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:
Ankit Agrawal, CEO & Co-Founder, Insurance Dekho
We welcome the announcement made by the government under budget 2022-23, as it brings to fore inclusive policies and frameworks for the startup and insurance ecosystem. The Government has announced an extension in eligibility for startups incubated till March 31, 2020, for tax incentives. This will allow some relief to the businesses struggling with the ripple effects of the pandemic and its waves. This incentive will further provide a boost to the startup ecosystem and nurture a positive sentiment towards entrepreneurship within the industry. Reforms in insurance schemes tax for differently-abled people will further boost the insurance industry. We thank the government for announcing the measure.
Lalit Beriwala, Director, Shyam Steel Industries Ltd and Sr. Vice President, Merchants Chamber of Commerce & Industry
I welcome the Union Budget, 2022, which is balanced as well as target-oriented. It envisages 9.2% growth covering every sector of the country’s economy. The focus on the promotion of the digital economy, health, infrastructure, aviation, energy transition, climate action with an inclusive approach will spur the country’s economic growth and improve the quality of life of the people. Besides stabilizing the economy, it will accelerate steady growth. I am confident that the following budget provisions will go a long way for the transition of India at 100.
Capital expenditure raised by 35.40 per cent from ₹ 5.54 lakh crore to ₹ 7.50 lakh crore is a landmark initiative for economic growth. Capping of Surcharge on long-term capital gains at 15% is also a welcome measure.
Interest-free loan of Rs. 1 lakh crore for the States will help the States for robust economic growth benefiting the people.
The Union Budget that proposes to expand National Highways by 25,000 KM in 2022-23 is a welcome decision for Infrastructure development.
The PM Gatishakti National Master Plan costing Rs. 20,000 crore and encompassing 7 engines of development will also be a game-changer to the transformation of the Indian economy.
Emphasis on infrastructure development including five River Link Projects will ensure hassle-free movement of raw materials of the industries as well as distribution of finished goods across the country at a reduced cost.
A credit guarantee for two lakh micro and small industries aiming to create more employment opportunities is also a welcome measure.
68% capital procurement budget earmarked for domestic procurement will be a significant milestone to the achievement of the goals of Atmanirbhar Bharat Abhiyan and Make in India.
Earmarking of Rs.60,000 crore to cover 3.8 crore households in 2022-23 under Har Ghar, Nal se Jal programme and Rs. 48,000 crore for completion of 80 lakh houses in 2022-23 under PM Awas Yojana will also help the construction industries ( Steel, Cement, Chemicals etc.) to grow.
The proposal to extend “Steel Scrap Duty” for another year will benefit Western India which mostly uses scraps; revoking anti-dumping on stainless steel will also benefit the steel industry.
PM Development (PM-DevINE) initiative for North- East for infrastructural and social development projects with an initial allocation of Rs. 1500 crore will boost economic growth, trade and business and help mainstream NE areas.
Setting up of four Multimodal logistic Parks in different places, 100 Gati Shakti Cargo Terminals in three years will help to accelerate economic growth and boost industrial development.
Paavan Nanda, Co-founder, WinZO
This is a Budget with an accent on growth and distributive equity. Financial inclusion is given a renewed thrust by the proposals on agriculture and food processing, Ken Betwa Link Project, universalization of quality education, and an all-inclusive welfare focus. There is clear stress on the ambitious PM Gati Shakti programme driven by the seven engines of Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure to transform the process and pattern of economic development in India in these VUCA (volatility, uncertainty, complexity, ambiguity) times. The accent on increasing investment, creating externalities towards improving the economic environment, enhancing productivity for sustained high growth with greater private sector participation, quality of expenditure, and catalyzing India’s digital economy is well-conceived. Measures regarding digital rupee, 5G, crypto tax, taxpayers getting 2 years to update I-T returns are also welcome. Contextually significant Budget, entirely in conformity with the needs of an India on the move.
Rajesh Sharma, MD, Capri Global Capital Ltd
We welcome the growth-centric Budget aimed at securing India’s long-term economic interest. The union budget 2022-23 announced by the finance minister has shown a progressive and development-oriented focus for infrastructure and MSME. Extension of Emergency Credit Line Guarantee Scheme by another year to March 2023 and coverage increment of 50,000 crores will give the necessary impetus and act as a key enabler to empower the MSME businesses at the grassroots. The announced measure will have a domino effect on the sector as well as provide a cushion to create an engine of economic growth. The interlinkage of various portals for MSMEs will bring the masses who require the necessary thrust and foster an environment where India becomes integral to global demand. We believe the government will accelerate the task to implement the measures efficiently and rapidly for desired outcomes.
Additionally, the allocation of Rs 48, 000 crores for Pradhan Mantri Awas Yojana will fuel the vision of Housing for All and de-bottleneck issues surrounding the affordable housing segment. The announced measure will have a force multiplier for ancillary sectors to generate more opportunities.
Anshul Aggarwal, Founder and CEO of Derma Totale
From bolstering the expansion and enhancement of domestic capacities to supportive policies and facilitative actions towards the promotion of R&D, the budget shed a positive light on the future of the Indian pharma sector. The national digital health ecosystem is a step ahead in fostering a much-needed organized healthcare system, which will further aid in swift and better diagnosis. This will also encourage the inclusion of a much larger population who are still living in areas having inadequate medical facilities
