Atmanirbhar Bharat Will Give A Boost To The Economy

Atmanirbhar bharat will give a boost to the economy, the industry expressed these expectations from the budget.

India’s economic recovery will be good despite the rise in COVID cases. Industry leaders believe so.

According to a pre-budget survey by Deloitte Touche Tohmatsu India LLP (DTTILLP), more than 75 percent of people were positive about India’s economic growth and expansion.

The survey received 163 responses from 0 industries.

In the survey, 91 percent of people believed that the economy has got growth due to the measures of Atma Nirbhar Bharat Yojana and the Reserve Bank of India.

They expect the Union Budget to maintain this momentum in FY 2022-23. Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget in Parliament on February 1.

55% of business leaders surveyed believe that providing additional tax incentives to long-term investors for infrastructure investments can boost growth in the country.

45 percent of the surveyed believe that the budget should focus on announcing incentives to increase R&D spending.

It will be beneficial for sectors like life science, automobile, capital goods, technology, and telecommunications.

Atmanirbhar bharat will give a boost to the economy: Sanjay Kumar of Deloitte Touche said that the economy has shown excellent growth during 2021-22.

If the government maintains the reforms, it will accelerate the recovery in 2022 and the tempo of the economy will remain the booster.

Startup activities and the government’s relief package will boost the Ease of Doing Business in India. 59 percent believe that India has the best environment to set up a business.

The ease of doing business will be boosted by the promotion of Digital India, simplification of tax structure, and reforms in land-labor laws. The survey is based on industry budget expectations.

The complete plan may come soon after converting the dues of telecom companies into equity, this is the preparation of the government.

The government may issue detailed guidelines within a month on converting interest liability on adjusted gross revenue (AGR) of telecom companies into equity.

A senior central government official said the process of holding a stake in the three telecom companies against interest liability could be completed in a month.

Debt-ridden companies Vodafone Idea Ltd. (VIL), Tata Teleservices Ltd. (TTSL), and Tata Teleservices (Maharashtra) Ltd. (TTML) has proposed to the government a stake in the company in lieu of interest.