Will the condition of these sectors improve on the basis of innovation? The world's largest market has this expectation from the budget

Now less than two weeks are left for the budget to be presented. This budget is not only going to be an election budget, but is also going to give wings to the hopes of millions of people. It is said that the budget presented before the Lok Sabha elections changes the direction of the elections. Let us understand what the government should pay attention to in this budget for the world's largest market.

On February 1, 2024, the Modi government is going to present the last budget of its second term. This will not be a full budget like every year. The budget presented just before the elections is called interim budget. The government brings this budget to meet the pre-election expenses. When the government presented the interim budget in 2019, everyone from the general public to the private sectors got a booster dose.

Experts say that the government got the benefit of that interim budget in the Lok Sabha elections. Now the question is, will the government open its doors in this election also? What are industry people expecting from the government? Will the world's largest market get a booster dose of growth?

There is a need to connect the manufacturing sector with new technology

India is currently the only country in the world where people want to give a new perspective to progress. The special thing is that the government also implements this. If we look at the recent figures, we will know that India is currently moving rapidly towards becoming a global hub. Companies from all over the world are investing in India. Because the Indian government is planning to improve the future and is working to implement it. Jetwork's CEO says that we have to think about the coming 25 years. At present, industry plays an important role in the progress of India. He is getting support from the government. He says that the government should work towards creating a system to connect the manufacturing sector with innovation and new technology.

Will FMCG sector get solution to this problem?

India currently has the largest market in the world. The FMCG sector is developing rapidly in this market. However, the government still has a lot of work to do in this. Manish Aggarwal, Director, Bikanerwala Foods Private Limited, says that we are eagerly waiting for the Union Budget for 2024-25, because the FMCG industry in India is expecting positive changes in this budget after going through a difficult phase in 2023. . Despite facing many challenges in 2023, this sector is expected to have strong growth this year.

This growth is being attributed to the increasing demand for FMCG products in rural areas, favorable prices for raw materials, and the possibility of a good monsoon. We hope that the government will provide a strong solution to the food storage problem with the help of innovation. Along with this, it will be ensured that small businesses also get the benefit of PLI scheme. Indian Auto LPG Coalition Director General Suyash Gupta says that the government will consider alternative fuels to save the environment and find a concrete solution for it.

Need to focus on rationalizing GST

Arunabh Sinha, CEO of UClean, a company associated with India's laundry and dry-cleaning industry, says that our continuous efforts will be towards reducing GST on laundry services from the current 18% to 5%. The laundry industry employs people from the lower strata and for the industry to flourish we need to remove a lot of GST so that more people can avail the services and the overall community can develop financially.

Vaibhav Rungta, Chief Business Officer, Rays Power Infra Private Limited, says that controlling India's dependence on solar panel imports, which has reached $ 1.13 billion in the first half of the current financial year, is a matter of serious concern. Therefore, the budget should include measures to promote indigenous development, facilitate technology simplification and encourage local manufacturing initiatives. Recognizing the importance of promoting the growth of small MSME industry, the budget should focus on rationalizing GST rates to boost consumer purchasing sentiment, says Kelvon Electronics MD.