High hopes on Budget

Visakhapatnam: As Finance Minister Nirmala Sitharaman is slated to present the Union Budget 2023 on February 1, various sectors share their expectations from the budget.

With the focus on manufacturing, infrastructure and rural economy, different sectors expect the Union Budget 2023 to be growth-oriented and provide respite to various sectors as they suffered a severe blow in times of the Covid-19 pandemic.

A few federations have submitted a list of suggestions to the Union Finance Minister.

Listing out their expectations, Andhra Pradesh Chambers and Industry Federation wrote to Union Finance Minister Nirmala Sitharaman, covering various aspects. From slashing down the penalty rate for GST to 12 percent from the present 18 to 24 percent to providing automatic insurance cover for all MSME exporters with 50 percent premium to be paid by the Centre for the exporters and increasing the personal income tax exemption limit to Rs.6 lakh, a host of suggestions have been recommended. "Apart from promoting digital transactions for the sale of gold and liquor across the country, the stress is also on facilitating 30 per cent capital cost subsidy and tax rebates along with promoting green batteries for EVs by reduced taxation on new green tech. With every major city being congested, the Centre should allot funds for multi-level parking spaces in 100 smart cities plus 10 such new facilities in each city with a capacity to park at least 3 per cent of the registered vehicles," suggests Pydah Krishna Prasad, president of AP Chambers of Commerce and Industry Federation (APCCIF).

Sharing pre-budget expectations with Hans India, Managing Director of Jos Alukkas Group Varghese Alukka, says, "Since gold is an integral part of India's culture and festivities, the demand remains consistent throughout the year although the business graph goes up during special occasions. We have seen how the standardisation of gold with BIS hallmarking left a huge positive impact.

Likewise, it would be a big leap forward if steps are taken to standardise the domestic rate for gold across the country.

This would pave way for transparency in transactions. Manufacturers, traders and government should consider measures and policies that would eventually benefit customers and aid in contributing to the economy."

Further, the MD of the Kerala-based jewellery major opines that policies and decisions that encourage gold imports would be a welcome move as it would play a key role in keeping a check on illegal entry of gold into markets.

Some of the start-up companies consider 2022 as a flourishing year and hope that the ensuing budget would facilitate more tax benefits and enable a robust ecosystem for them.

Even as a number of industries suffered a major blow due to the Covid-19 pandemic, they do expect that the 2023 budget would be favourable to promote business, accelerate economic growth and make do for the losses incurred during the pandemic-induced years.