The Indian economy will continue to witness growth momentum if the government is able to sustain efforts on implementation of reforms such as asset monetisation for the infrastructure growth, and PLI schemes, said Sanjay Kumar, partner at Deloitte Touche Tohmatsu India LLP, in a pre-Budget survey conducted by the company.
Most business leaders anticipate that the increasing start-up activity, coupled with the government's stimulus packages and policies, will push the ease of doing business in India, resulting in a quick economic revival, Kumar added.
Enhancing export competitiveness, ensuring competitive import tariffs, and reducing administrative inefficiencies are other important areas that industry leaders expect to be addressed in the upcoming Budget. The Union Budget for FY23 is slated to be announced on February 1.
About 55% industry leaders said that additional tax incentives can act as a growth driver for long-term investors for infrastructure investment, and 50% stated that building innovative structures to get private capital into the infrastructure sector will boost project financing, said the pre-Budget survey.
Nearly 75% of senior professionals in India Inc are optimistic on the country's economic growth, and 91% see potential in Atma Nirbhar Bharat mission, according to a pre-budget survey by Deloitte.
More than 90% respondents, compared with 58% last year, believe that Atma Nirbhar Bharat was helpful. The most lucrative measure for strengthening the mission, according to business leaders, was adding new industrial clusters with shared facilities.
Furthermore, nearly 60% of the leaders highlighted the importance of rising relevance of technology, digitisation, and construction of an online single-window system.
Also Read:
How Budget 2022 can be used to revive consumption for economic growth?
The government should look at devising measures to revive consumption for economic growth. Increasing investments in infrastructure development, skill upgrading, digital augmentation, job creation, and MSME development could help reignite consumption in the economy.
See More DetailsView: How the upcoming Budget can rev up India's economic growth engine
The challenges in the upcoming fiscal are on varying fronts ranging from the impact of the new virus variant to high level of inflation in the economy and revival of private consumption. The finance minister will have move to real stimulus in the Budget to cement India economic recovery.
See More DetailsFollow and connect with us on Twitter, Facebook, Linkedin, Youtube
Read on App
Share Story