Entrepreneurs in the State are hopeful that the Union Budget, to be presented in Parliament on February 1, will offer a slew of incentives to steel, logistics, information technology, pharmaceuticals, infrastructure and other sectors in view of an economic slowdown.
“On the whole, we expect a reduction in taxes and an increase in spending,” RHI Clasil director and former chairman of CII’s A.P. chapter R.V.S. Rudra Raju told The Hindu.
Symbiosys Technologies CEO Naresh Kumar said that he is expecting a cut in taxes on the personal taxation front, additional incentives to boost exports, additional spending by the government on infrastructure projects for money circulation in economy and a growth in job creation.
“More incentives for green power are needed. Focus should be on doubling farm income by outlining specific steps with timelines, simplification of paperwork and compliance procedures for MSMEs,” Mr. Naresh Kumar said, calling for a special emphasis on dispute resolution mechanisms.
“The measures announced by the government to arrest the downslide in growth and improve sentiments have given rise to expectations that the forthcoming Union Budget will provide a strong directional policy focus and address some of the concerns,” Sravan Shipping Services managing director G. Sambasiva Rao said.
Mr. Sambasiva Rao said that he is also expecting the proposed National Logistics Policy (NLP) to promote seamless movement of goods across the country by reducing the high transaction costs of traders, and provide impetus to trade, enhance export competitiveness and improve India’s ranking in logistics performance.
More liquidity
Startup mentor and serial investor Vipul Agarwal said, “Given the current market scenario, there is an urgent need for policies and initiatives that can bring liquidity to the market and to the masses. This can help businesses to create better job opportunities and eventually help leverage the talent pool.”
Nikesh Patadia, finance consultant and director (foreign investments) at Business Bug India, said that it is important to boost consumption. “In the current scenario, with the declining GDP growth rate, it is important for the budget to introduce measures that will boost consumption and thus drive growth. While it is predicted that the government is likely to modify the individual income tax rate for salaried personnel, creating a scenario that boosts ease of doing business for SMEs and startups is equally important,” Mr. Patadia said.
