Thought Habitat’s series of budget expectations is now getting complete as we have received quotes from various business leaders across industries. Here we have two business leaders. One representing the infrastructure segment and the other a gaming technocrat. They both have varying expectations from the union budget 2022. What are they? Let us explore.
Vishal Kanodia, MD, Kanodia Group
While the COVID-19 pandemic and the ensuing pan-India lockdown disrupting the infrastructure and housing projects adversely impacted the volumes of cement manufacturers and profits of the industry. The real estate sector is looking for a robust housing & infrastructural demand revival in 2022. Looking to which the cement industry has prepared itself to meet the upcoming massive needs of this input for infrastructural development.
I expect the union budget this year to play a supportive & enabling role. Since our Finance Minister has already highlighted her special attention towards the growth of infrastructure in every possible region of the nation. Hence, few key relaxations in taxes or reduction of GSTs should consider a downward revision from the existing 28%. For raw materials like- coal, clinker, gypsum, etc. the industry is mostly dependent upon rail services. Hence, we are expecting the cement industry to be a priority for the railway sector.
Since we are a power-intensive industry, therefore, we expect a subsidized rate of electricity in the budget this year. India is not just the second-largest manufacturer of cement the world over, but also the second-largest consumer of it. Its growth is derived from the housing sector’s growth and the sector is also an indirect beneficiary of the govt. spending on infrastructure. This certainly makes the sector crucial for India’s growth story.
Abhinav Anand, CEO, Gaming Intelligence Pvt Ltd
It is no surprise that India today has a large and rapidly growing gaming market. Online gaming start up recently have witnessed astonishing popularity, especially in the sports & fantasy genres. In the union budget of 2022, the sector has huge expectations from the govt. I firmly believe that gaming start-up is a sunrise sector with immense investment, revenue & potential. Gamification is increasingly influencing & growing the education, training & skill development space.
As we look ahead, we expect that the govt. this year will give more clarity in terms of regulatory measures by forming a standard law for the gaming industry. That will make it more convenient for us to manage the tracking against our gamers.
Online skill gaming industries, which have flourished over the years amid phenomenal investor interest. Now they are well-placed to create jobs in roles ranging from VFX designing to software development. With the recent Covid-19 scenario, we hope that the government should consider levying a lower taxation slab than the existing 18%. The industry can also benefit from funds that can provide adequate capital to talented developers & designers making India a gaming hub globally.