Industry expects Budget 2023 to unlock full potential of the digital world

As Finance Minister Nirmala Sitharaman gets ready to present the Union Budget for 2023-24 on February 1, the industry is hoping for measures to be announced that will fuel overall economic growth. Budget 2023-24 is an important one as it comes a year ahead of the Lok Sabha elections in 2024, and also as it comes amid a global slowdown and several geo-political tussles.

While 2022 was a year of recovery after two years of Covid disruptions, the industry is looking forward to consolidating the gains from 2022 this year and witnessing growth across sectors.

Lavinn Rajpal, MD & Co-founder, Chimp&z Inc:

“With the 5G rollout, people from the deep end of the country are gaining access to affordable and high-speed internet. This will speed up the digital infrastructure growth by manifolds. Among fears of a global recession, according to trade analysts, the Indian sector of advertising & marketing is estimated to grow at a steady rate of 14.7% in 2023. This will enable marketers to bet bigger on their digital marketing efforts as they now get the unprecedented opportunity to advertise and reach the deepest corners of India.

With this, we will also be better placed to experiment with Augmented Reality (AR), Virtual Reality (VR), and blockchain in our marketing strategies. However, more attention & investments must be diverted toward this sector to keep up with the global scenario. Indian industries across segments, especially startups, are looking for tax exemptions & benefits in the interest of ‘Make in India’.

While the previous year’s budget did not bring any special provisions or tax exemptions for the advertising and media sector, it did acknowledge the potential of the Animation, Visual Effects, Gaming, and Comic (AVGC) sector in India. The intention of setting up a task force for the same was to realize and build capacity to serve our markets as well as the rising global demands. In India, we have the talent, tech & creativity to become a publishing hub of the world. Focusing crucial resources on these sectors will help create immense job opportunities.

According to recent market statistics published on Business World, 83% of businesses plan to focus on & increase their content production budgets. AVGC-Extended Reality (AVGC-XR) Mission’s recent proposal of the ‘Create in India’ campaign will focus on creating exclusive content in India, for India and the World. It will require a great amount of investment in each category and clubbing them together may undermine its funding requirements. Accordingly, investment to upskill the population by formalizing AVGC courses; tax benefits, and exemptions on import duties among other policy changes, will be essential. This will unlock the full potential of this new era of the digital world!”

Keerthi R Kumar, Business Head - South, FoxyMoron:

“The industry has expanded rapidly in recent years, owing to rising digital penetration and disposable incomes. Many people are now watching content on OTT platforms, but the rate of content creation has accelerated, creating more opportunities for more people. To sustain this growth, the industry may seek government assistance in the form of tax breaks, subsidies, or infrastructure investments.

One such important thing is the recently announced Incentive Scheme for Audio-Visual Co-production and Incentive Scheme for Shooting Foreign Films in India. With state incentives, it becomes a viable and appealing package for filmmakers. The focus on such incentives can drive larger projects to and through India.

As the first normal budget after the pandemic, this has the potential to catapult us to the status of an economic superpower. Here are a few factors that I believe are critical to keeping a large portion of India running:

• Manufacturing assistance: Businesses may seek government assistance to boost domestic manufacturing, such as through "Make in India" policies and the "Atmanirbhar Bharat" initiative. We need to maintain and add more such incentives to help us develop a larger and better ecosystem for manufacturing in our country.
• Companies may seek government assistance for MSMEs, which are the backbone of the Indian economy, by providing easy access to credit, markets, and technology.
• Government assistance for digitalization and technology adoption, such as subsidies or tax breaks for companies that invest in new technologies, may be expected.”

Gaurav Gaggar, Promoter of Poker High:

“RMG industry is currently around $2.5 billion in revenues and is growing at over 25 per cent CAGR. It is high time that there is clarity on key issues regulating it and the draft guidelines proposed by Meity are a welcome step in this direction. We need clarity from the government on the GST issue. The department intends to charge 28 per cent on deposits as opposed to 18 percent on the service fees earned by the gaming platforms, which should be the case. The GST department’s argument that deposits are akin to actionable claims does not hold true in my view as gaming platforms only earn the service fees as their revenues and accordingly should be paying taxes on that.

