Page 21 - MMI_MarApr 2021 (high-singles)
P. 21
Source: Milacron India Pvt LtdThe Government can promote, a commendable job of an- and other countries in the
assist and incentivize R&D nouncing a bold yet thoughtful global environment.
centers, and offer SMEs to com- Budget that addresses the im-
pensate their R&D expenses for mediate need to power the eco- Constant innovation to
creating this shift. There is no nomic growth engine, putting move ahead
doubt that unless we increase in place the building blocks for At Milacron, we lay emphasis
our budget for R&D and in- long-term growth and self-re- on continual improvement. Be
vest ourselves in it, becoming liance by adequately funding it through regular Kaizens, or
self-reliant will remain a dis- core sectors, without overbur- through the R&D teams work-
tant dream. dening the common man with ing together with the global
new taxes and levies. teams. We innovate continu-
SV Divgi With this Budget, the ‘Atma ously, thereby providing new
CEO Nirbhar Bharat’ takes the technologies and better per-
Milacron India Pvt Ltd center stage once again and formance machines to our cus-
the message is clear – Inno- tomers at the most competitive
India’s innovation vate or Perish. This Budget will prices. Our machines are now
quotient to up position India as a super power accepted in the USA, Europe,
The Finance Minister has done in terms of R&D, innovation, and South Americas. Our re-
manufacturing, IT and ser- cent product launches are fo-
vices. The digital India push, cused on sustainability in the
setting of R&D centers, setting plastic sector and our patent-
up of Fintech Hub at GIFT city, ed Mono Sandwich and LPIM
and allocation of `50,000 crore technologies enable customers
towards National Research process recycled materials to
Foundation will work towards produce products at reduced
boosting India’s Innovation cost. We are fully convinced
Quotient on the global map that investment in R&D and
and is a welcome move. continuous innovation is the
This will further motivate the only way forward for the Indi-
Indian Manufacturing sec- an Manufacturing industry.
tor to invest in R&D to com-
pete with the likes of China
Source: VDMA India Services Pvt Ltd es of a global pandemic and PLI, a positive push
swinging economy. The Union Another important Budget an-
Rajesh Nath Budget has come at a time when nouncement included the pro-
Managing Director the economy is recovering from duction linked incentive scheme
VDMA India Services Pvt Ltd the aftermath of Covid-19. With (PLI). This will serve the purpose of
German Engineering Federation GDP contractions for the first providing incentives to producers.
(VDMA) time in several years, the chal- This will help the nation to grow
lenges before the government as a hub for manufacturing and
A vision for were unprecedented and man- exports. This move should draw
‘Atma Nirbharta’ ifold. In the words of the Fi- investments from global players.
The Union Budget 2020-21 was nance Minister, the Budget lays The scheme is also looking at en-
presented amidst the challeng- down a vision for ‘Atma Nir- couraging local companies to set
bharta’ or self-reliance and will up new units or expand existing
further strengthen the resolve units in the country. This scheme
of Nation First. The Budget is suggests that eligible industry
focused on giving the much-re- players will get incentives of 4 to
quired impetus to the Indian 6 percent of production value af-
economy and at achieving ter they are able to achieve their
the vision of the Indian Prime production and investment value
Minister for India to become a target every year.
$5 trillion economy by 2024-25.
www.mmindia.co.in | 21March-April 2021
