Budget proposals to boost growth, generate jobs: Experts

| | New Delhi
  • 0

Budget proposals to boost growth, generate jobs: Experts

Wednesday, 02 February 2022 | PTI/PNS | New Delhi

The Budget proposals on capital expenditure, MSME sector, and digital banking will boost growth and promote job creation, say experts.

Among other things, Finance Minister Nirmala Sitharaman unveiled a bigger Rs 39.45 lakh crore Budget, with higher spending on highways to affordable housing with a view to firing up the key engines of the economy to sustain a world-beating recovery from the pandemic.

Commenting on the Budget announcements, Shyam Srinivasan, MD and CEO, Federal Bank, said 35 per cent increase in capex for infra development, 65 per cent defense capex for local companies, tax incentives for startups, new cargo terminals – all indicate the refreshingly clear and well-structured aspiration of Atmanirbhar Bharat.

Sanjeev Krishan, Chairman PwC in India was of the view that Budget 2022–23 continues to provide much-needed relief to the COVID-hit MSME sector. The revival of MSMEs is critical both from growth and employment perspective, and these measures are geared towards building a vibrant MSME sector, he said.

Kapil Mehta, Co-founder, SecureNow Insurance Broker said the main benefit of the budget for insurtechs is the emphasis on MSMEs and future growth. There are a host of measures aimed at small business, ranging from credit guarantee schemes to improving the ease of doing business, that help MSMEs navigate economic uncertainty, he added.

Founder and CEO Tushar Aggarwal, Stashfin was of the view that support announced for digital payment and banking will be welcomed by the sector. He said building awareness of digital payments and promoting financial literacy is critical to India achieving the vision of a USD 1-trillion digital economy.

Dhanuka Agritech Group Chairman RG Agarwal said, 'It would have been also apt had the Finance Minister... reduced GST and customs duty rates on some of the agro-chemicals products, which would have reduced the overall cost for the farmers.

On the government's proposals, Omkar Rai, Ex-DG, STPI said the Union Budget has all the ingredients needed to make India the world's biggest startup ecosystem. The extension of the incorporation period for eligible startups will certainly give a boost to this segment, he said. Rishad Manekia, Founder and MD, Kairos Capital said the taxation along with the introduction of an Indian CBDC in 2022 gives a much clearer idea about the way forward for the blockchain ecosystem in India and how the government is thinking about this space.

Ujjwal Singh, CEO and President, Infinity Learn said the extension of the PM eVIDYA initiative 12 to 200 TV channels will give the segment the requisite boost.

Piyush Gupta, CEO, Polytrade expects that in near future the government will continue to support and encourage digital currencies that will propel the GDP to USD 5 trillion as envisaged by the government.

Manish Chandra Co- founder and Director RailRestro said the announcement of 400 Vande Bharat trains is an encouragement for more public-private partnerships in the Indian Railways and this will help unlock the underlying opportunities in the sector for maximum growth, revenue generation and job creation.

The provision of Rs 48,000 crore under Prime Minister Awas Yojana for completion of 80 lakh houses will help the government in achieving its target of Housing For All, said Housing.com group CEO Dhruv Agarwala

 

Sunday Edition

CAA PASSPORT TO FREEDOM

24 March 2024 | Kumar Chellappan | Agenda

CHENNAI EXPRESS IN GURUGRAM

24 March 2024 | Pawan Soni | Agenda

The Way of Bengal

24 March 2024 | Shobori Ganguli | Agenda

The Pizza Philosopher

24 March 2024 | Shobori Ganguli | Agenda

Astroturf | Lord Shiva calls for all-inclusiveness

24 March 2024 | Bharat Bhushan Padmadeo | Agenda

Interconnected narrative l Forest conservation l Agriculture l Food security

24 March 2024 | BKP Sinha/ Arvind K jha | Agenda