• Mon. Jan 30th, 2023

Expectations from the Union Budget, 2023-24 by Mr Lalit Beriwala, Director, Shyam Steel Industries Ltd

Jan 21, 2023

 Mr. Lalit Beriwala,

Mr. Lalit Beriwala, Director, Shyam Steel Industries Ltd.

We expect the Hon’ble Union Finance Minister to focus on the following areas while presenting the Union Budget, 2022-23 before the Parliament :

  1. Fuel Transition Policy together with a stable financial support scheme for the private sector industries for the phased energy transition process to realise the national commitment as the process entails major capital investment.
  2. The enhanced outlay in the 2023-24 Union Budget for capital investment by the Central Government, particularly in the infrastructure sector including the construction of new National Highways, expansion of the existing National Highways, the building of new Expressways, more State Highways, upgradation of the existing rural road infrastructures and network, building new Metro Railways and Airports, upgradation and modernization of the existing airports connecting newly developed cities, building more Logistic Hubs and more industrial corridors, improvement of rail and inland waterways connectivity, health, and social sectors for accelerated economic growth and to encourage private investment in those sectors.
  3. Incentivisation of and encouragement to private sector investment in the agri-infrastructure sector for strengthening the rural economy and creating more employment opportunities in the sector for the overall economic growth of the country.
  4. Formulation of a suitable scheme for generating employment opportunities for the rural, urban, and semi-urban youths around the year on a sustainable basis for reducing unemployment pressure on the Indian economy and thereby enhancing the youth’s skill level for increasing their employability.
  5. Extension of the provision of a low tax rate of 15% introduced by the Government of India under Section 115BAB of the Income Tax Act for new manufacturing companies who start commercial production by 2024 till 31st March 2025 .
  6. Special initiatives for strengthening the port infrastructures in the North Eastern region for easy connectivity with the States of the region as well as for connecting the neighboring countries of Bangladesh, Bhutan, and Nepal for accelerated development of both domestic and external trade through the faster, cost-effective and hassle-free movement of commodities for trade as well as for boosting industries in terms of creating facilities for faster movement of raw materials and finished products.
  7. Connecting Agartala, Tripura, through riverine Inland Water Transport system on a priority basis for boosting business in the NE region and enhancing external trades.
  8. Specific Policy interventions for faster mining sector reforms as a part of Ease of Doing Business and ensuring seamless availability of raw materials for the steel industry, particularly the MSME sector, and to address the issue of monopoly control over raw materials by a few big players in the sector.
  9. Provision for Special Economic package for the medium sector industries to help them recover their poor financial health caused by the Covid-19 pandemic that threatens the sector again after the slow recovery from the earlier phase .
  10. Formulation and implementation of Policy for the medium sector industries under a separate category whose turnover is between Rs. 200 Cr and Rs.10,000 Cr and to introduce for them a scheme on the PLI model.