Pre-budget expectations quote by Mr. Vikas Bajaj, President, AIFI
“All MSMEs, including the forging industry are expecting a good, progressive and balanced budget this year. The industry also monitors significant announcements from this budget to promote investment in this space, as well as favourable regulatory actions to provide a suitable climate for manufacturing sector. Additionally, steel import duties should be reduced to compensate for the existing deficit and uncompetitive Indian steel pricing. Furthermore, the government should prioritise regulating inflation and reducing the cost of raw materials and fuel. Existing incentives must be enhanced to boost exports. There is also a need to expedite the GST refund system to give liquidity to the industries. As part of the 'Make in India' initiative, Indian companies should be eligible for a duty structure benefit. The government has made continued efforts to simplify and streamline Indian tax regulations, and the industry anticipates consistency in tax and regulatory policies, as well as their interpretation, this year. I believe that the government should fix industry income rates for at least five years so that industrialists can make long-term financial plans and suitable investment decisions in their industries”.
Vikas Bajaj, President, AIFI (Association of Indian Forging Industry)