IndiaUnion Budget 2022: What the industry-business world has to say on the...

Union Budget 2022: What the industry-business world has to say on the budget, know here

New DelhiThe salaried class may have been disappointed on the Union Budget, but the industry and trade world is happy. They say that this budget will accelerate the pace of development in the Indian economy. This will change the picture of urban as well as rural India.

will have a positive effect
Government company running several integrated steel plants SAIL (SAIL) India Limited chair of Soma Mandal It is said that this budget will take the economy to an even higher level of development. Steps have been taken in the budget to give further impetus to economic growth. This budget envisages more public investment and capital expenditure by the government. There is a direct emphasis on accelerating the infrastructure development activities through the seven engines of development of PM Gati Shakti programme, PM Awas Yojana in rural and urban areas, Har Ghar Nal Se Jal Yojana etc. With additional focus on the MSME sector, economic activities will also increase. These efforts will definitely have a positive impact on the overall economy, which augurs well for the steel sector.

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Positive projects announced
Automotive manufacturing companies SIAM President Kenichi Ayukawa Said SIAM welcomes a growth-oriented budget focused on building long-term strength. Plans like 35% increased capex outlay, 25,000 km of road construction, 100 cargo terminals, Gati Shakti project, 5G network, optic fiber cabling and the recent PLI scheme are the major positives. Leveraging biomass and supporting ethanol blending for both environmental and economic benefits could unlock the power of India’s rural economy. The measures to reduce steel prices will help the entire manufacturing sector. We welcome the steps taken for Ease of Doing Business and hope that it will be viewed in spirit by all departments.

Cleaner mobility will get a boost
Suyash Gupta, Director General, Indian Auto LPG Sangathan It has been duly reflected in the budget that India’s economy continues to be the best performing economy among the major economies. This budget has been prepared keeping in mind the development. In the context of promoting cleaner mobility, the intention of the Government to encourage battery swapping technology with a view to galvanizing electric mobility is appreciated. It still remains to be seen what steps the government takes to promote clean alternative fuels. At the same time, the provision of Sovereign Green Bond with the aim of reducing the carbon emissions of the economy should be appreciated.

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Additional allocation for hospitality sector
Sarbendra Sarkar, founder of Cygnett Hotels and Resorts It is said that additional allocation has been made for the hospitality sector. Along with this, the expansion of the ECLGS scheme is a welcome step. We all know that the hospitality sector has been the most affected and in trouble due to COVID. This will help small and medium-sized hotels to overcome liquidity issues and return to growth. The focus on infrastructure development will also help the tourism and hospitality sector. We also welcome the announcement of the National Rope-way Development Programme.

according to budget expectations
FMCG company BL Agro chairman Ghanshyam Khandelwal It is said that the budget remained as per the expectations. We already did not expect this industry to get much attention as many schemes have already been implemented in the recent years for the FMCG sector. However, the mention of a rational strategy to improve domestic oilseeds production and reduce dependence on imports was welcomed. Another promising statement lies in the package that focuses on proper harvesting practices along with allowing farmers to cultivate fruits and vegetables appropriately. This step will go a long way in boosting the food processing sector.

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Tax collection does not decrease due to reduction in personal tax
Bajaj Capital’s Jt. Chairman & MD Sanjeev Bajaj Says that the budget has increased spending and capital investment in the infrastructure sector. Along with this, long-term steps have been taken to strengthen the economy. We appreciate it. However, the economy has not been given an immediate boost. Had the personal tax rate been capped and reduced to 25%, the general public would have more money to spend. This would give an immediate boost to the economy and employment. This step also does not reduce the tax collection of the government. Because the reduction in the corporate tax rate has not reduced the tax collection of the government. This year there has been an increase of 47 per cent in comparison to last year and 16.5 per cent in comparison to the previous year. The same can be seen in personal taxes as well.

Housing for all will help in achieving the goal
Dhruv Agarwala, Group CEO of Says that in this budget a number of measures have been announced to boost personal consumption and improve the economy and generate employment in the wake of the third wave of corono Pandemic. Which will give far-reaching benefits by accomplishing many goals at once. A provision of Rs 48,000 crore to complete 80 lakh houses under the Pradhan Mantri Awas Yojana will help the government in achieving the housing for all target. The government’s proposal to cut the approval time related to land and construction will make it easier to do business. The real estate sector will also benefit from announcements related to industrial and logistics and data centres, which will enable it to aggressively diversify across the real estate sector.

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