Expectations from Union Budget ‘22 : Jayakanthan R, ELGi Equipments Ltd
While the manufacturing industry is battling challenges on various fronts such as COVID and consequent uncertainties, sustained increase in input costs, and logistics costs, all eyes are on the budget to provide the much-needed confidence and direction.
The economic recovery post-COVID is still narrow and uneven. I believe the need of the hour is to push consumption to support growth in the short term. Increasing capital outlay for national infrastructure development, supporting MSMEs, and allocation to PLI to boost manufacturing are required to drive growth in the medium term.
Achieving a 5-trillion dollar GDP and further growth will call for India Inc. to consider increasing investments in innovation and R&D significantly. It would be great to see this budget setting the tone and launching us on this journey through well-conceived subsidies and incentives.
All of the above would also be great enablers for the success of the ‘Make in India’ initiative.