Industry Captains welcome budget proposals

The Union Budget presented by Nirmala Sitharaman is important as it is India’s first Post-Covid budget, after India entered a lockdown in March 2020, that has been considered one of the most stringent globally. Not only did this result in supply bottlenecks, travel restrictions, loss of jobs and livelihoods, but industry, virtually ground to a halt.  In the months leading up to the budget, there have been debates about whether a V-shaped recovery would take place, the need for and against an additional stimulus, and also how India can best leverage its Atmanirbhar policy to its advantage. The captains of industry have welcomed the much-overdue Vehicle Scrappage policy and the thrust on road infrastructure, have been seen as positive steps to boost the economy battered by the Coronavirus. To boost local manufacturing, custom duties rates have been increased on select auto products, as well as steel which is aimed at incentivising local production. On GST, no changes were proposed in the Budget but the FM said every possible step would be taken to smoothen the GST and remove anomalies such as inverted duty structures.   Here is what captains of industry had to say: Guenter Butschek, CEO & MD, Tata Motors  Budget 2021 is a