According to the survey, 75% of respondents rate India’s economic growth and expansion positively.
New Delhi:
Optimism and confidence are highly dominant among Indian businesses as a significant percentage of industry leaders are positive about India’s economic growth and expansion, a survey said. despite an increase in Covid-19 cases, a survey said.
According to the Deloitte Touche Tohmatsu India LLP (DTTILLP) pre-budget survey, which collected a total of 163 responses from 10 industries, more than 75% of respondents rated the growth and expansion of their business positively. economy of India.
The survey also notes that around 91% of respondents (compared to 58% last year) believe the ‘Atmanirbhar Bharat’ initiative, along with the Reserve Bank of India’s (RBI) monetary policy actions ) has contributed to bringing the economy back to development. monitor.
“They (industry leaders) expect the FY 2022-23 Union Budget to build on this momentum,” DTTILLP said in a statement.
Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget in Parliament on February 1.
Furthermore, around 55% of business leaders “believe that providing more tax incentives to long-term investors” for infrastructure investment can help boost domestic growth.
In addition, 45% of respondents believe that the budget should focus on announcing measures to encourage increased R&D spending. This will benefit industries such as life sciences, automotive, capital goods, technology and telecommunications.
Enhancing export competitiveness, introducing competitive import tariffs and reducing administrative inefficiencies are some of the other expectations that industry leaders conveyed through Deloitte’s survey.
Commenting on the survey results, Sanjay Kumar, Partner, Deloitte Touche Tohmatsu India LLP, said, “The economy has seen a steady recovery during 2021-22.
“India’s economy will continue to see momentum if the government can sustain efforts to implement reforms such as asset monetization for infrastructure growth and PLI schemes.” , he said.
Furthermore, most business leaders predict that increasing startup activity, coupled with government policies and stimulus packages, will boost the ease of doing business in India, leading to rapid economic recovery, added Kumar.
According to the survey, about 59% of respondents believe that India creates an atmosphere conducive to doing business.
It said encouraging digitization, simplifying the tax regime and improving land and labor laws would help boost the ease of doing business in India.
DTTILLP said the survey aims to analyze industry expectations from the upcoming budget, in view of economic growth, ease of doing business and self-reliance.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
