The Union Budget 2022-23 tabled in the Parliament by the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman seeks to complement macro-economic level growth with a focus on micro-economic level all-inclusive welfare. Team Taazakhabar News reached out to people across the country to know their views about the budget. Here’s what a cross-section of people from the salaried and business class had to say:
Aneel Gambhir, CFO, Blue Dart
We are pleased to note that the Union Budget, is progressive, focuses on growth and is in line with our expectations. The Government’s focus on consistently investing in infrastructure development across the country bodes well for the Indian economy and more specifically for the logistics industry. The focus on public investments, by expanding the National Highway network by 25,000kms, the Gati Shakti masterplan with seven engines, 100 new cargo terminals, will give an impetus to the growth of the industry and help bring efficiency in logistics operations. We must also recognize the push for utilizing and promoting a digital ecosystem, whether that be with the launch of Gati Shakti and the numerous opportunities it initiates or the adoption of e-vehicles; it further streamlines systems and processes, propelling the idea of Aatmanirbhar Bharat.
The prioritization of technology is a 2-pronged strategy that also seeks to drive cleaner operations. The special policy for battery swapping has the potential to revolutionize the eVehicle industry. It will set a new standard and encourage the private sector to engage in sustainable business models and set up additional public charging stations. Moreover, eVehicles can also play a key role in last-mile logistics, a feat that can assist the industry in reducing its carbon footprint. The Government has also highlighted initiatives that will be beneficial for all by reducing the surcharge on long term capital gains.
While the budget carries good news for the logistics sector, we are happy to note the Government’s efforts in propelling areas such as infrastructure, digitalization, sustainable practices and citizen well-being, all of which require a special focus going into the new financial year. The world is now acclimated to COVID-19 and we are keen to see the subsequent results of these initiatives on the nation, going forward.
Amritha Gaddam, Founder and CEO, The Tribe Concepts
The budget has various encouraging initiatives that will help in the growth of the economy. The government has taken well-defined initiatives towards the health and wellness sector which is the need of the hour. The extension to the startup sector on eligibility for claiming the tax holiday and exemption for investment by another year is a great move as it will help the aspiring entrepreneur and youth to set up their business easily.
Additionally, the government’s efforts to collect taxes and implement an economic recovery plan are yielding positive results. That being said, we continue to hope for a reduction in the complexity of indirect tax compliance requirements for e-commerce platforms. Also, we appreciate the initiative taken by the government for women-led development.
Nishant Agarwal, Founder, Proctur
The Union Budget for 2022 appears to be optimistic for overall growth and rehabilitation of the economy, which has been harmed by the pandemic that has affected the entire world for the last two years. We have all witnessed the pandemic’s devastation of the education sector, and as a result of the forced closure of schools, our children, particularly those in rural areas or from other weaker sections, have lost nearly two years of formal education. Realising the importance of education, the new budget comprises the PM eVIDYA’s ‘one class-one TV channel’ programme, which is a great initiative and will be expanded from 12 to 200 TV channels, in consideration of the necessity to impart supplementary teaching and develop a robust system for education delivery. As a result, all states will provide extra education in regional languages to students in grades 1 to 12.
Around 750 virtual laboratories in science and mathematics, as well as 75 skilling e-labs for the simulated learning environment, will be built in vocational courses to improve critical thinking skills and provide room for creativity, according to the new budget, which is a great initiative that will help our budding talents to enhance their skills.
We live in a digital world, and digitalisation has become the new normal. The new budget emphasises the development of high-quality E-content in all spoken languages for transmission via the internet, mobile phones, television, and radio via Digital Teachers or platforms. Another great point that the new budget includes is empowering and equipping teachers with digital teaching tools and supporting higher learning outcomes. It will be a competitive process for producing high-quality E-content by teachers.
Rishabh Khanna Co-founder, Suraasa:
Accessibility to quality learning is a huge challenge for the country, especially in the digital mode of delivery. I think that the Digital University and ‘One Class One TV Channel’ are very thought-through ideas to ensure that no children are left behind due to language, resources, or digital barriers. Skilling and Upskilling have been the talk of the EdTech town for the longest time (for all the right reasons) and it’s great to see the government working towards that too. The FM also talked about teachers being trained to be able to deliver quality learning outcomes to students. I think that is one of the most important components of the education system since a trained teacher has the potential to transform the lives of many children and create impact at scale. I am excited to witness the implementation of proposed initiatives and how they impact education across the country
Aman Tekriwal, Co-founder, Supertails
There has been a great focus on growth and sustainability in this year’s budget, which is going to drive India’s overall development. Notably, the tax exemption for startups extended to March-2023 and the reduction in surcharge on capital gain tax from 37% to 15% are positive and welcome news for startups. Steps such as the highway network to grow by 25,000 km with an ambitious goal of 280 GW solar capacity by 2030 are going to be big drivers of growth. Further allocating INR 1500 crore for development in northeast India is a huge step in fast-tracking inclusive economic development for the nation.
Jesal Doshi, Deputy CEO, B Medical Systems
With India in the midst of a third wave of the pandemic, healthcare, including digital healthcare, and mental health has been a focus in Budget 2022-23. Finance Minister Nirmala Sitharaman launched an open platform for the National Digital Health Ecosystem, which includes digital registries of health providers and facilitates a unique health identity, a consent framework, and universal access to health services. The Finance Minister also stated that 95% of the 112 aspirational districts had made substantial progress in key sectors such as health, nutrition, infrastructure etc. and that efforts would now be focused on areas that were underperforming. We are hopeful that the Government impetus will improve India’s ability to access world-class medical cold chain products while also improving India’s export competitiveness in this industry
Himanshu Arya, Founder and CEO: Grapes
The Union Budget for the financial year 2022-23 has set the stage with an invigorated focus on ramping up the process of the digital revolution. The government’s focus on the digital ecosystem is a progressive move to render an inclusive landscape for job openings and entrepreneurial opportunities. The extension of tax incentives for startups for one more year will give a slight relief to the industry. I hope that the cash flow improves in the market. The Union Budget has various encouraging initiatives and is directed towards a more viable and flexible business ecosystem that completely aligns with the ideologies of Make in India.
Pallavi Agarwal – Founder & CEO, goSTOPS
The Budget 2022 announcement aimed at spurring public investment and spending to modernize infrastructure and support growth is a welcome move. Being one of the hardest-hit industries during the pandemic, it plays an important role in the economy’s revival. Along with the government’s strong focus on hospitality in the proposed Budget, we are now in a better position to accelerate the recovery of India towards higher growth.
a) The extended guarantee cover under ECLGS with an additional allocation for hospitality, increased investment towards boosting the transport infrastructure through PM’s Gati Shakti National Master Plan, and introduction of the National Ropeways Development Programme are promising measures. These will empower the struggling MSMEs in hospitality, ensure further sustainable pickup in domestic travel and expand employment and entrepreneurial opportunities for the youth.
b) Further, the government’s push towards promoting skilling initiatives, providing extended tax benefits, and rolling out measures like ePassports to enhance seamless travel, will provide the much-needed impetus for the revival of travel and hospitality.
c) Thirdly, focusing on productivity enhancement, inclusive development, boosting digital infrastructure, and promoting tech-enabled development, will lay the right roadmap and aid in rebooting the industry on a stronger and more sustainable footing.
While the pandemic has resulted in highly volatile consumer confidence towards travel and a drastic shift in consumer priorities, the Budget is sure to aid inbound revival and act as a stimulant to get the sector back on its feet. This will equally harness its impact towards GDP contribution, employment generation, and skill development – much needed as the country heads towards recovery, revival, and growth.