Budget 2014: Industry hopes for measures aimed at reviving economy

By Achal Bakeri

As Finance Minister Arun Jaitley prepares to present his maiden Union Budget against the backdrop of a sluggish economy, industry bigwigs are looking forward to a slew of measures that could revive the economy.

The government has an opportunity to give a strong statement regarding bringing about economic stability, investment-friendly policies and tax reforms in the Budget. This is an opportunity to let the world know that India is now back in business.

It is expected of the new government to take steps in the budget that will pave the way for lowering inflation, increase investment, revival of investment cycle, stabilising rupee, advance technology and innovation.

Emphasis should be laid on strong research. R&D also needs a boost to encourage more patents and products made in India.

The salient expectations from the Budget include transparent tax policy, introduction of GST and rationalisation of interest rates for growth of overall economy.

In the interim budget, excise duty on sectors such as automobiles, capital goods and consumer electronics was reduced from 12% to 10%. It is a welcome step.

The contributor is Chairman and Managing Director, Symphony Ltd