January 17, 2022
With just about a fortnight to go for the upcoming Union Budget 2022, the wishlist from the industry leaders has started pouring in. Mr. Shreegopal Kabra, Managing Director & Group President, RR Global, says, “The wires & cables industry in India has always been an essential part of the manufacturing industry. With the upcoming Union Budget, we would like to see the government’s increased focus on sectors such as infrastructure, healthcare and affordable housing as this encourages the demands for manufacturing and thereby wires and cables significantly.
In an effort to continue the economic growth of the country, we hope the government will lower the interest rates and make higher capital available to MSMEs as they are the backbone of the Indian business market and ultimately help generate employment.
Additionally, since we are looking at robust housing demand in 2022, we are expecting the government to look at having the GST input credit reinstated as this will help reduce the cost of housing in major cities and make buying a home more accessible in larger cities. We also look forward to the Union Budget to boost affordable and mid-income housing by extending the cost bracket and expanding the tax benefit for first-time buyers while introducing tax holidays and SOPs for developers engaged in affordable and rental housing projects. The real estate sector contributes around 8 percent to the overall GDP and this consequently creates the majority share of demand and opportunities for wires & cables in the country.”
