Overview by: Manish Sharma, President & CEO, Panasonic India & SA
“The Budget presented by the Honorable FM in the background of five mini budgets is continuum of reformative measures to boost the economy to drive – Job, Demand and Spending. I believe the methodical approach of identifying six focus areas where Health and Infrastructure, with significant increase in allocations, sit on the top is in the right direction to revitalize the economy and invest in well-being of people.
For manufacturers, Govt re-iterated its commitment to reforms like introduction of Production Linked Incentive (PLI) scheme with a budget outlay of Rs 1.97 lakh crores across 13 sectors which reaffirms their intent to provide impetus to domestic manufacturing, while elevating India's position as a global manufacturing champion. We look forward to implementation details here to participate. The increased spending on infrastructure to improve roads and public transport is also a positive move and will provide easy access to raw material.
From common man perspective, the Govt ensured no new taxes on corporates or individuals but further simplified the norms on Direct Taxes.
To ensure fiscal deficit at 6.8%, the Govt. announced a slew of expenditure and measures along with a clear roadmap to raise funds from strategic disinvestment, tax compliance and borrowing. This is re-imagination of a New World Order post pandemic and now key will be in implementation that will define the results.”
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