While some respondents also feel raising the tax exemption limit for individuals will boost private consumption and investment, about 50 per cent highlighted demand revival as one of the major working areas. “Movement restrictions, and financial and health anxiety amongst consumers have affected consumption. High precautionary savings may keep demand below pre-COVID-19 levels for a while. Some respondents also feel that raising the tax exemption limit for individuals will boost private consumption and investment,” it said.
The online Deloitte survey titled - Would Union Budget 2021 accelerate the industry’s recovery? - posed a set of about 12 questions, including on economic revival and ease of doing business, to senior professionals across industries.
The survey collated a total of 180 responses from nine industries.
It found the industry expects the government to focus on creating jobs, especially for less-skilled workers, to boost income and demand.
It also revealed that more than 70 per cent industry leaders are optimistic about the economic recovery and demand growth.