Covestro welcomes the moves proposed by the Finance Minister to boost the growth of the Indian Economy by catalysing domestic manufacturing sector. Since electronics is critical to several industries, policies that promote domestic manufacturing of electronics, mobile phones and semi-conductors will have a direct impact on import reduction, and will give a fillip to many related industries as well, while creating jobs at the same time.
Also, the government’s move to shut power plants that have high polluting emissions is an encouraging step to help India move towards building a safer environment for its future generations.
The Budget also has allocated funds towards making healthcare more accessible by increasing healthcare infrastructure spends as compared to last year. Setting up hospitals in tier 2 & tier 3 cities under PPP model is a step that will bring healthcare to the doorsteps of a large section of the population which can dramatically improve the health index of India. Additionally, medical device indegenization focus will save valuable foreign exchange, also giving our unique country an opportunity to create new and relevant technologies that are applicable in a complex environment like India.
Water and Sanitation was another key focus area in the Union Budget
2020 under ‘Aspirational India’ theme. Both water and sanitation infrastructures are essential to protect the health of India's future generations, and should be given maximum priority to ensure speedy implementation of projects.
Overall, the Budget has created a good balance between the immediate priorities as well as the future needs of the country.
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