75% optimistic about economic growth ahead of Union Budget 2022 – Deloitte survey

Despite the pandemic consequences, that too with thrid wave in India, more than 75% of market leaders are looking positive in the Indian economic growth and expansion ahead of Union Budget 2022-2023, according to Deloitte Touche Tohmatsu India LLP (DTTILLP) ‘Pre- Budget Survey’.

The survey had 163 responses, conducted across 10 industries. The Deloitte survey contained a set of 20 questions about the economic outlook, the
ease of doing business, self-reliance, taxation challenges and changes, and effectiveness of various government stimulus packages offered last year, as per survey document from Deloitte.

As compared to 58 percent last year, around 90 percent of respondents believe the ‘Atmanirbhar Bharat’ initiative, coupled with monetary policy actions by the Reserve Bank of India, including extending EMI reliefs, and reducing repo and reverse repo rates, contributed to bringing the economy back on track.  In this 80 % of respondents are in favor of group taxation and 70 % want it to be implemented within the next year. 48 % expect that adding manpower providing employment to generate demand and lowering taxes for boosting industries should be addressed in Union Budget.

This is going to benefit sectors such as life sciences, automotive, capital goods, technology, and telecommunications.