and Management Company (AMC) that will take over stressed assets from the banking system and focus on recovery or rehabilitation of these assets is step in right direction. FICCI has long advocated the need to set up a National Asset Management Company. The significant push to building digital infrastructure and digitisation across both the private and public sector is welcome. The proposed investments towards harnessing emerging technologies such as analytics, artificial intelligence (AI) and machine learning (ML) will aid creation of new opportunities that can help propel India as an intellectual tech hub for global markets. Different tech-enabled services like fintech, ed-tech, pharma and e-commerce are
gaining momentum in India due to increased funding and supportive policies. India and New Zealand can collaborate in digital space using these emerging technologies which will create mutually complementary partnerships, including setting up global innovation centres and data centres. Additionally, the support of the government to the agriculture sector through collateral free automatic loans, equity infusion through fund of funds, the much-awaited change in definition of MSMEs, timely release of payments by CPSEs has been extraordinary. Usually the reforms process in India does not start or end with a Union Budget. Hence, we were hoping to see a set of announcements for the hospitality/ tourism sectors going forward. These
Manish Singhal Deputy Secretary General, Federation of Indian Chambers of Commerce & Industry (FICCI)
Emerald Lake, Ooty, Tamil Nadu, India
sectors are significant contributors to the country’ GDP and are highly employment generating too. Tourism and aviation have always been the focus sectors of cooperation between India and New Zealand as well. All in all, this Budget has generated a highly positive sentiment. India is currently positioned as one of the most major players in the global economic landscape, which will drive global economic recovery going forward. Our trade policies, reforms processes and inherent economic strengths have contributed to our becoming one of the most sought-after destinations for foreign investments in the world even during the pandemic year. Surely the next decade is ours!
Manish has been with FICCI since 2012 and oversees the global outreach of FICCI, Resource Conservation &Management (RCM) and FICCI Quality Forum (FQF) Divisions. Prior to FICCI, he has spent over 22 years with some of the best in class Indian transnational companies like Tata Motors, Eicher (Volvo), Tata Autocomp Systems, Moser Baer and BEML.