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:
Prof (Dr.) Y.S.R. Murthy, Founding Vice-Chancellor, RV University, Bengaluru
We welcome the Union Budget presented by the Finance Minister. The focus on the education sector will augur well for the country and put it firmly on the growth path over the next 25 years. The Digital DESH, Digital University initiative, One-Class-One channel through PM eVidya initiative for supplementary education in regional languages for rural development will ensure learning continuity during these troubled times. The 5G auction next year and fibre optic connectivity for last-mile digital reach in rural areas will ensure inclusive growth.
Overall, this is a growth-oriented budget with progressive initiatives. We are confident it will help revive our economy and lead to sustainable growth in the years to come.
Dr Manoranjan Sharma, Chief Economist- Infomerics Ratings
We welcome the Finance Minister’s announcement during Budget 2022 to set up an Animation, Visual Effects, Gaming, and Comics (AVGC) task force with the objective of building domestic capacity to serve our markets and global demand. Gaming is a soon-to-be trillion-dollar industry, and it is heartening to see that the Government of India has acknowledged the exponential potential that this sector holds. As a giant step towards contributing to the same, WinZO launched the country’s first-ever national-level scholarship program called B.O.S.S (Battle of Super Scholars) and unveiled a $26M Game Developer’s fund with an aim to provide a platform to the best minds to disrupt this emerging global gaming industry. WinZO, as a leading game tech company, will be willing to work with public stakeholders to attract the best talent to this growing industry
Avinash Kumar, Founder, Credenc
We welcome the Union Budget announced by the Finance Minister that is positively focused on e-learning to address the rising concern on education in the country. The development of a digital university & expansion of the present PM eVidya Scheme from 12 channels to 200 channels will facilitate supplementary learning for all classes from 1 to 12 in regional languages. This will help students to access world-class quality education, especially in remote rural areas. Moreover, An innovative and path-breaking initiative of the digital university and One Class One TV Channel was a much-needed scheme to help overcome the loss of learning due to the pandemic. This much-required shift to digital learning will accelerate the growth of ed-tech companies and will fuel growth within the sector.
Nishanth Chandran, Founder & CEO, Tendercuts
The major initiative to introduce chemical-free natural farming is sure to create a better outlook on the quality of food and essentials related to farming and poultry. The provision of funds through NABARD for agriculture and rural enterprises, especially for the farm produce value chain, would be helpful in strengthening the poultry, meat, and seafood sectors. Secondly, as drivers of growth for the economy, the announcement of tax incentives for start-ups to be incorporated until March 31, 2023, will have a good impact on nurturing the start-up ecosystem. It is wonderful to note that the 2022 budget’s focus on road infrastructure will be a game-changer and help in maintaining smooth supply chain management. Moreover, the introduction of data exchange will ensure better logistics and the efficient movement of goods.
Vaidyanathan V, CFO, Great Lakes Institute of Management, Chennai
Budget 22 has provided a much-required push to the economy by increasing the allocation to Capital Expenditure by about 35%. The budget has given thrust to the Gati Shakti – for sustainable growth. The budget has also given a push to the digital economy, introduction of Digital currency starting 200 TV channels to fill the gap in the learning of the children due to the pandemic are some of the welcome points. Repealing 1486 Acts, which were redundant, the introduction of e-passport, thrust for EV (electric vehicle) by the introduction of charging stations and battery swapping are all welcome moves. Modification to the filing of tax returns for rectification/ including left out income at a nominal fee is a welcome move to avoid litigation.
Ramanujam Komanduri, Country Manager, India, Pure Storage
The Union Budget 2022 expectedly turned out to be a growth-oriented budget. The government is focused on reviving the economy through various programs across industries and especially MSMEs, which were hardest hit by the pandemic. The rollout of the Raising and Accelerating MSME Performance program will help address the challenges faced by the sector, through injection of liquidity and ease of compliance norms. The Credit Guarantee Trust for MSME will not only enable them to revive their businesses with additional funds but also enhance employment opportunities and enable job creation.
There is also a strong push for digital transformation in the education sector by announcing Digital University and high-quality e-content across regional languages for the students to skill, upskill and reskill the youth. Addressing the structural challenges in the education landscape, the government has focused rightly on upskilling and digital learning. Another impactful announcement is the confirmation of the auction of 5G spectrums this year which will improve accessibility, speed, and availability of the internet across India and particularly in rural areas. This budget’s emphasis on Digital India will further attract investment and put India firmly on the global innovation map.
Venkat Rajaraman, Founder and CEO, Cygni
Clean mobility is an important segment and keeping energy transition is its backbone. The focus on strengthening access to clean energy will help to develop sustainable and innovative business models for batteries and energy in the EV ecosystem in India. The announcement of a battery swapping policy and push for cleantech and electric vehicles will certainly benefit the EV segment and vehicle makers in India and will promote the sales of electric vehicles, battery production and development in the country, adding special privilege to the private sector. Adding to it, battery swapping policy and interoperability standards will be implemented to overcome some challenges negatively impacting EV adoption in the country
