Finance Minister Nirmala Sitharaman will be presenting the 2020-21 Union Budget on February 1
Here are some expectations of the Budget from different industry bodies.
Society of Indian Automobile Manufacturers (SIAM)
- Incentive based Scrappage Policy
- Increase budget allocation for ICE bus procurement by state transport undertakings
- Reduce GST rates for BSVI vehicles effective April 1 from 28% to 18%
Federation of Indian Chambers of Commerce & Industry (FICCI)
- To spur rural demand, more money needs to be given for PM-Kisan and MNREGA
- Asset quality review of NBFCs to help sustaining well-functioning financial institutions and allow the unwell ones to cease, if necessary
- Boost in the export sector is critical
- Better labour reforms
Confederation of Indian Industry (CII)
- Public spending on agri-infrastructure must be stepped up, especially on irrigation, seeds, cold storage
- Increased budgetary provision for strengthening the National Agriculture Market (e-NAM)
- Promoting Farmer Producer Organizations (FPOs)
- Leveraging remote sensing technology for efficient production planning
- Encouraging agri-exports by identifying potential products
Also read: A glossary of terms used in Budget
