Quote from Mr. DK Mohanty, Senior Vice President, IMFA:
“In the current scenario, we expect, the Union Budget 2021 is going to be a path breaking Budget. With the disruption due to the pandemic & geopolitics and now with the roll out of vaccines, in the coming months, the world is looking at India as an alternate manufacturing destination. It is expected that all efforts will be made by the government to boost demand by instilling confidence in consumers and address the concerns of fiscal deficit as well.
The budget expectations, particularly from the Ferro Alloys manufacturing sector’s point of view, are the measures which strengthen & promote value addition of minerals rather than export of the same auguring well with “Make in India” policy of Govt. of India with prudent & stringent policy thrust on disincentivizing export of strategic minerals through export tax & also, measures which ensure level playing field to Indian Industry for competing in global market.
In this context, the cost of doing business including capital, logistic bottlenecks and availability of power at a competitive rate to power intensive sectors are also some of the key areas that needs to be addressed in the Budget to make Indian Industry competitive. Fiscal stimulus was necessary and union government has done really well with its nuanced policy of saving lives and livelihoods. Now we can expect measures from the forthcoming budget and further stimulus from finance ministry for a sustained recovery.
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