India Inc is optimistic about the Union Budget 2021-22, to be presented by the Finance Minister Nirmala Sitharaman on 1 February, reveals a recent survey conducted by Deloitte Touche Tohmatsu India LLP. Of the 180 survey participants, 68% of industry leaders are positive about India's economic revival.
The survey said that these respondents believe that the mass vaccination drive, the government's stimulus packages and policies, push to infrastructure, and digitisation efforts are some elements that are helping India thrive and revive.
Deloitte Touche Tohmatsu India LLP conducted online surveys with senior professionals across different industries and categories of companies. The survey contained a set of 10-12 questions pertaining to the economic revival, ease of doing business, and self-reliance to collate a total of 180 responses from nine industries.
Interviews were also carried out that revealed that about 70% of the industry leaders are positive about India's growth in 2021-22, with Consumer product & retail segment being the most optimistic.
About 60% of respondents believe that Atmanirbhar Bharat is helpful. Of this, 90% from the CPG segment and 70% of automobile respondents strongly support this initiative.
Respondents also expressed that extending R&D incentives, increasing FDI limit in different sectors and further simplifying its processes, along with supply chain reforms, would further enhance the programme's effectiveness. Respondents felt that increasing the credit support to MSMEs would help the industry rebound sooner.
Respondents felt that focusing on the infrastructure sector with timely and adequate financing, as outlined under the National Infrastructure Pipeline (NIP), should be a priority area in this budget. About 60% of survey respondents cited that incentivising infrastructure investments will provide the desired impetus to the sector.