Mr. Farrokh Cooper, Chairman & Managing Director, Cooper Corporation said “The forthcoming Union Budget for 2022 should emphasise measures to help the Indian economy recover from the pandemic and to boost consumption-led demand. The auto industry expects relief from the Union Budget in multiple areas. To achieve sustainable growth, business communities should be encouraged to invest more in industry and businesses. I believe that the government should fix industry income rates for at least five years so that industrialists can make long-term financial planning and take appropriate decisions about investment in their industries.
Furthermore, the government is now encouraging businesses to establish large industries, and they should be treated equally with medium and small industries in terms of receiving timely payments from the government and private sectors so that they can pay small and medium enterprises. Furthermore, the government should priorities managing inflation and lowering the cost of raw materials and fuel. To boost exports, existing incentives must be increased. There is also a need to accelerate the GST refund procedure to provide liquidity to the industries. The industry is also eagerly awaiting news on the scrappage policy. Given the current market conditions, we anticipate significant initiatives to revive growth and boost investor confidence in the upcoming Union Budget”.