Budget '20: Manufacturers urge reforms to ease biz

Budget 2020: Manufacturing companies urge reforms to ease business

Representative image. (Photo/Pixabay)

In the upcoming budget, the manufacturing companies expect the government to bring in reforms to make manufacturing and retailing blossom under the purview of 'Ease of Doing Business'.

"We urge the government to bring in reforms in this budget to make manufacturing and retailing blossom under the purview of 'Ease of Doing Business'. We hope that there are stricter quality standards are introduced to keep a check on illegal imports and help the toy industry in India grow and expand to the next level. We expect that the government takes steps that improve household incomes and spurs toy retail for the long-term, in the country," said John Baby, CEO of Funskool India.

The industry also expects the government to reduce taxes for individuals as more money in their hands will boost the economy. "We urge the government to reduce taxes for individuals as more money in their hands will boost the economy. Bring the taxes down to 10% to 15% every Indian will prefer paying the tax rather than evading. More spending will result in the wheel of economy churning and then eventually lead to higher GST collections and a winder base for income tax. Clean up measures have been undertaken, now it is time to reduce income tax rates. We don’t need to look outside for funds they will be plenty available within .please consider the long term capital gain in gold to be nil in case it is exchanged for an equivalent amount of gold jewellery. This would help the taxpayers and ease the compulsion on income tax. Finally if possible bring down the customs duty rate where illegal smuggling will be unattractive this will lead to keeping all gold treasures within the system," Jithendra Vummidi, Managing Partner of Vummidi Bangaru Jewellers, said.

The sector also expects the government to roll out policies to tackle the negative approach towards consumption of meat and seafood and aid in revolutionizing the meat retail industry in India.

"We urge the government to roll out policies to tackle the negative approach towards consumption of meat and seafood and aid in revolutionizing the meat retail industry in India. With a new generation of entrepreneurs focusing their attention towards tapping the potential of the meat and seafood industry, steps like improving animal husbandry to trigger job creation and provide subsidies and incentives to the sector to fuel the growth and consumption in the country. Also, improvements in infrastructure to supplement the rising demand, stricter food processing standards and an enhanced network of supply chain management and better implementation of cold chain logistics can allow the meat retail industry to chart the necessary progress in the coming years," Nishanth Chandran, Founder and CEO, Tendercuts said.