Perhaps there is an option to take a cue from the stock market and a reasonable STT rate may be proposed on transactions as this is a special industry and the closest similarity would be the stock market. India has the potential to become the centre of world gaming and these policies should be crystal clear to give this industry a boost. We have the potential of becoming the skill capital of the world. Updating FDI norms on gaming, setting gaming incubators, certification agencies etc. and the absolute need of banning illegal websites operating in India without check is the need of the hour. Illegal websites lure Indians into gambling, take over their money and don’t pay taxes resulting in huge losses for the country.”

Gaurav Arora, Co-Founder, Social Panga:

“Global markets like Europe have already started showing signs of a recession. The IMF forecasts global growth to slow from 3.2% in 2022 to 2.7% in 2023. This comes after a 6.0% forecast in 2021, making this a cause of concern. However, despite global markets facing substantial challenges, South Asian and Indian markets, in particular, look like they will continue to boom. India overtook the UK to become the fifth-largest economy in the world in 2022 and shows favourable conditions as it strengthens its focus on hyper-local businesses, e-commerce and technology, to lead the way into 2023.

I believe that the government’s financial investment in Indian businesses will extend into 2023 with the Union Budget 2023. This will allow growth to happen locally and expand globally. Regulations in the startup ecosystem will also help this steadily developing sector take a step in the right direction. 2022 was a good year for startups, with companies like XpressBees, LivSpace, Tata 1mg and Darwinbox achieving unicorn status. To take our startups to the next level, a sustainable growth model from the government will be required well into this financial year too.

In my opinion, the fiscal policies this year must also focus on India’s booming growth in the digital infrastructure space. The biggest example of our digital adoption can be found in the form of UPI even in the smallest kirana stores. More financial backing can be expected in the e-commerce and D2C markets in India to ensure its expansion into the rural economy. This, I believe, will be led by the government-driven Open Network for Digital Commerce. Regulations in the way businesses are run, as well as an increase in capital infrastructure in the digital ecosystem, should be a big topic of discussion in the Union Budget 2023.”

Siddharth Raman, Deputy CEO, Sportz Interactive:

“We are looking forward to the upcoming Budget with great anticipation and hope that it will provide impetus to the sports and technology sectors. We believe that the Indian Government’s commitment to the development of these industries is essential to foster the growth of India's sports industry, and to create more opportunities for technological innovation in the country.”

Banwari Lal Sharma, CEO - Consumer Business, CarTrade Tech Ltd:

“Rising demand for e-mobility, accelerating infrastructure development, and an increase in income for the middle-class are positive indicators for the auto industry. The industry looks forward to more benefits and policies that will stimulate overall growth for the sector.

We expect the Union Budget to focus and to bring the highly anticipated push to the EV industry of the country, ease of FDI norms to attract more investment, and lastly, various incentives that strengthen the industry with new demand for both passenger vehicle and commercial vehicle segments.”

Aparna Constructions (99 Acres):

“The Real Estate Sector expects Union Budget 2023-24 to provide the impetus for encouraging demand and widening the housing market opportunity. As we enter 2023, ample policy support is critical in addition to the mainstay expectations of infrastructure status, single-window clearance, availability of financing, and GST rationalisation. Policies must be enacted that expand tax deductions for home loans, decrease long-term capital gains tax for property investments, and address the scope of the affordable housing segment.

The government must also streamline tax rates and minimise administrative barriers. Disposable income is a substantial constraint on demand so personal tax relief must be addressed by revisiting the tax slabs and also increasing the deduction limit under Section 80C. The real estate sector will benefit from revised income tax slabs that reduce overall tax expenditure. Expanding the availability of income tax deductions for homebuyers can incentivise new buyers.

For developers, there is anticipation for the availability of input tax credits as well as reductions in stamp duty and registration costs, which can significantly reduce the overall cost of a project. The government should also rationalise GST rates for building materials, including steel, cement and tiles.

Furthermore, the criteria for affordable housing needs to be revised to at least Rs 50 lakh to include a broader scope and customer base. Accordingly, more properties will be categorised as affordable housing, thus allowing more homebuyers to avail subsidies.”

Gaurav Mathur, Director, Lexar Co Ltd:

“We believe that manufacturing companies should be rewarded for developing new technologies and implementing environmentally friendly business practices in the budget for 2023. The budget for this year could have a positive impact on infrastructure; with tax reforms and ease of doing business at the forefront. We anticipate that the upcoming budget will include measures to improve the entire system. Government should focus on improving the condition of the flash memory industry because everyone can see how rapidly the flash memory market has expanded over the past three to four years. The only field in which young India is also contributing is the obviously expanding flash memory market.”

