Budget 2023: India's manufacturing segment on the right path as FM Nirmala Sitharaman makes the right policy moves

The proposal to set up 30 skilling centres in the Union Budget has gone down well with the manufacturing sector. It is being viewed as a way to create a global talent base out of India.

According to B Sunil Kumar, Country President (India), Henkel Adhesive Technologies, it is necessary for Indian talent to up the game. "To that extent, global talent is what we should be working towards. This decision is good thinking and means we can be easily wear the global hat," he said.

To most people, the key issues in manufacturing have already been addressed. B Thiagarajan, Managing Director, Blue Star said the plus point in the Budget was a continued push in infrastructure as well as manufacturing. "Most of it relating to these are in place. Maybe, some announcement on R&D and innovation could have been made since R&D in particular is critical to the GDP growth," was his view. To him, PLI and the ease of doing business are already in motion.  "There is healthy competition among states to secure projects "

On the issue of PLI, Ashank Desai, Founder Vice Chairman & MD, Ashank Desai maintained that a sector-specific approach was critical. "It has worked well for electronics and auto and maybe some introspection is needed on how to bring in more sectors," he said. On corporate taxation, pointed out Sunil Chordia, Chairman (Western Region), CII, there was no expectation. "The focus on ease of doing business and decriminalisation are positives," he said.

Besides, the investment in skilling will make more youth available for employment. "On talent, we must take a mid to long-term perspective. Our estimate is that we will see a significant growth in manufacturing investments this year because of these measures," he added.

Also Read: Budget 2023 LIVE updates: FM Nirmala Sitharaman's media briefing to take place at 4pm