Shrigopal Kabra, MD & Group President, RR Kabel said, “India aspires to grow into a $5-10 trillion economy and is on track to become a global powerhouse by 2024-25. Government’s commitment to WTO and many The signing of FTAs has helped the country to grow export business. We believe that the government will consider correcting the inverted duty structure in sectors affecting domestic manufacturing, as muted external demand is affecting India’s exports and existing affects balance.
With PM Gati Shakti and National Logistics Policy, India is paving the way to become a global manufacturing hub. As this sector is on the growth path, we believe that the upcoming Union Budget will give priority to the manufacturing sector by giving substantial tax benefits and incentives to boost the ‘Make in India’ initiative. As the government has already given tax relief to corporates, we expect the manufacturing sector to be given at least 50% exemption in income tax. The tax relief given to partnership companies, LLPs and individuals will lead to greater disposal of liquidity which in turn will increase purchasing power and aid in the growth of the economy.
Lastly, I believe that the upcoming Union Budget will help the overall GDP and create more demand and employment opportunities in the wires and cables industry.