About 50% of industries respondents feel that the upcoming Union Budget will revive their business, while a vast majority are optimistic about economic recovery and demand growth, a Deloitte survey said on Friday. While some respondents also feel that raising the tax exemption limit for individuals will boost private consumption and investment. The online Deloitte survey titled would Union Budget 2021 accelerate the industry recovery. The survey collated a total of 180 responses from nine industries. The Deloitte Budget Expectations Survey 2021 also revealed that more than 70% industry leaders are optimistic about the economic recovery and demand growth.
The survey respondents from life sciences, automobile, infrastructure and power, and telecommunication industries have highlighted the need to increase R&D spend. Deloitte India Partner and Leader Public Policy Sanjay Kumar said recent data and business signals suggest that the economic recovery may be on the way. Schemes such as Atmanirbhar Bharat and PLI have done especially well in supporting self reliance and stabilising the country's economic growth.