The big Budget day is here finally. Finance Minister Nirmala Sitharaman has presented Budget 2022 and has tabled the finance Bill 2022 to the Parliament. On commenting the impact of budget on alco-bev industry, a press release was issued by the International Spirits & Wines Association of India (ISWAI), the apex body of the premium AlcoBev sector on today’s Union Budget 2022-2023.
Ms. Nita Kapoor, CEO, International and Spirits and Wine Association of India (ISWAI) said “The Budget 2022-23 is certainly forward-looking and has the right ingredients to push growth, reforms and economic recovery. It is heartening to see the government’s renewed emphasis on minimum government & maximum governance with a sharp focus on trust-based governance during Amrit Kal for the next 25 years, from India@75 to India@100. The emphasis on digital infrastructure and the introduction of digital currency are welcome steps. These are efforts in the right direction that will enable the industry in Ease of Doing Business in India.
“The extension of the Emergency Credit Line Guarantee Scheme (ECLGS) till March 2023 is a timely move for the hospitality sector. This will help the sector recover some of the lost ground during the pandemic. Further, the thrust on duty reduction and exemptions on various goods and the phasing out of overlapping compliance will incentivise trade and industry, thereby help in further recovery”, added Ms. Kapoor.
Commenting on inflation in the industry, Ms Kapoor added, “The Finance Minister’s proposal has focused on inclusive economic growth and does not appear to provide for stoking inflation.”