Budget 2019 - The Government's Vision Of A New India

The Union Budget had something for everyone. With policy reforms to rejuvenate investment, The Budget lives up to the government’s vision of a new India that aims at inclusive growth

- Team MT

There are ambitions. They need to be fulfilled. The diversity of our country demands that the government protect its citizens from within and that can only be done through policies. Then there’s the disparity. Catchphrases like ‘the rich get richer, the poor get poorer’ do not arise out of nowhere. Hence it is important to have policies that enable growth.

That is what Finance Minister Nirmala Sitharaman set out to do with the Budget this year. The first impression that viewers received is her clear embrace of protectionism. The list of items on which tariffs have been hiked or introduced is far longer than the list of tariff reductions. These tariff hikes, that are meant to offer a broader push towards protectionism and promoting ‘Make in India’, will have important implications for Indian industry and the economy.

In terms of the manufacturing industry alone, Sitharaman gave consideration to MSMEs, start-ups, defence manufacturing, electronics, electric vehicles, and medical devices – all under Make in India. The idea was to build India into a $5 trillion economy, and a 3 trillion dollar economy in the current year, while not forgetting to fill people’s hearts with hope, trust and aspirations.

Manufacturing Today speaks to industry heads across sectors to understand their reading of the budget.

ELECTRIC VEHICLES AND AUTO INDUSTRY