Budget 2023: India has been one of the bright spot economies amid global slowdown in growth engine. Despite economic slowdown globally, due to war in Europe and impact of Covid-19 on the growth trajectories of economies world over, the Indian Economy has emerged as a top performing large economy and has undertaken structural reforms and Infrastructure building at beak neck speed.
Industries in India want a Union Budget that will revive private investment and unleash the economy’s animal spirits, which will boost employment. Today’s Indian industry wants tax incentives and pro-business economic policies that would help the country become a global economic force.
Expectations of Indian Industry
Pharmaceuticals Industry
The pharmaceutical industry in India is requesting additional funding from the government. It desires regulations that prioritise advancing research and development.
Real Estate and Infrastructure
Following a significant slowdown during the first two years of the pandemic, the market for residential real estate has been rising for the past year. Realtors anticipate simpler and more affordable mortgages for homebuyers.
Automobile Industry
The automobile industry wants to see more funding allocated for electric vehicles, with the majority of automakers now including EVs in their product lines. They also anticipate uniform rates for the goods and services tax.
Aviation
Due to a significant reduction in travel during the first two years of the epidemic, the aviation industry is still experiencing a lot of volatility. The aviation industry wants financial accommodations to overcome the challenges as the price of jet fuel continues to rise.
Tourism and Hospitality
Compared to the two years prior, the tourism and hospitality sectors have significantly recovered in the current fiscal year. In order to prevent escalating costs, they do, however, require clarification on GST rates.
Banking
The banking industry wants clarification on the anticipated stake sale of government institutions, in line with predictions from last year.
Agriculture
The government has been urged to lower the import tax on crop protection chemicals and provide financial incentives to private companies conducting research, according to the Agro Chem Federation of India (ACFI).
What is a Union Budget?
The Union Budget of a year, commonly known as the annual financial statement, is a declaration of the anticipated receipts and expenditures of the government for that year, as per Article 112 of the Indian Constitution.
The government’s financial records are kept by the Union Budget for the fiscal year, which runs from 1 April to 31 March. The Union Budget is further divided into a Revenue Budget and a Capital Budget.
Also Read: Air India modifies alcohol rules, advises crew to politely refuse serving the beverage
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.