Liberatha Peter Kallat, Chairperson and Managing Director, DreamFolks:

“The global aviation industry has made a remarkable recovery, as travel restrictions have been lifted and a significant increase in travel demand has been observed. Tourists are swarming their favorite destinations, eager to check items off their bucket lists. India, ranking at the top among South Asian countries on the Global Travel Development Index, has seen a sharp increase in tourists, taking advantage of alluring all-inclusive packages and discounts. This has resulted in rapid growth driven by positive travel sentiments.

With total traffic up 41.3% from the same time in 2021, the air travel rebound persisted through November 2022. All regions saw growth, although the Asia-Pacific region continued to record the best performance year over year. Due to domestic leisure travel, MICE (meetings, incentives, conferences, and exhibitions), business travel, and foreign visitor arrivals, the demand for premium services have also sharply increased (FTA). Travelers seek a variety of airport services, including lounges, food and beverage, spa, meet and assist, airport transfer, transit hotels, and nap rooms among others to enhance their travel experience. Hence, the government should announce special incentives for the use of sustainable technologies and practices in the construction and operation of airports, such as eco-friendly sleeping pods, energy-efficient lounges. Therefore, the government should introduce particular incentives to encourage the use of sustainable practises and technologies such as self-service kiosks, premium check-in and baggage handling, and airport transfers while renovating existing & upcoming airports.”

Sanjay Sharma, MD AND CEO, Aye Finance:

“The year ahead could well be the point of inflexion for India. The budget should, hence, focus on supporting growth and stability, instead of conservative incrementalism.

As we pull ahead and reach for the $10 trillion GDP, there is no time to lose in addressing the social inequalities. Support for the 70 mn micro-scale enterprises is the need of the hour and this budget could make a start on the following ideas:

1. Lending to micro-enterprises by NBFCs and Banks should be encouraged. Just as banks have to meet a specific priority lending quota for agri, there should now be a specified quota for micro-enterprises in the priority lending.
2. Allocation for initiatives that help improve the quality of the produce of micro-enterprises. Here Govt should allow subsidies for private sector programs that can deliver technology and product improvement by such micro-enterprises at scale.
3. Health and critical illness covers at affordable premiums for micro-enterprise owners and their families- so that their businesses may be protected from these adverse events
4. Continued Credit Guarantee support through CGTMSE and simplification of the legal recovery requirements for very small loans below Rs 2 lakh.

These bold steps will enable improvement in the flow of funds to the financially excluded micro-scale enterprises. This segment provides 95 per cent of non-farm employment and we can no longer turn out heads away from their needs.

I believe that the Budget 2023 will bring in a period of progress and prosperity for all sectors – NBFCs and beyond – and catalyse policies and regulations that support holistic growth of the economy.”

Jyoti Bhandari, Founder and CEO, Lovak Capital:

“Union Budget 2023 should bring out policies and incentives to boost consumption and domestic demand, capital expenditure to support credit offtake. This year should see moderate rate hikes to tame headline inflation and maintain the projected GDP Growth at 7%. This will result in a positive impact on sectors like services, trade, travel banking, and the financial industry and making them attractive sectors from a long-term investment perspective.”

Mohit Gupta, Co-founder & CTO, IndiaP2P.com:

“With the rapid digitisation post-Covid era, we are seeing an increased incidence of cyber incidents with approx 10% of such incidences targeting the BFSI sector.

Cyber threats and incidents are also changing with time. 2022 saw a shift of attacks towards Asia and largely India.

To deal with cyber threats, one has to understand the various stakeholders in the system, such as customers, employees, vendors, external softwares and infrastructure.

One has to plug the vulnerabilities at each level after identifying all use cases. Sometimes, even the least expected area has some unplugged vulnerability that allows an attacker to cause massive harm to an organisation.

The threat actors nowadays are not only individuals, but various groups and even governments who sponsor cyber-attacks on institutions of other countries.

The cyber security teams in the sector use the latest technology and tools to deal with the cyber incidents. However, one area that still needs to be explored is sharing cyber threat intelligence across various institutions, law enforcement agencies and regulatory bodies and coordinating the efforts to mitigate attacks.

