Positive vibes infuse confidence !

In the face of a potential global slowdown and geopolitical instability, Indian business leaders are confident that
Budget 2023-24 will help fuel economic growth across sectors and industries.
According to a Deloitte pre-budget survey, approximately 60% of India Inc. surveyed is optimistic about India
posting above 6.5 percent growth during this period.
Chemicals (72%), capital goods (70%), and energy (67%) expressed high confidence in growth and believed
that government initiatives such as A
tmanirbhar Bharat, PLI, and favourable monetary policies by the RBI (to moderate retail inflation and maintain
significant forex), increased infrastructure spending, and that teh research and innovation would help to sustain this
momentum.
According to the survey, 73% of respondents believe the budget will fuel growth across industries by increasing
domestic demand and focusing on capital expenditure.
Furthermore, 90% of respondents support the Atmanirbhar Bharat Scheme, with a strong showing from the
electronics manufacturing, energy, and food processing sectors, who expect it to strengthen supply-chain channels
further.
More than 70% of respondents also agree that various Production Linked Incentives (PLI) schemes have aided
the growth of their industry, with nearly 60% expecting the incentive to be extended further in the coming years too.
The rate of capital expenditure, infrastructure development, and the need to increase infrastructure financing
through private partnerships will be critical to this growth.
Sixty percent of respondents suggested using Indian Government Bonds to raise funds, a 12% increase from
the previous year's survey.
Tax changes are also expected to boost industry growth and are among the most anticipated measures in the
upcoming Union Budget.
The vast majority of respondents see trade treaties as vehicles for increasing investment flows and exchanging
emerging technologies in order to strengthen their position in global value chains.
MSMEs' inclusion in GVCs will help to sustain industrial growth, improve trade flows, and strengthen their role in
GVCs.
Aside from making tax compliance easier, 45% of respondents expect the government to reduce tax litigation,
while 44% expect the government to clarify tax laws and provisions such as TDS under Section 194-O.
Furthermore, the industry anticipates a simplification of the capital gains tax structure and the removal of
ambiguities in tax interpretation, and making compliance easier. These measures will not only stimulate investment
and economic growth, but will also provide long-term relief to taxpayers and tax administrators.
The responses that are certainly based on the first hand experience of the stake-holders provide a sigh of relief
amidst the gloomy economic scenario at the global level. The positive vibes infuse the confidence that despite global
uncertainties, the Indian economy has been resilient and is well on its way to a growth rate of 7% which is significant. With the
goal of achieving a $5 trillion economy, the government should take a focused approach to enhancing industrial growth,
generating employment, and increasing investments.