“The Union Budget in India is always eagerly awaited by everyone, from corporates to taxpayers, with all hopes attached to having simplified compliances. In the wake of the third Covid wave, there is a certain expectation in terms of rebates and relief from the Finance Ministry on Indirect and Direct taxes. Stimulus packages and tax exemption policies designed for the Covid impacted era would help revitalise the economy. Moreover, the duration of compensation cess ends in June 2022, hence it would be great if the government could look at providing an extension on this by six months or a year. The Ministry of Finance may have some surprises in their bags for the GST regime specifically from a sectoral perspective, hence as a leading industry player we are looking forward to this. In order to provide a fillip to business growth the government is also expected to introduce financial aid to build a strong digital infrastructure for MSMEs and startups. This will help further strengthen organizations, enabling them to grow and thrive in today’s remote work environment.”
“India saw a euphoric rise in the number of unicorns in 2021, adding 33 in a year making it one of the fastest-growing technology startup ecosystems globally. This growth has been on the back of overall improvement in ease of doing business, and this should continue to remain an ongoing focus and priority. Within the logistics space, there has been a massive disruption led by a major increase in last-mile deliveries. Additionally, as Make-in-India along with the national freight corridors gains momentum, this is going to further increase demand for logistics. All of this necessitates building infrastructure capabilities that are future-ready. We can achieve this with the right focus on digitizing processes and making international trade easier, which would go a long way in elevating India’s position in the global technology and logistics arena.”
“As the country awaits Finance Minister Nirmala Sitharaman to present the Union Budget for 2022-23, under the ominous time of a potential third wave, we expect the budget to be a very pragmatic one. We hope additional incentives to businesses, particularly manufacturing companies, can be a part of the budget proposals. We hope the government will use the ‘Atmanirbhar Bharat’ and ‘Make in India’ programmes to attract foreign investments, implementing cutting-edge technologies, and increasing exports in order to make India a global manufacturing powerhouse. This will also inturn help increase job prospects, which is necessary for a post-pandemic future.
From a future perspective, we hope our government would place a greater focus on employing emerging technologies to emphasize the importance of using energy-efficient solutions. We hope the government continues to support manufacturers to expand projects on innovative lighting products and other solutions which are environment friendly. These steps may also aid in defining a route toward meeting the net-zero target by 2070.”