This can help us learn from any incidents happening across the globe, the steps to control it. This intelligence can help control most, if not all, threats for the future.”

Priya Ranjan Panigrahy, CEO and Founder, CEPTES Software:

“Digital India Program is a great initiative for companies like start-ups, SaaS-based, and new-age companies. We are creating the SMB booster program in the cloud space which enables small businesses to get into the digital transformation very quickly without much hassle, which can take care of sales, service, and marketing automation and also connect to finance operations like automatic e-invoice and automatic billing solutions can be done. We also do KYC solutions which can be so easy to adopt.

• The budget will be focusing on measures that support growth and innovation in the software and SaaS industry.
• Support for the development and adoption of new technologies such as cloud computing artificial intelligence, machine learning, and the Internet of Things.
• Technology Clusters in Tier 1 cities in India; while there are IT talents in every corner of India they are forced to move to tier 1 cities. As a result, big cities are enduring infrastructure issues. Govt. must come up with a special budget for booming IT infrastructure in tier 2, or Tier 3 cities as well to take off the load from big cities.
• Measures to address the skills gap in the IT industry and support for training and upskilling of workers.
• Tax incentives for companies that invest in research and development.
• This year's budget may also include measures to address concerns around data privacy and security, as well as efforts to increase the adoption of digital technologies in various sectors.”

Raj Sivaraju, President of APAC, Arete:

“India’s economy is rapidly advancing and will play a significant role in boosting the global economy. The country’s technology industry will attempt to identify the cybersecurity investment necessary for the tech sector as the government is scheduled to propose its budget for FY2023–24 in a few weeks. With the rapid implementation of technology initiatives and programs, the lowering of administrative backlog, and inclusive development in 2023, the cybersecurity industry is expected to generate $2.37 billion in revenue. Security Services is the market’s biggest category, with a $1.19 billion market volume anticipated in 2023. By 2027, the market is projected to generate revenues with a compound annual growth rate (CAGR) of 14.61%, amounting to $4.09 billion. The country's IT industry will closely monitor the spending on requirements for digital public infrastructure, capability building, and incentives for enhancing cybersecurity services.”

Sujit Patel, Founder and CEO, SCS Tech:

“With the world moving to digital products and services, cybersecurity becomes very important for individuals and companies to take care of their digital assets like sensitive data, PII (Personally Identifiable Information), PHI (Protected Health Information), and intellectual property to name a few.

While speaking about cybersecurity threats such as malware, spoofing, phishing, or third-party data breaches one should implement the minimum cybersecurity requirement as per their scenario, corporates should pay enough attention to the latest cyber security tools, security employees’ training, and education, control physical access to their digital data, in-time updates for the software; making proper backups of the information, and securing the internet connection.”

Zaiba Sarang, Co-founder, iThink Logistics:

“Logistics is one of the most competitive industries in the world, to the point where it is regarded as the foundation upon which all other businesses are built. As a result, when discussing budget allocation, we must recognize how critical it is to not only invest in this sector but also to ensure that our investments are directed toward areas that truly matter. Logistics is one of the unorganized industries, so we should anticipate investments in activities that will make it more organized. PM Gati Shakti, for example, has focused on seamless multimodal connectivity to enable smooth operations.

We can anticipate the implementation of the National Logistics Policy, which will reduce the cost of GDP from 14% to single digits. As we all know, logistics is one of the world's largest carbon-emitting sectors; there has been discussion about investing in making this sector carbon-neutral by using less carbon-emitting fuels, electric scooters, and other similar technologies. On top of that, we can expect Rs 2 lakh crore in investments in port infrastructure to alleviate logistics inefficiencies. Overall, we can predict that 2023 will likely be the year when the logistics industry reaches its full potential.”

Malay Shankar, CEO, ProConnect Supply Chain Solutions Ltd:

“In the post-pandemic reality, the logistics sector has been flourishing, contributing immensely to the national economic growth. Since the Indian government focuses on accelerating economic development, strategic announcements and changes for Supply Chain and Logistics Industry will have a wide-spreading impact. Here are some of the sector’s expectations from the government to fast-track the economy’s productivity.

