– By Yoshiyuki Kato
The Finance Budget 2024, set to be unveiled, carries with it the hopes and aspirations not just of our sector, but of the nation’s economy at large. In a world grappling with economic fluctuations and technological disruptions, our industry remains a cornerstone for India’s infrastructural growth and sustainability. The upcoming budget presents an opportune moment for our government to bolster this vital sector.
We anticipate significant allocations towards infrastructure development. As a company that thrives on the construction boom, increased spending in this area would directly translate into heightened demand for our products. We are hopeful that the budget will pave the way for large scale infrastructural investments, especially in the residential and commercial spaces, renewable energy and smart city initiatives, where our expertise can be leveraged to the fullest.
Moreover, the taxation policies remain a critical aspect. Rationalization of GST rates for electrical construction materials can provide much-needed relief and fillip to our business. This step would not only aid in streamlining our operations but also make our products more competitive and accessible. Furthermore, with the global shift towards sustainable and renewable sources of energy, we expect the budget to reflect a strong commitment to this sector. Incentives for developing and using renewable energy sources can open new avenues for our company and help us contribute more effectively to India’s green energy goals.
The digital revolution is here, and we hope the budget will support digitalization and innovation in our sector. This could be through investments in digital infrastructure, or incentives for adopting cutting-edge technologies, which can revolutionize how we operate and serve our customers.
It is anticipated that infrastructure investment would rise in order to support economic expansion and PLI programs that will prioritize important industries. Considering the viewpoint of the manufacturing sector, the budget for 2024 will continue to place a high priority on the “Make in India” project. In addition, the Pradhan Mantri Suryoday Yojana’s prioritization on the growth of the clean energy industry will prove to be a significant indicator of progress in the years to come.
Environmental and safety regulations are also areas where we expect new or updated guidelines. As a responsible corporate entity, we are committed to adhering to the highest standards of environmental safety and expect the government to support us in these endeavours through practical and forward-thinking policies.
Lastly, we look forward to initiatives that will foster skill development in the electrical construction sector. Investing in our workforce is investing in the future of our industry. We are optimistic that the Finance Budget 2024 will be a catalyst for growth, innovation, and sustainability. We at Panasonic are ready to embrace the new opportunities it will bring and are committed to contributing to India’s progress.
(Yoshiyuki Kato is the Managing Director, PEWIN, at Panasonic Life Solutions India.)
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