Amidst the current Omicron wave across the world, leading world economies, including India, are on the path of recovery from the damage the COVID-19 pandemic has done. With the predicted growth of real GDP estimated at 8.3 per cent, as forecasted by the World Bank, the Indian economy is at the centre of the limelight in world economics.
In this article on expectations from the Union Budget 2022, we have highlighted industry-wise expectations for reforms, subsidies, and support mechanisms from the Government of India.
Hospitality Sector
The hospitality sector is amongst the sectors that have been most disrupted from the COVID-19 pandemic and pursuant lockdown and travel restrictions that were imposed across the country.
This sector has been significantly suffered a crunch on liquidity and hence we expect the following reforms, support and benefits to accrue from the union budget 2022:
Reduction in tax rates on both corporate and normal assesses.
Fund for extending liquidity to the sector in form of collateral-free top-up of working capital limits
Increased or priority access to MSME reforms for the stressed entities.
Introduction of schemes for the promotion of travel and tourism by the government.
Textile Sector
The textile sector has relatively been relaxed post the deferred increase of GST rates. However, the entities are stressed due to rapid increase in the cost of inputs such as:
Cotton
Problem:
Cotton prices have swiftly gone high due to the high level of exports.
Solution:
The textile industry is looking for relief in form of export duties so that more quantity can be made available for domestic and captive consumption and prices can be kept at valuation.
The industry is also expecting the Government to remove or reduce the import duty of 5% levied on the import of raw cotton.
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