Budget for consumption promotion, economy enhancement: CII president

While the global consumption scenario is facing many opposite winds, the federation’s federation budget, which is presented by the Minister of Union Finance Nermalla Sitamman on February 1, is a lighthouse of hope for the economy, according to industry leaders.

Sangif Buri, President and Confederation of Industry Industry (CII), Chairman and Managing Director, Itc Limited, in interaction with Work today He said that there were many interventions that would work immediately, or additional work to enhance the country’s consumption.

“Relief in personal income taxes is important and will provide immediate relief and thus enhance consumption. There is also a lot of focus on rural areas in India, agriculture, integration, exports and industries that focus on the intensive labor sectors such as shoes and games. Therefore, all these basins are good to generate employment and thus consumption For a while, Buri says: “I think strong steps in the budgets to enhance consumption and enhance the virtual cycle currently faced by the economy.”

It is worth noting that manufacturing is one of the main areas of focus in the budget. The government has announced the mission of manufacturing to strengthen the sector. According to Puri, the budget focuses on many important aspects when it comes to competitiveness.

At the same time, ads that are issued by artificial intelligence, research and development as well as innovation will increase the competitiveness of India worldwide, according to Puri. “It has an opportunity to generate more economic activity in the country, to develop our IPS in this field. It is very important from both perspectives, both of which ride global trends. Therefore, not only for status. We can be global power. These sectors also play our strengths India is strong on its mentality and technology.

Regarding ads about exports, Buri says export is facing obstacles due to softening global demand. “Exports are an important sector. You are fully right, and it is an area that faces an increased obstacle because global demand is soft and because the barriers are coming. Puri says:” CII was also calling for an integrated review and the establishment of a committee across various ministries to focus on the exports. ”

According to Puri, budget ads about exports are a welcome step. “The initiatives related to the sector must come. A wonderful example is what we did in the electronics. How can we repeat similar examples in other sectors, especially the intense sector in workers. The integrated approach is the way to go because we will need to deal with local drivers. We will also need to deal with FTAS In this. Buri says:

According to Puri, steps such as exempting customs duties on critical minerals and lithium -ion batteries will make the local value able to compete. “Over the course of a period, we have to develop a much stronger and more valuable chain and an ecosystem in India. But these are the important steps that will enable occurring,” Buri notes.