India Inc Confident That Budget 2023-24 Will Help Fuel Economic Growth Amid Global Slowdown: Deloitte Survey

Indian business leaders are confident that Budget 2023-24 will help fuel economic growth across sectors and industries, amidst a potential global slowdown and geopolitical instability, according to a Pre-Budget CXO Survey conducted by Deloitte India.

About 60 per cent of those surveyed are confident about India growing above 6.5 per cent in financial year 2023-24. 73 per cent respondents hope the budget will fuel growth across industries by building strong domestic demand and focusing on capital expenditure, the survey found.

90 per cent respondents commend the Atmanirbhar Bharat Scheme, with an overwhelming response from the electronics manufacturing, energy, and food processing sectors, expecting it to develop stronger supply-chain channel and more than 70 per cent respondents agree that various Production Linked Incentives (PLI) schemes have been beneficial for the growth of their sector, with close to 60 per cent respondents expecting an extension of the incentive in the coming years

Almost 60 per cent respondents believe that the recent push towards digitalisation has been advantageous for the sector, with 70 per cent respondents indicating the GST portal to be the most effective digital endeavour by the government

“Despite global uncertainties, the Indian economy has been resilient and is well on its way to a growth rate of 7 per cent. With the vision of attaining a US$5 trillion economy, the government has adopted a focussed approach towards ease of doing business and enhancing industrial growth, generating employment, and increasing investments. Union Budget 2023-24 holds great expectations from the industry to continue this momentum and lead the country towards economic prosperity,” said Sanjay Kumar, Partner, Deloitte Touche Tohmatsu India.

Meanwhile, more than 65 per cent respondents stated the most beneficial direct tax-related reform would be to make tax compliance easier. Rationalising tax rates across the assets and gains indexation is rated as being extremely advantageous by 55 per cent respondents and 70 per cent respondents think modifying personal taxation would support individuals.