reduction in customs duty on Plastic raw materials,” he added.

Sriram Chitturi, founding-president of Rental Housing Association of India and Founder, Guesture, a co-living start-up said the focus on rental housing for migrants was a welcome step.

“The tax exemption for notified rental housing projects will pave the way for creation of quality Rental Housing stock in the country, which will provide affordable, healthy and hygienic housing solutions for the migrant youth – the pride of our nation,” he said.

Pallav Bihani, Founder & CEO, Boldfit said, in a pandemic impacted year the significant allocation for healthcare and wellness industry was commendable.

He said the provision to open a company with a single owner, encouraging solopreneurship and to rebuild start ups would soon become the “most lauded government initiative.”

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