New Delhi, January 21: Amid the speculations of Union Finance Ministry planning to extend further incentives to salaried taxpayers in the upcoming Budget, industrialists from the jewellery, auto, travel, e-commerce and other sectors are expecting revival measures from Nirmala Sitharaman's 'Bahi Khata'. The Union Budget 2020 is going to presented on February 1, 2020, in the parliament.
Stating his expectations from the upcoming Budget 2020, Cleartrip CFO Indroneel Dutt said, "We are hopeful that the government will take cognizance and resolve challenges for the aviation industry which has already seen a tough year in 2019." He suggested the government to be open minded and maintain the impetus of its past initiatives while bringing necessary reformations to further enable the travel sector. IMF Chief Gita Gopinath Says 'Sharp Slowdown in India is a Drag on World Economy'.
Another sector that sustained an economic crisis hit was auto. Electric Vehicle maker Avis India MD Sunil Gupta said, "I believe that the government should build on its recent push towards sustainability by prioritising the growth of the EV ecosystem." He was also of the opinion that road connectivity must also be improved between major urban centres and tier-2/3 regions to bolster the growth of the travel and tourism sector.
Apart from these two sectors, jewellery sector too is looking at the Finance Minister with high hopes amid the economic slowdown. PNG Jewellers MD Saurabh Gadgil said, "Expecting a significant reduction in import duty on gold in the upcoming Union Budget." Adding more, he said, "Also expecting a cut in Income Tax bit for a common man which will augment disposable income and contribute to enhancing spending on items like gold and jewellery and other consumable sectors." Union Budget 2020: Finance Ministry Should Take Measures to Boost Rural Demand, Says Raghuram Rajan.
Among other things that Gadgil said includes, strong and well-capitalised banking sector. He said, "A strong and well-capitalized banking sector supports is the need for the sector." Gadgil was of the opinion that immediate attention in the ailing banking sector should be the first priority of the government.
Though the e-commerce sector in India might look booming in the recent times, Coutloot co-founder Varun Chadha doesn't look satisfied and seek the Union government to intervene. Chadda said, "We hope india lowers it's import tax on commodities so that end consumers can have access to aspirational products for cheap prices, while at the same time drive credit subsidies for small business owners and boost manufacturing, which eventually will strengthen the economy growth." Union Budget 2019 Predictions: Finance Minister Nirmala Sitharaman to Open Pandora Box on July 5; Here's What to Expect.
With suggestions from almost all sectors pouring in, including the common people of the country, it would interesting to see what comes out of Nirmala Sitharaman's 'Bahi Khata' to tackle with ongoing economic crisis prevailing in the country. Meanwhile, International Monetary Fund's World Economic Outlook had slashed its estimate on India's 2019 economic growth to 4.8 percent from the 6.1 percent expansion it had projected in October, 2019.