Budget 2023: How to accelerate the growth of India’s manufacturing sector

Finance Minister Nirmala Sitharaman will present the Union Budget in the Lok Sabha on February 1, 2023. Experts believe that the Union Budget 2023-24 will be crucial for the re-emergence of the Indian manufacturing industry, which is currently recovering from the impact of the pandemic.

Experts are wondering how to accelerate the development of the Indian manufacturing sector.

Dr. Deepak Jain, founder of The Fragrance People

We believe the Budget sets out some important austerity policies, such as the reintroduction of the ‘investment allowance’. While developing the Union Budget 2023-24, the Indian machine tool sector is seeking a mix of policy proposals, concessions and specific programs to revive growth

Sanjay Mehta, President MRAI (Apex Body of National Recycling Industry)

Removal of core import duties and taxes, along with policy measures to encourage industry growth. The abolition of basic customs duties on metal scrap will be a big boost for SMEs in the recycling industry, which are largely dependent on imported scrap as a key raw material. This move will also benefit other industries in the MSME sector that use metal in finished products for various end-use applications such as infrastructure and automotive components.

Lokendra Singh Ranawat, CEO, WoodenStreet

The Indian manufacturing sector envisages supporting research and development and providing incentives to local manufacturers. Moreover, companies operating in the manufacturing industry should be rewarded for introducing new technologies and implementing sustainable business practices. With the pandemic crises impacting both supply and demand, the manufacturing industry is seeking government support.

Ashish Aggarwal, Director, Indo Innovation

Financing of production within and between technology companies must be encouraged to ensure the nation can self-resource, and the creation of cutting-edge manufacturing skill sets at the highest and lowest levels of the hierarchy must be supported. The development of cutting edge mfg skills at the top and bottom of the hierarchy needs to be illustrated as this can be a huge success in future skills training.

Raghunandan Saraf, Founder and CEO of Saraf Furniture

The Indian government should emphasize policies that support infrastructure, manufacturing and clean energy, thereby enabling the nation to begin realizing its global potential. The government must establish appropriate policies and budgetary frameworks. The upcoming Union Budget is expected to maintain and offer the best government budget policies and framework to ensure the economic growth of the country as well as a budget arrangement that will truly be able to meet the expectations of the GDP growth rate.