The Finance Minister needs to remove the anomaly in the inverted duty structure for the benefit of manufacturing in India. We hope this Budget boosts the growth of consumer durable manufacturing in India with reduction in customs and excise duty for basic raw material essential for manufacturing such as steel, copper etc. This in turn will result in price competitiveness for India-made goods, both domestically and internationally.
Additionally it is important to incentivise infrastructure-related projects in private sector like seaports, airports, railways, roads, warehouses etc. to make Indian infrastructure on par with global best levels. This will reduce the transaction cost and overheads for Indian Industries and will add to product and price competitiveness in the global market.
These initiatives will go a long way in strengthening the fundamentals for driving growth and employment generation that will directly contribute to a strong ecosystem and a re-energised economy. We are hopeful and looking forward to a Budget that will help companies prosper and build a positive sentiment in the country with inclusive growth.
The author is Managing Director, LG Electronics India