Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India Pvt. Ltd has put forward what the manufacturing sector expects from the upcoming Union Budget. In an official statement, Sharma noted that it is very important for manufacturing investments to be encouraged among technology providers. "Manufacturing investments must be encouraged among technology providers to bring self-reliant solutions in the country," he said.
Sharma added that development of new-age manufacturing skills across the top and bottom of the pyramid must be enlightened. "Development of new-age manufacturing skills across the top and bottom of the pyramid must be enlightened which can be a game changer for further skill development," he said.
Resting his believe in the government, Sharma said that he believes "the Indian government will prioritise the policies that can benefit infrastructure, manufacturing sector and promote renewable energy allowing the country to realise its potential on a global scale."
Regarding Indian economy and GDP growth, Sharma said it is important that government provides the right policy and budgetary framework. "Expectation for the upcoming union budget is to continue and provide the right policy and budgetary framework to ensure economic growth of the country and a budget design that can stand as per the GDP growth rate expectations," he added.
The overall expectation from the Union Budget is that it brings a steady growth for the present and future of the country, he added.
A report by S&P Global PMI had earlier revealed that Indian manufacturing activity improved to the greatest extent in over 2 years. As per the data, manufacturing PMI rose to 57.8 in December, as against 55.7 in November.
The Mitsubishi Electric India CSO said, "Considering that the Indian economy has begun to recover from the fiscal repercussions of the COVID-19 pandemic outbreak, the manufacturing sector is expected to experience solid growth." He added that the sector can further grow if the government provides fiscal incentives and specific schemes in the upcoming union budget 2023-24.
The upcoming Budget Session of the parliament will start from January 31 and continue till April 6. It is the last full-year budget ahead of Lok Sabha elections in 2024 and is likely to set the capex target for the next financial year at upwards of Rs. 9 lakh crore.
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