The Union Budget resists the urge to be populist and goes a long way into making Atmanirbhar Bharat an achievable goal. With recommendations in place to pursue high quality growth by proposing investment into infrastructure, simplifying rules around taxation and capital gains, support for MSME, Gati Shakti and Vande Bharat, the India it envisages is a confident, forward-looking nation.
The budget also focuses on a calibrated approach to ESG, ensuring that we prioritise large scale capacity to manage the energy transition with solar, hydrogen and 5G infrastructure investments- policies that are aligned with promoting opportunity rather than handouts.
The Chemical and Petrochemicals sector is a key component in the nation’s economic development. Reducing customs duty on methanol, acetic acid and heavy feedstocks for petroleum refining, is a commendable measure to boost Make in India. As India transitions towards a clean economy, the Government’s decision to mull viability of conversion of coal into chemicals, is a progressive step towards broadening the scope of the Chemical industry & making it integral to circular economy.