Union Budget 2020: 'Budget should be focused more towards catering to the intricate needs of various sectors'

By Vivek Sharma,

Managing Director, Panasonic Life Solutions

“There are several measures being undertaken by the central government for reduction in the corporate tax rate, lowering GST and Internal Trade (DPIIT) in order to revive industrial growth and boost consumption. As rumors afloat this slash in the GST rate , will either be a make or break point for the economy or this may be a welcoming change for the consumer durable sector at large. If executed, there is a possibility of massive acceleration in demand and consumption. This will further allow manufacturers to expand production or meet consumer expectations. Currently, India has had the lowest GDP rate in the last 11 years and there are high expectations from the Union Budget 2020. I firmly believe that the budget should be focused more towards catering to the intricate needs of various sectors like manufacturing, construction, consumer durables etc. Although, the government has already unveiled plans to stimulate economic growth and spur investment, further clarification is awaited from the upcoming budget. For a market like India, the government must bring in preferences with schemes, especially for the companies that are rapidly working towards strengthening the roots of Make in India”.