Budget 2023 and Business News Live Updates: India Better Off Than Many Global Economies, Says Gita Gopinath

Shreegopal Kabra, MD and Group President, RR Kabel, “India is looking to grow into a 5-10 trillion dollar economy and is on its way to become the global powerhouse by 2024-25. The government’s commitment to WTO and signing many FTAs has allowed the country to continue to upscale the export business. We believe that the government will consider correcting the inverted duty structure across sectors impacting domestic manufacturing, as muted external demand affects India’s exports and current balance.

With the PM Gati Shakti and National Logistics Policy into play, India is paving its way to become a global manufacturing hub as well. As the sector is on a growth trajectory, we believe that the upcoming Union Budget will prioritise on giving substantial tax benefits to the manufacturing sector and incentives for promoting ‘Make In India’ initiatives. As the government has already given tax relief to corporates, we expect that the manufacturing sector should be given at least 50% concession on income tax. The tax relief given to partnership companies, LLPs and individuals will lead to more disposal of liquidity that will in turn increase the purchasing power and aid in the growth of the economy.

Lastly, I believe that the upcoming Union Budget will help with the overall GDP and creates more demand and job opportunities in the wires and cables industry.”