Decoding India Inc’s Make-In-India Expectations From Budget
On February 1, the Union budget for 2023–24 will be presented in the Parliament by finance minister Nirmala Sitharaman. As the Indian economy has begun to recover from the fiscal repercussions of the COVID-19 pandemic and the budget will be presented at a time of ongoing geo-political conflict, therefore, a focus on Make-in-India will work as a booster dose. It is the last full budget presented by the current federal government ahead of the 2024 general election and will set the tone for the next 25 years for India at 100.
The government made a strong thrust towards investments in infrastructure through its Gati Shakti programme, which aligns with India’s goal of atmanirbhar bharat . It focussed on logistics in order to improve competitiveness in the global markets. Another objective was to generate employment and attract supporting investments by the private sector. This has resulted in growth for the capital goods sector while creating the base for a stronger economy going forward.