NDTV's Prannoy Roy speaks to top leaders of the Confederation of Indian Industry (CII) on what the industry wants to see and moves they want the government to avoid when it presents the Union Budget 2022 next Tuesday. From the need to sustain economic recovery to no new undesirable taxes and policy flip-flops, following are the highlights of what the industry leaders have to say:
Highlights:Industry expert on what should be part of the budget
"We need another year to ensure that recovery is on track. Unless you keep your hand on the wheel and ensure investments flow, the recovery may not happen. We should give it another year, and then we can experiment next year," said TV Narendran, CII President And CEO and Managing Director, Tata Steel Limited.br>
"Government needs to continue to invest in infrastructure and boost consumption of lowest income strata with policies on socio-economic side, health infrastructure, security on jobs," he said.
Industry expert on what shouldn't be the part of budget
"Unnecessary taxes. Government should not add more layers of taxes and no policy flip-flop, like retrospective taxes," said Mr Narendran, CEO and Managing Director, Tata Steel Limited.
What industry wants from Budget 2022
Vikram Kirloskar Past President CII said, "I want to see investment in auto sector. Haven't seen much being put in the auto sector. The centre needs to find a way to boost demand of vehicles at the entry-level. India needs to pursue the net-zero and sustainability goal in our own environment".
"We don't want budget deficit to increase, we want rupee to be stable. We don't want anything that would hurt the stability of the rupee." said Mr Kirloskar, Vice-Chairman, Toyota Kirloskar Motor Private Limited.
Industry expert's budget wish-list
"I would like to see continued divestment program, that will improve efficiency and send a positive signal to the industry. Big divestment of Air India puts a stamp of commitment on the current government. We need to build healthcare and we need to anticipate what lies ahead," said Sanjiv Bajaj President-Designate, CII and Chairman & Managing Director, Bajaj Finserv.
"I don't want to see new undesirable taxes and knee-jerk interest rates," said the Chairman and Managing Director, Bajaj Finserv.
"We need to rejuvenate rural demand. The government needs to focus on technology upgradation and R&D. I would like to see an over-arching technology commission or a technology fund," said Chandrajit Banerjee, Director General, CII.
"I don't like to see reduction in schemes that create assets in rural India, like MNREGA and no policy that hurts the sentiment of business class," said Mr Banerjee.
"We need another year to ensure that recovery is on track. Unless you keep your hand on the wheel and ensure investments flow, the recovery may not happen," said TV Narendran, CII President And CEO and Managing Director, Tata Steel Limited.
"As long as we can keep this pandemic wave in check, the economy will keep growing. I think we can keep the fiscal deficit in check. We need to prioritise investment, put it into infrastructure," said Sanjiv Bajaj President-Designate, CII and Chairman & Managing Director, Bajaj Finserv. "Don't spend everything, keep something in hand." he advised.
The government is on track to meet the fiscal deficit target this year. It is very important for government to balance growth and fiscal prudence in next financial year," said Chandrajit Banerjee, Director General, CII.
"I have heard a lot of criticism on India's handling of Covid. I always ask, which country has done better. We have managed to get the economy back on track. We need to keep that optimism in the Budget," said Vikram Kirloskar, Past President, CII; Vice-Chairman, Toyota Kirloskar Motor Private Limited
"We need a Budget that will look 5-10 years ahead and make India a very competitive country," said Sanjiv Bajaj President-Designate, CII and Chairman & Managing Director, Bajaj Finserv.
