Explain impact of manufacturing industry seven point
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Answer:
In the past couple of years, the Government seems to be focusing on building a long-term growth plan for the manufacturing sector by strengthening rural economy and infrastructure investment. The recently proposed Union Budget 2017 highlighted this development, thereby, boosting the 'Make in India' initiative of the Government. The following section outlines views from industry stalwarts on the implication of budget in the manufacturing sector.
“Boost for machine tool industry”
- Parakramsinh G Jadeja, President, IMTMA & CMD, Jyoti CNC Automation
The industry welcomes the ministry’s move to step up allocation for capital expenditure by 25.4% as against the year before and control fiscal deficit at 3.2% of the GDP for FY18, while going ahead with the planned development. The revenue deficit for the next year is pegged at 1.9% as against the 2% mandated by the FRBM (Fiscal Responsibility and Budget Management) Act. Vibrant manufacturing is critical for the country’s growth. The incentives given in the budget are an initial step. The sops will take some time to trickle down to the end users resulting in demand for goods and services. However, with the momentum given by this budget, the machine tool industry will pick itself up and traverse on the right track.