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As India strives towards becoming a $5 trillion economy, the upcoming 2023 Union Budget is expected to focus on measures to support the economy, particularly manufacturers in the country. We reached out to Mukesh Gandhi, Founder & CEO of Creative Synergies to understand what are his expectations from Finance Minister Nirmala Sitharaman’s upcoming budget.
Speaking on the Budget 2023 expectations, Mukesh Gandhi, Founder & CEO of Creative Synergies Group said, “The previous budget proactively pushed for the growth of the manufacturing sector, including the policy for EVs, which expedited its adoption across the country in FY22. Despite potential economic uncertainties, Industry 4.0 has played a key role in driving widespread technology adoption in the manufacturing industry.”
“Over two-thirds of Indian manufacturers are expected to embrace digitalization by 2025 and Indian OEMs spent close to $5.5-6.5 billion on technological solutions in 2022 alone. The 2023 budget is expected to factor in incentives or provisions for tech adoption, which could support the sector greatly. In addition, the promotion of local production and R&D through the “Make In India” initiative could benefit manufacturers,” Gandhi added.
Further continuing with his wishlist, Gandhi added, “India’s manufacturing PMI, according to S&P Global, rose to 57.8 in December, marking the 18th consecutive month of expansion in the industry. With the right measures in the upcoming budget, Indian OEMs can look forward to commercial and global success.”