Mr. Mihir V Shah, Executive Director, Vipul Organics Limited said that I am expecting the budget to be in sync with the people aspirations from the Government’s unprecedented third term win. The focus, I believe, will be on strengthening the existing policy framework, focus on ease of business and put in the building blocks for a “Vikasit Bharat” by 2047.
Liquidity is a challenge faced by the NBFC segment since public deposits and ECBs have been restricted and there is an appeal to the Government to ensure that systems are put in place for creating a refinancing body for the segment, so that the goal of financial inclusion of all can be met. The Government should also incentivise the NBFC segment for investment in tech, focus on serving the underserved communities and meet the final goal of easier access to credit by all.
In the eMobility space, we hope that Government enlarges the scope of Faster Adoption and Manufacturing of Electric Vehicles (FAME 2), to include smaller players too in the segment. eRickshaws and eLoaders have transformed the Informal Public Transportation Systems in the rural and urban spaces.
Today, we are witnessing a massive growth in the number of e-rickshaws, but not all of these are registered, especially those used for intra-business purposes. The Government should make EV registration and insurance a mandatory requirement. Lowering the registration cost as a policy will promote more people opting for registration.
The Govt needs to focus on creating policies that are the same across the country and promote a strong regulatory framework that ensures that the E-Mobility sector continues to grow and contribute significantly to the sustainability goals as well.
With the Government being sworn in for a straight third time, we expect a continuity of policy. We expect a renewed focus on infrastructure development, manufacturing and job-creation.
India aspires to be an export hub with the stated target of exports of Goods and Services worth $2 Trillion by 2030. This can be made possible by reducing the tariffs on imports of raw materials and ensuring that the right building blocks are in place, especially for the manufacturing sector. In addition, putting stringent anti-dumping measures will ensure that the domestic manufacturers have a level playing field.
We believe that the Budget will ensure that the Government’s commitment to the manufacturing sector as a whole and Chemicals sector in particular moves seamlessly.
Today Chemicals contribute around 7% to the GDP and India is the 6th largest producer of chemicals in the world. The Chemical sector is estimated to grow to $300 Bn by 2025 and $1 Tn by 2040. We hope that the budget focuses on bringing PLI in the chemical & petrochemical sector so as to propel growth, for both existing and greenfield facilities. In addition, development of quality infrastructure and chemical hubs with centralized waste and effluent treatment systems will bring India at par with the other manufacturing hubs. This will ensure that the sector continues to be an important participant in the India growth story.
