Union Budget 2023-24: What Industries Want

Union Budget 2023-24: What Industries Want

The Budget 2023 comes amid the third year of the Covid pandemic

New Delhi:

Finance Minister Nirmala Sitharaman will present the Union Budget on February 1, or the third year since the start of the COVID-19 pandemic. Several sectors are hoping to get a good share in the Budget, especially engineering firms since the government has been on an infrastructure-building drive.

Companies and lobby groups want more capital expenditure since it can create jobs. Similar to last year’s expectations, they are hopeful of tax breaks for sectors that are seen to be recovering from the economic fallout of Covid.

Healthcare

India’s pharmaceutical sector is hoping for more funds from the government. It wants policies that focus on promoting research and development.

Real estate and infrastructure

The demand for residential real estate has been increasing for the past one year after a severe slowdown amid the first two years of the pandemic. Realtors expect easier and cheaper home loans for homebuyers.

Automobile industry

The automobile sector wants to see more allocation for electric vehicles, with most car makers coming up with EVs in their portfolios. They also expect uniform goods and services tax rates.

Aviation

The aviation industry is still under a lot of turbulence due to a massive slowdown in travel amid the first two years of the pandemic. With jet fuel prices only going up, the aviation sector wants fiscal concessions to recover from the hardships.

Tourism and hospitality

Tourism and hospitality sectors have rebounded majorly in the current fiscal compared to the two years before it. However, they want clarity on GST rates as tourists avoid rising expenses.

Banking

Just as last year’s expectations, the banking sector want clarity on planned stake sale of government banks.

Agriculture

The Agro Chem Federation of India (ACFI) has requested the government to cut import duty on crop protection chemicals and also give fiscal incentives to private firms for undertaking research.

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