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Budget 2022-23 Quote | Panasonic Life Solutions India – EQ Mag Pro

Budget 2022-23 Quote | Panasonic Life Solutions India – EQ Mag Pro

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Pre-Budget Quote

Mr. Dinesh Aggarwal, Joint Managing Director, Panasonic Life Solutions India

After the 2nd wave affected the retail sector in the first quarter, the recovery for us was much faster. Real estate developers had ensured functioning labour to avoid shutting down of construction and restraining a mass exodus. As global economies were getting affected, India was still strong and there was a bounce back in the market despite the underlying situation. However, with the unprecedented increase in the price of metals, plastic raw material, paper and transportation, the overall growth was hit. This was compounded by the disruption of supplies especially for electronic components due to container shortage and disruption of shipping lines. This has already reflected in the form of inflation across all product categories that we cover, essentials and discretionary items.

Amidst the ongoing 3rd wave of the pandemic, the upcoming union budget 2022-23 is expected to play a pivotal role in countering inflation and galvanizing demand, especially for private consumption. The long-term intent of the Government towards the infrastructure sector with the committed investments and special focus on manufacturing will get further highlighted and accelerated through the Production Linked Incentive (PLI) schemes.

This is a significant step towards making India a global manufacturing hub. There is thus a need for incentivizing modernization and innovation so that the industry across the infrastructure, manufacturing and agricultural sectors will have the scope to be more competitive and gain scales of their economy. This will further align with the objectives of Atmanirbhar Bharat.

There is an expectancy of the Budget to cover private public partnership, which will encourage the use of the existing physical infrastructure of the Government across India and accelerate skills as well. This can be in the form of income tax benefit or specific grants by the Government.

Some areas where the continuation of work is expected includes the optimization of GST rates; FDI inflow in all sectors including the construction sector; boosting exports and prompting ‘made in India’ globally; encouraging affordable housing and supporting real estate developers through priority lending and liquidity boosting measures. These efforts will help in stimulating our economy.

With India committed to reduction in carbon footprint, reiterated by honorable Prime Minister in opening address at the WEF, Davos this year; a further impetus to manufacturing of electric vehicles and establishment of charging infrastructure is expected. This maybe supported with a policy announcement on generation and distribution of renewable energy across India overcoming state-wise barriers.

We are optimistic about the Union Budget 2022-23, which we believe will support a consistent GDP growth of over 8%, despite the challenge of pandemic.

Anand Gupta Editor - EQ Int'l Media Network