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:
Pulkit Sharma, Co-Founder and Ceo, Khabri
We highly support our government’s decision of the Production Linked Incentive Scheme that will create 60 lakh new jobs in the next 5 years. The idea of Digital university will help India set a top-notch world-class education. We believe that knowledge and awareness will support India becoming Atmanirbhar and through the expansion of the One class, one TV channel’ program of PM eVIDYA this cause will be highly achievable. Regional languages will be empowered through this program, which enables all states to provide supplementary education in regional languages for classes 1 to 12. These digital initiatives will provide for a more conducive environment for the adoption of tech-based learning and which will directly route to empowering youth from real Bharat
Samir Sathe, Executive VP, Wadhwani Advantage at Wadhwani Foundation
The budget for 2022-23 has rightly identified a solution for one of the most crucial problems faced by SMEs and MSMEs in India – credit facilitation. Credit management, job creation, and ease of getting financial assistance through government schemes and services will now be easier as the portals for small businesses will be interlinked. This also adds an organizational structure for these businesses, hence ensuring ease of doing business. Combining the Udyam, e-shram, NCS & Aseem portals will act as a digital enabler, and a go-to-hub for small business owners as these will now function as a capsule for business registration, job identification, and skilled talent sourcing. Performance acceleration programme is an indisputable approach for MSMEs as it will help these businesses identify and rectify business problems in order to yield higher returns and maximize profitability. The government must ensure that the right MSMEs are selected for this programme.
Vikas Jain, Co-Founder and Ceo, World of Play
We support the government’s focus on technology, it will help many tech-based companies like WORLD OF PLAY to come up with exciting product experiences for the Indian consumers. We welcome the focus of the government on the wearables and acoustic component ecosystem and domestic manufacturing and believe on the long term, this focus will make India a formidable design and manufacturing powerhouse.
Additionally, the boost in ease of doing business and special impetus on creating 60 lakh new jobs will give the desired push to the goal of becoming Atma Nirbhar Bharat. As a brand, we promote and follow Make in India and we believe long-term policies like this will give us the desired support for the local design and also manufacturing in India.”
Arun Pandey, Co-founder, Beyondlife club
It has been the industry’s request for some time to bring digital assets and currency into the regulatory framework and it is heartening to note that the Hon’ble FM and Hon’ble PM have recognised the sector. Taxation and TDS on Digital Assets have come as a sudden move for the industry. It might hit user sentiments in the short term; however, we shall see how the ecosystem evolves in the country and are committed to working as per the rule of the land.
Chetan Kumar, Co-Founder, Ekank Technologies
Firstly, would like to appreciate our government extending the tax initiatives for startups up to March 2023. Through tax initiatives and new reforms in the direct tax, the startup ecosystem will enhance effectively within no time. The idea of launching a digital university will help understand people the culture of India through world-class education.
The Introduction of Digital currency by the central bank will definitely lead away to cheaper currency management. The highlight of the budget for us is the expansion of the One class, one TV channel’ program of PM eVIDYA which will help promote the regional languages in the country as through the program, all states will provide supplementary education in regional languages for classes 1 to 12.
The government has also focussed on establishing a positive mental health environment and with Ekank Technologies, we completely support this initiative through our feature of ‘light read’, which gives the users a chance to enjoy stress-free reading.
Suraj Malik, Partner, BDO India (M&A)
The budget has laid out the foundation for the pillars of growth without too much tinkering in the tax laws. FM has focused on digital and tech-enabled macro growth with micro participation backed by incentives and targeted policy reforms to support MSME, startups, innovation and domestic manufacturing. Reduction in surcharge rates and stability in tax policy will boost investor sentiment.
Rimo Bose, PR and Branding Manager, TCL India
Extending the support to the government for increasing focus on the consumer electronics sector and formation technology will undoubtedly benefit all global brands like us. The recent Allocation of Rs 197 million (the US $ 26 billion) to PLI projects in the United Budget (202122), especially electronic components, is one of the 13 key sectors that will definitely help our economy grow. In addition, tariff reductions will drive the production of electronic devices, which will be the greatest benefit of the electronic device sector.
Prof. Ramola Kumar, Dean, The Delhi School of Communication
The Union Budget 2022 is rightly focused on reviving the country from the aftermath of the COVID-19 pandemic and ensuring sustainable economic growth. The government has made a good effort to get the economy back on track, following the devastating impact of the Covid-19 outbreak, which affected the entire country.
We applaud the budget because it appears to be quite forward-thinking in terms of social development and skill development for national upliftment. In a post-covid era, however, some tax relief for the service industry, particularly education, would have been beneficial.
Somnath Dang – a common man
There is no change in the income tax slab. As interest on the deposit is very low. So the Govt should give some relaxation. But no change in tax so the employee and serviceman will lose their income due to increased price. Due to COVID 19 everyone has lost some of the other and so many have lost their jobs. So, in my opinion, nothing is given by govt.
