Budget-hope of industries.

Budget-hope of industries

The good fortune of the Indian economy has now turned the focus of the Finance Minister towards attracting investors. He has expressed concern that it is no wonder why domestic investors are not enthusiastic about investing in India, while foreign investors are reluctant to invest here. They are now busy preparing the new budget. The Finance Minister asked a direct question to the Indian business community that they are worried that investors are feeling hesitant here? The government wants to work hand in hand with the industry and is ready to take all necessary steps for that. However, the government had come up with an incentive package i.e. scheme before. Many tax concessions were given to invest in the manufacturing sector. Several other rates were reduced. But it did not benefit the sector or the investors. As a result, the Finance Minister has had to express his readiness anew to make the necessary reforms according to the current needs of the industry.

The sudden attention of the finance minister is also due to the fact that the industrial growth rate appears to be deteriorating in the figures that have been released. The industrial growth rate is above the lowest level in the last four years. This is a matter of concern. It is natural that the government becomes dependent on industrial development to improve industrial growth rate. Due to this dependence, as soon as the industrial world goes up and down, the graph of economic development becomes wobbly. Even before the corona period, the industry was not booming. Corona did more damage. The government waived interest rates, announced incentive schemes and even showed willingness to waive debt. However, the government and the industry have not got the expected results in the manufacturing sector. The government knows the reasons for this. Now the Finance Minister has started categorizing the hurdles of the industry. This is a suitable exercise to eliminate the risk on any large scale.

It is usually the job of governments to advertise claims that the economy is very strong. But the reality is something different and is often overlooked. But it is imperative to accept the situation and make necessary reforms and that is what is expected from every good government. Investment in industry increases only when production and sales continue to increase. Such one-sided love cannot strengthen economic ties if sales are not increased and only production is encouraged. Sales - consumption should also increase. As exports started to decrease and imports started to increase, the government started to suffer losses. These are the basic principles of economics and it is necessary to follow those principles in the economy of any country. The government needs to show the spirit of wiping the tears of small businesses.

India's presence in international markets should be continuously reduced as well as expanded to increase sales of domestically produced goods. But for this, there seems to be a lack of conscious efforts by the government and businessmen are also thinking before taking up new ventures. The situation of the local market is also present and it is well known. By repeatedly changing the interest rate policy, the Reserve Bank has been trying to reduce inflation and increase investment in the market, only to achieve zero results. The government knows very well that unless the spending power of the citizens increases, the flow of capital into the market will not increase. When does spending power increase? When people's income increases. The rupee needs to strengthen and India's annual domestic product needs to grow in real terms to increase incomes.