Budget 2021

Watch | Budget 2020: Industry expectations

Finance Minister Nirmala Sitharaman will be presenting the 2020-21 Union Budget on February 1

Here are some expectations of the Budget from different industry bodies.

Society of Indian Automobile Manufacturers (SIAM)

  • Incentive based Scrappage Policy
  • Increase budget allocation for ICE bus procurement by state transport undertakings
  • Reduce GST rates for BSVI vehicles effective April 1 from 28% to 18%

Federation of Indian Chambers of Commerce & Industry (FICCI)

  • To spur rural demand, more money needs to be given for PM-Kisan and MNREGA
  • Asset quality review of NBFCs to help sustaining well-functioning financial institutions and allow the unwell ones to cease, if necessary
  • Boost in the export sector is critical
  • Better labour reforms

Confederation of Indian Industry (CII)

  • Public spending on agri-infrastructure must be stepped up, especially on irrigation, seeds, cold storage
  • Increased budgetary provision for strengthening the National Agriculture Market (e-NAM)
  • Promoting Farmer Producer Organizations (FPOs)
  • Leveraging remote sensing technology for efficient production planning
  • Encouraging agri-exports by identifying potential products

Also read: A glossary of terms used in Budget

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Printable version | Apr 11, 2021 7:34:20 PM | https://www.thehindu.com/business/budget/budget-2020-industry-expectations/article30699792.ece

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