Soon after Union Budget 2022 speech by FM Nirmala Sitharaman, industry stakeholders are coming forward with their comments and feedback.
Here are some interesting and insightful comments:
Highlighting MSME perspective Dr. Rashmi Saluja, Executive Chairperson, Religare Enterprises Ltd. said,
Budget 2023 delivers on all the fronts that the economy needed. It is a growth-oriented budget with a long-term perspective. One of the biggest issues plaguing the MSME sector was the availability of finance and the Finance Minister has rightly addressed the issue. The extension of the Emergency Credit Line Guarantee Scheme (ECLGS) by a year along with an increase in corpus by Rs 50,000 crore to Rs 5 lakh crore will help the MSME sector come out from the adversities the sector has faced during the pandemic. This extension will take care of the much needed additional working capital finance in the form of a term loan to MSMEs and professionals.
Overall, it is a fantastic budget for the growth of the country and for investors as well. Increased spend on infrastructure growth will boost employment generation and which in turn will improve consumer sentiment.
“We welcome the comprehensive budget announced by the Honorable Finance Minister to support the Indian economy. The Union Budget 2022 comes with a promise for the overall growth and revival of the economy. This year’s budget demonstrates the commitment by the government to strengthen infrastructure and employment creation. An increase in CAPEX expenditure to 7.5 lakhs cr from Rs 5.54 lakhs will boost economic growth and is very positive. Target fiscal deficit for FY 22-23 at 6.4% of GDP is also aligned with the larger goal of economic growth without much impacting the financials. We are also eagerly looking forward to new legislation on SEZ units to simplify the SEZ operations.”
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures mentioned, “This budget shows that technology enablement for transparency and roll-out at scale remains at the heart of the Government. Every aspect of the Budget speech has this aspect in mind. At the macro level, this tech enablement as an integral part of governance will be a boost for all new age tech companies and would further enhance the environment of new age digital and tech companies. Drones have now become an Integral part of the implementation of schemes be it in agritech, in defence and other areas. Creation of Nabard Agritech Fund for “Kisan Drones “ shows the Government recognition of a new view on how to upgrade farming. Recognition of digital assets and bringing them under the tax structure is an excellent initiative as this would bring these in the mainstream. The tax on crypto/ NFTs will now make it legalised and users won’t be able to circumvent tax and other financial regularities. In addition to this, Defence, Artificial Intelligence (AI), geospatial systems, drones, space economy, genomics & pharmaceuticals and clean mobility have immense potential to achieve sustainable development and offer employment to millions. The government will enable development in these sectors through the startup community. This is a long term directional growth budget and can be called the “digital future growth budget”