CNBC TV18 – Dhruva Advisors Pre-Budget CEO Poll 2022

While we witnessed the once-in-100-years pandemic budget last year with significant structural reforms, there are expectations that the upcoming Budget too will be robust enough to set forth a new architecture for long-range reforms.

CNBC TV18 and Dhruva Advisors conducted a ‘Pre-budget - CEO Poll’ to capture the thoughts of the CEOs on the state of the economy, how they perceived the business environment and what tax measures they believe are essential for the economy to continue on its growth trajectory.

We were delighted to receive an overwhelming response from the CEOs who spared their valuable time to provide us their feedback.

As you see from the accompanying presentation which tabulates the result of this survey, the overwhelming view of Corporate India is that the economy is experiencing an upturn and there are high expectations of further reforms and rationalization of tax provisions in Budget 2022. CEOs believe that if the Indian economy has to accelerate, investment in infrastructure, healthcare and tax reforms are imperative. The ease of doing business and increase in tax compliance burden are other aspects that need to be addressed.

We hope you will find the results of the survey interesting.

Macroeconomic Outlook

1. While we witnessed the once-in-100-years pandemic budget last year with significant structural reforms, there are expectations that the upcoming Budget too will be robust enough to set forth a new architecture for long-range reforms. What should be the major macroeconomic theme of this budget?

2. India’s GDP is expected to record a growth of 9.2% in the fiscal year 2021-22 as against a contraction of 7.3% during fiscal year 2020-21. What do you think will be a realistic GDP growth target for the fiscal year 2021-22?

3. What should be the key policy thrust of the Government in this year’s Budget? (Multiple choice)

4. Will you use the PLI schemes to make fresh investments in 2022?

5. How would you rate the Government’s efforts in furthering the ease of doing business (on a scale of 1 to 10, 10 being the highest)?

6. Which sectors are likely to witness a higher-than-average growth in the fiscal year 2022-23?

Business Outlook

7. How do you foresee the capacity utilization for your business in the next two quarters considering the impact of the third wave of COVID-19?

8. What is the demand outlook for your business in the coming fiscal year 2022-23?

9. Please rate the ease in availability of funds from banks and other financial institutions on a scale of 1 to 10 (10 being the highest).

10. In your view, what are the key challenges which you foresee impacting your business? (Multiple choice)

11. Key business drivers that are likely to positively impact your company? (Multiple choice)

12. Do you see an increased focus in the domestic and global M&A activities given your current business scenario and the bullish nature of markets?

13. At an organizational strategy level, what changes are you focusing on bringing in the next two to three years? (Multiple choice)

Taxes

14. In your view, what should be the key theme of the direct tax proposals in this year’s Budget?

15. Given the resurgence of COVID-19, in your view, what tax measures (administrative and policy level) should be introduced by the Government?

16. What, in your view, is the biggest ask from the Government in respect of direct taxes?

17. What is your take on ‘Tax terrorism’?

18. GST was conceptualised as a Good and Simple tax. With almost four and half years of implementation experience and record high GST collections averaging more than Rs 1 lakh crore per month, how would you rate the tax today?