UNION BUDGET 2022:23: SESSION #UNIONBUDGET #BUDGET2022-23
Budget quote for Kshitish Nadgauda, Senior Vice President & Managing Director (Asia) (Louis Berger International)
“The Budget has the necessary long-term vision with the horizon established as India@100 and has a clear focus on infrastructure development. With Gati Shakti, involving the seven engines from roads to mass transit, the current budget has the right emphasis on infrastructure to drive rapid and inclusive economic growth.
For the infrastructure industry, the allocations for various infrastructure sectors and projects are welcome and will pave the way for increased efficiency in logistics and supply chains and enhance the competitiveness of the Indian economy. In addition, the budget is clearly in favor of increased private investment, and PPPs. For citizens, the Budget promises safe, convenient, and cost-effective multimodal transportation not only in Tier I but also in Tier II cities and towns. The ambitious 25,000 km expansion of national highways, and announcement of intended investment in light rail and metro lite in Tier II cities and towns and as feeder networks in Tier I cities will rightly increase the share of public transport in urban areas, thereby contributing to sustainable development.
A key aspect of the Budget with its focus on investment in infrastructure, urban and housing development, and river-linking, and transportation projects is that it should drive employment and create thousands of much-needed jobs. Increased employment coupled with the greater efficiency in the movement of people and goods would likely bring down inflation. Overall, it is a positive, promising and job-driven budget that has all the elements to revive the economy and revitalise society.”
Budget Reaction from Ruchir Arora, CEO & Co-founder, CollegeDekho
“The government’s continued focus on building a quality higher education ecosystem is encouraging. The reforms allowing foreign universities in India to offer courses free of domestic regulations and the introduction of a Digital University will help bring industry best practices enabling the students with better job opportunities. Also, Animation, Visual Effects, Gaming, and Comics (AVGC) sectors are very popular with the younger generation and have great potential for employability. It’s great to see the government realise this and focus on building domestic capacity to serve both our markets and the global demand. This will further push the popularity of emerging technologies and business models among the youth fueling our country’s vision of a Digital India.”– Ruchir Arora, CEO & Co-Founder, CollegeDekho.
Union Budget Quote 2022-23 – Prof (Dr.) Y.S.R. Murthy, Founding Vice-Chancellor, RV University, Bengaluru
“We welcome the Union Budget presented by the H’ble Finance Minister. The focus on 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.”
Budget 2022 Reaction Quote by Yogesh Mudras, Managing Director, Informa Markets in India
Yogesh Mudras, Managing Director, Informa Markets in India
“This year, the Union Budget has been one of recovery and stabilization from the impact of COVID-19. The Budget has taken some initiatives for MSMEs and India Inc for start-ups. The extension of ECLGS scheme is a welcome move for MSMEs. The tax concession period has been extended by one more year, which in my opinion is a very positive move. A tax rate of 15% has been decided for the newly incorporated manufacturing unit which will further boost manufacturing activities. Healthcare and infrastructure were the main highlights of Budget 2022 and immense investment has been allocated for the expansion of roadways and logistics networks. Introduction of ‘Digital Rupee’ using blockchain technology sends a strong message that India is at the forefront of technology implementation. A digital currency issuance by the RBI will result in a structured approach with controlled regulation and bring in transparency to transactions enabling accounting of all money.
The push on digitization will make way for more inclusion in the ecosystem. The focus on ‘Ease of doing business’ is a great step, as it will further promote entrepreneurship in the economy. India is to grow at 9.27%, the highest among all large economies. With a focus on contributing to the environment, chemical-free natural farming focusing on soil, biodiversity and human well-being is a welcome move. The budget is growth-oriented with an impetus on capital expenditure to fuel economic growth and employment generation. SEZ Act to be replaced with the new legislation is a much-needed announcement. Introduction of the battery swapping policy and recognizing battery and energy as a service will help to develop charging infrastructure and increase the use of EVs in public transportation.
This would motivate businesses to incorporate EVs into their fleet and create new avenues for companies to venture into the business of battery swapping. The formation of a strong charging infrastructure alongside the highways across the country would promote the use of EVs for interstate travel. An additional allocation of Rs 19,500 crore to boost manufacturing of solar modules under the government’s flagship PLI scheme has the potential to create 60 lakh new jobs, while producing 30 lakh crore jobs during next five years. International travel has been severely impacted during the pandemic. We are pleased with the introduction of e-passports as it will provide a boost to the travel industry and add convenience. Extension of ECLGS scheme with an additional allocation for the hospitality sector is a positive move as it would help small and mid-size hotels overcome liquidity issues and pave way for growth.”
Reaction from Mr 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 country’s economy. The focus on promotion of digital economy, health, infrastructure, aviation, energy transition, climate action with an inclusive approach will spur country’s economic growth and improve the quality of life of the people. Besides stabilizing economy, it will accelerate steady growth. I am confident that the following budget provisions will go a long way for 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 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.
- 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 who mostly uses scraps; revoking of anti-dumping on stainless steel will also benefit 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.