The government had embarked on a series of structural reforms much before the pandemic hit us. These efforts accelerated post the pandemic and are likely to bear fruit in the next few years. Recent data suggest that growth is gaining momentum. The resilience amongst businesses and consumers, and the improving economic fundamentals will help India tide through successive infection waves. That said, a weak labour market and inflation pose downside risks. The pace of vaccination and effective government policies will be critical to a sustainable economic and industrial recovery.
Deloitte in its survey aims to analyse the industry’s expectations from the upcoming budget, with the standpoint of economic growth, the ease of doing business, and self-reliance. Read below to more.
Objective
Understand the industry’s sentiments in terms of economic outlook and growth
Assess the types of government stimulus that the industry felt were helpful in boosting demand and reviving supply
Understand the industry’s viewpoint with respect to healthcare facilities, and technology and digitisation enhancement in the country
Analyse the industry’s expectations from the upcoming budget, with the standpoint of economic growth, the ease of doing business, and self-reliance
Discuss industries’ outlook towards tax-related changes and capital injection tools that can lead to the economic revival and growth
Methodology
We conducted online surveys with senior professionals across different industries and categories of companies.
The survey contained 20 questions pertaining to the economic outlook, the ease of doing business, self reliance, taxation challenges and changes, and effectiveness of various government stimulus introduced during the past year.
We collated a total of 163 responses from 10 industries.
Survey findings
What is your outlook on India’s growth in FY'22?
A high majority of the industry leaders are positive about India’s growth in FY’22, with the BFSI and chemicals industries being the most optimistic.
What measures do you think can enhance the ease of doing business in your sector?
The improvement in digitisation efforts and the creation of an online window system are seen as the most important steps to enhance the ease of doing business.
Do you feel Atmanirbhar Bharat can help your sector at an operational level?
More than 90% respondents (compared with 58% past year) believe that Atmanirbhar Bharat is helpful; 100% electronics and nearly 100% automobile respondents strongly support this initiative.
