INSUBCONTINENT EXCLUSIVE:
Finance Minister Nirmala Sitharaman will present Union Budget 2022-23 on February 1.Mumbai: Finance Minister Nirmala Sitharaman is expected
to reveal plans to fast-track economic growth through larger spending on infrastructure and healthcare when she presents the national budget
jobs, also seek tax breaks for industries such as automobiles, manufacturing and tourism, hit by the coronavirus pandemic.Here is a wishlist
from industry groups:HEALTHCARE AND PHARMACEUTICALSThe domestic pharmaceutical industry expects an increase in funds allocated to it, along
with a focus on policies to foster research and development.REAL ESTATE AND INFRASTRUCTUREWith demand for residential real estate gradually
bouncing back, realtors seek more consumer friendly measures from the budget
Real estate firms want a hike in the cap on deductions against interest on home loans, as also more 'affordable' housing in metropolitan
cities.The government now groups houses costing less than 4.5 million Indian rupees ($59,000) in such cities in the 'affordable' category,
resulting in lower tax and loan interest rates
Builders say the figure should be extended to 10 million rupees.AUTOMOBILE INDUSTRYIndustry desires include tax cuts, along with a uniform
GST rate, export incentives, a thrust on research and development efforts, a boost to domestic chip-building capabilities, and investment in
infrastructure development and promotion of electric vehicle ecosystem.AVIATIONThe beleaguered aviation industry is vying for fiscal
concessions and industry-friendly policies to recover from the massive dent caused by the still raging COVID-19 pandemic.TOURISM AND
HOSPITALITYAnother major loser from the pandemic has been the tourism and hospitality industry, which is also seeking some form of income
support from the government.RETAILThe retail sector has been pushing to hasten adoption of a national retail trade policy to streamline
growth of all kinds of retail trade.It also wants the status of an industry, with a reduced compliance and regulatory burden, along with
financial incentives for big projects.BANKINGThe industry seeks details of plans for the impending privatisation of state-run banks, as well
as on the functioning and scaling up of the National Asset Reconstruction Company Ltd.NON-BANK FINANCIAL INSTITUTIONSAs non-bank finance
companies have grown to account for 25% of Indian credit exposure, rating agency ICRA expects the budget to re-examine a permanent refinance
window for the sector from the central bank, or creation of a body to act as a backstop for such firms.FINTECHThe government has recently
set up a fintech department and launched a Payment Investment Development Fund (PIDF) to encourage growth of the industry.Several firms have
sought an extension of schemes for micro, small and medium enterprises introduced during the pandemic, while some players also expect the
government to increase the credit guarantee for lending and provide tax exemptions.(Except for the headline, this story has not been edited
by TheIndianSubcontinent staff and is published from a syndicated feed.)