Firstly, the New Labour Code directly impacts the blue-collar workers who are the backbone of the logistics and supply chain industry. Bringing in more straightforward means of enforcing it, while ensuring social security and economic benefit to the blue-collar workers will fetch long-lasting results. Getting rid of ambiguity and having simpler ways of implementation will help industrial workers. Coupled with the supportive Digital India policies, the government can thrust on closing the digital gap that persists in the industry. With lucrative sops for players bridging this gap by skill training to their workforce, the government can boost leaders in the space to catalyse the digital evolution of the sector.

On the other hand, we hope the government will strengthen the foundation of the National Logistics Policy (NLP) and implement it to ease bottlenecks and reduce costs. Along with that, an improved road network will decongest roads, facilitate seamless transportation of goods and get better land value for the warehousing hubs. The sector is keenly looking at adopting greener practices. Offering tax benefits and incentives to the warehousing industry for deploying solar-enabled solutions and other green practices will go a long way in reducing the carbon footprint of the sector as a whole.”

Meenakshi Vashist, Founder-CEO, TekUncorked:

“The Finance Minister may unveil a range of initiatives to support India’s energy transition in the Union budget. Climate change is a reality and I am glad that people are realising this. The only way forward is to deploy energy-efficient technologies!

The government may offer a 5% interest rebate on loans and a credit guarantee of 75% of the loan amount or ₹15 crores per project to small and medium enterprises operating in this sector. So, great news for new SMEs deploying energy-efficient technologies! Here's looking forward to Budget 2023.”

Meet Jatakia, Director of Branding & Marketing, Cossouq:

“As per a Statista report, India ranks 4th globally for generating the highest revenue from the beauty and personal care market. It is expected to reach $27.23 billion in 2023. In addition, as inclusivity and representation in society become the norm and self-care turns into a priority, the market is bound to see even more growth in this coming year. Globally, this market has mostly been dominated by a handful of multinationals. Still, several home-grown brands have brought disruptions in the Indian market and are working to fill the gap by catering to India-specific needs. We’re in this too!

Many start-ups and, Micro, Small, and Medium Enterprises (MSMEs) like ours are looking for better schemes and benefits from the upcoming Union Budget for FY 23-24. Apart from the expansion of the Production-Linked Incentive (PLI) scheme to include more industries, we are always on the lookout for a more accessible line of credit in addition to tax exemptions. This will help realize the ‘Make in India’ campaign while also promoting exports.

Basically, during a recession consumers who would often cut back were seen making smaller purchases like lipsticks, mascaras, or nail paints in order to feel good in the trying times. If this phenomenon called the Lipstick Index is to be believed, the beauty and wellness industry has little to fear. History, on multiple occasions, has demonstrated how this industry has been recession-proof and has often bounced back sooner than others. Nevertheless, supportive steps from the government are still recommended to back this trillion-dollar market. With that, we are looking at accelerating our digital infrastructure and associated brands portfolio. Any positive development in the policy changes to facilitate this will be appreciated.”

Dr Ashvini Jakhar, Founder & CEO, Prozo:

“There is incredible growth potential waiting to be unlocked in the logistics sector in India, and the upcoming Union Budget must be the catalyst that the industry needs. The biggest expectation is the implementation of the National Logistics Policy which was announced last year and aims to bring down the logistics costs to single digits compared to 13% to 14% at present. There is also an urgent need for the simplification of cross-border trade and FDI in warehousing. The government’s efforts towards improving infrastructure and development of logistics sector human resources under the PM Gati Shakti initiative need to be scaled and more funds allocated.

One of the most critical areas of logistics growth is the construction of industrial warehouses and cold storage facilities across India. It is expected that there will be a push towards improving transportation to Tier II and Tier III cities so that the new warehouses could be set up with greater ease, and the burden on existing warehousing hubs is reduced. The development of warehousing facilities in such areas would make rentals cheaper, and land acquisition is also likely to be simpler and more affordable for logistics companies.

It is also imperative to streamline single-window clearances for new warehouse establishments and eliminate outdated regulations such as the compulsion to have a factory license for setting up a warehouse. Today, 3PL and specialized e-commerce logistics players are essential, and the segment needs support through infrastructure and capital access. By reducing steel prices for warehouse construction, the government can enable logistics companies to significantly reduce costs as steel is one of the key components. Similarly, offering subsidies and incentives to warehousing operators that use solar panels to generate renewable energy for consumption at their warehouses, would help in the sustainable development of the logistics sector. We are now operating in an era where sustainability and digitization should go hand-in-hand, and that’s where simpler and affordable finance access is needed to set up smart and specialty warehouses and cold storage facilities all over the country. It is eagerly anticipated that the government will pay adequate attention to these as well as other industry expectations raised from time to time!”

