Ninad Deshpande, head – marketing & corporate communication, B&R comments about the Budget 2020:
It is that time of the year where various business, SMEs, MSMEs are anxiously waiting for announcements pertaining to budget. Similar to earlier budgets, Budget 2020 too offers something for all with a hope of reviving economic slowdown. With several macro challenges and the target of reaching $5 trillion by 2024, the budget does promise some impetus to manufacturing but definitely there is scope for more.
Tightening of custom duties on imports are expected to fuel ‘Make in India’ campaign launched many years ago. In addition, with the introduction of the plan to ‘Assemble in India’, is expected to facilitate India to manufacture networked products to make it part of the global value chain.
Digital India has been flourishing with its focus on consumer side of the business. However, with a thrust for new age industries including cloud computing, machine learning (ML), artificial intelligence (AI) and an increased focus on connectivity as a whole, would emphasis digital India in the manufacturing arena as well. This would lay the foundation for an ecosystem for sustained growth.
MSMEs, which are a large part of Indian manufacturing, with various schemes that were announced during Budget 2020, there is plenty to rejoice for MSMEs in all sectors. An added push for infrastructure growth such as highways and airports we might expect ease of transportation and connectivity across the nation, thus, benefiting businesses.