Union Budget 2021 | 'Budget can offer support to manufacturing industry'

By Rajesh Uttamchandani,

With the ongoing pandemic and a challenging 2020 for businesses across industry sectors, everyone is looking forward to the Union Budget 2021 that will be presented soon. We believe the government can offer support to the manufacturing industry through tax reforms and by supporting the expansion of distribution and supply chains.

Further, the government could also look at mitigating the legal procedures involved in establishing manufacturing facilities in the country, under its ‘Atmanirbhar Bharat’ initiative. In the last few years, the government led by Modi Ji has brought about a slew of policies and reforms to ensure the economic prosperity of the country.

Last year, the honourable Prime Minister Shri Modi Ji introduced the production incentive scheme (PLI) scheme with an aim to offer opportunities for home-grown and international electronic businesses to improve their manufacturing competences in India.

We are confident that the Modi Ji’s Government will consider this sentiment and enable India based organizations to avail of benefits that will help them establish a strong foothold from a manufacturing perspective. Additionally, there also needs to be a focus on undertaking measures to promote production using emerging technologies and automation, which will enhance both production quantity and quality while simultaneously emphasizing on the importance of shifting to energy-efficient solutions in line with the Government’s National Smart Cities Mission.”

(The author is the Director at Syska Group)