Recovery in demand and industrial growth anticipated by half of the industry respondents in Budget 2021

According to a Delloite survey, almost 50 percent of the industries are affirmative of growth in their business, and not only that they are also optimistic about the economic recovery and demand growth. It had also been mentioned that increasing the tax exception limit for certain individuals would lead to a boost in the private consumption expenditure and investment and many of the respondents felt the revival in the demand sector as one of the major growth areas post the Budget. 

 

Almost 50 percent of the analysts feel that India will be emerging as the manufacturing center and an attempt at digitalization will provide the desired level of momentum towards growth. The credit support to Micro, Small and Medium enterprises will help revive the industries and they would rebound back to industrial recovery sooner according to the survey conducted on manufacturing survey. 

The industry anticipates the government is engrossed in creating jobs for the less skilled in order to bring a major boost to the income and demand. More than half of the industry specialists are optimistic about growth in demand and economic recovery. The fear among the consumers due to the pandemic such as movement restrictions, health, and financial apprehension have affected consumption. Now people out of anxiety to be on a safer end save more which would keep the demand below the level this pandemic hit our lives. Analysts even feel the urge to  increase the expenditure on Research and Development 

And the schemes laid out by the Government such as Atmanirbhar Bharat and Production Linked Incentive have done pretty well in holding up autarky and becalming the country’s economic growth. 

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