The Union Budget demonstrates our government’s will to boost India’s manufacturing sector. Introducing a 'National Manufacturing Mission,' with an 89% increased allocation to Rs.16,092 crore, highlights our government’s dedication to improving domestic production capabilities. Extending PLI schemes to various sectors is a good strategic move to diversify and strengthen local manufacturing. The much-needed tax reforms, like higher exemptions and simplifying tax slabs, will improve consumer sentiment and spending, invariably stimulating demand for various manufactured goods.
Additionally, the announcement to set-up a centre for AI, and readying talent for Industry 4.0 will provide a much-needed impetus to all industries enabling crucial job-creation and for us to 'Make in India - For the World'. Lastly, a focus on infrastructure development and digitisation will create a more favourable environment for domestic manufacturing operations. I remain optimistic that these measures will enhance our nation’s global competitiveness, and contribute to overall sustainable economic growth!