Abhijit Bhattacharya, Founder & CBO, OneGreen:

“There have been several steps taken by the government in the last few years to benefit the economy as well as the startup ecosystem such as digitization, innovation support, ease of doing business, FDI policies, and funding support. The Make In India initiative has also led to the emergence of several home-grown startups that are creating solutions to bring about sustainable change in lifestyles. With the world staring at several challenges, we hope that the government will introduce policies, initiatives, guidelines, and financial steps that will not just create more economic output, but also benefit the overall life quality and productivity of the 1.4 billion Indians.

Concerns about the higher cost of plant-based organic foods and lack of awareness about nutritional options, have to be eliminated through sustained information sharing and support for companies manufacturing green nutrition products. There is also a need to develop smart technologies that help in increasing the output of agriculture without adding a carbon footprint or bringing more forest land under farming coverage.

Apart from this, companies that manufacture such products, and e-commerce platforms retailing sustainable food and other eco-friendly lifestyle products should be provided benefits like tax incentives, lowering of GST on green products, and reduction of customs duty on import of green food products and ingredients. GST benefits to startups manufacturing such products would encourage more companies to enter the segment. It is also imperative to support tech-driven agricultural practices focusing on such ‘Made for India’ foods, and farm-to-table startups in India. The Government of India has been revolutionizing the manufacturing sector and startup economy through its efforts. By providing budgetary allocations that lead to the continuation of existing schemes and expanding the horizon through new initiatives and tax benefits etc, it is possible to not only unlock greater economic output from the startups but also boost sustainable development in the country!”

Ankur Shrivastava, Founder & Managing Partner, Momentum Capital:

“We hope that the government will consider exempting FDI in unlisted companies from capital gains taxes. Currently, the LTCG tax rate on holdings over 24 months is 10% without indexation on FDI. Abolishing this tax like many developed countries have done, like US & Singapore, would spur further FDI inflows into the country and help support economy builders at the earliest stages.

In addition, we hope the ESOP regime is made more friendly for early employees & tax timing rationalized. Current income tax outlay required when the employees exercise the ESOPs make them unattractive & unaffordable for talent. Delaying the tax ask to when the sale event takes place would enable many more employees to benefit monetarily and help distribute wealth beyond the larger shareholders.”

Namit Chugh, Investment Lead, W Health Ventures:

“The increase in allocation of budget for National Health Mission (NHM) and launch of the ‘National tele-mental health programme’ in the last Union Budget 2022, was a step forward in the right direction. We expect this budget to increase the allocation for mental health and further build resilience of national mental health infrastructure, as well as incentivize strengthening of the talent pool of counselors and mental health professionals – to handle the massive mental health challenge we are facing. We need additional investment on skilling other healthcare personnel such as nurses and lab technicians as well.

On the digital front, now that a robust platform and infrastructure for managing digital registries of healthcare providers and patients is created, there is a dire need to boost adoption and accessibility. The government should allocate more budget for rolling out this initiative. The creation of longitudinal data for masses will unlock several use cases such as data interoperability, personalized healthcare recommendations, hyperlocal pharmacy data, etc. and will further accelerate India's digital health agenda.”

Lalit Khetan, CFO, Ramkrishna Forgings:

“All eyes are on the Union budget and what transformations and relaxations it will bring forth. The Government should consider introducing policies and schemes to bolster Small Industries and businesses. This would have a positive impact on the prices, as bridging the supply chain gap would restore balance in the market and curb the rising prices. The commercial vehicle segment is another integral part of the economy, and any new investment in this area can be a boon for many businesses. The government should take the initiative to promote new investments in this segment, both on a national and local level. This can be done through providing tax breaks and other development incentives, as well as investing in infrastructure and improving transport networks. The automotive industry could use support for the scrappage policy.

The Government appears to be making a concerted effort to invest heavily in the development of railways, and the government’s initiative to revamp and electrify the sector is sure to yield significant results. Substantial investments and streamlining administrative procedures for railways will be helpful in ushering in a period of positive economic development.”