Top Indian Business Leaders laud Budget 2022 as Pro-development and Impactful
#UnionBudget #Budget2022 #BudgetIndia Inc. Chiefs impressed by the investment led growth strategy and the sizeable capital investment for sustained and speedy economic revival
February 2022 : India’s top business leaders have lauded the Finance Minister’s Union Budget 2022 by calling it ‘Pro-development’ and ‘Impactful’. The big bosses of Indian industries believe that the 2022 Budget will provide a big boost in terms of infrastructure development, capital expenditure and sustainable as well as inclusive growth to the country’s economy. They concur that the Budget is a productive and positive step towards a truly ‘Atmanirbhar Bharat’ (Self-reliant India). N Chandrasekaran, Chairman, Tata Sons, has said that the budget presented by FM Nirmala Sitharaman builds on the excellent budget last year, continuing the trend toward more productive expenditure. “The budget is consistent with our honourable PM Narendra Modi’s vision of making India Atmanirbhar: a digital superpower, a sustainability leader and a healthy nation. This statement of intent is clearly supported by a plan for the future, and backed by allocations-specifically in the areas of infrastructure, digital transition, planet resilience, education and health-to support Indian ambitions,” Mr. Chandrasekaran said.
Venu Srinivasan, Chairman, TVS Motor Company, believes that the Union Budget 2022 sets the pace for the Indian Economy’s growth trajectory amidst the challenges brought forth by the pandemic. “The big boost to capital expenditure is welcome and it would give a fillip to the Indian economy. The strong push towards augmenting agricultural productivity should help enable buoyant rural demand. There is an impactful thrust towards renewable energy incentives with an increased focus on reducing infrastructural waste for a greener tomorrow. We appreciate the Government’s vision of building the skilling ecosystem for youth in India, which will play a critical role in driving innovation in the industry,” Mr. Srinivasan said.
Dheeraj Hinduja, Executive Chairman, Ashok Leyland Limited has remarked that the Finance Minister has presented a growth-oriented and pro-development Budget for 2022-23 by focusing on sustainable planning & development, energy transition for a cleaner tomorrow and inclusive growth through a tech-enabled economy. “Also, investment led growth strategy and the sizeable capital investment for sustained and speedy economic revival are reflected in the sharp increase in capital expenditure for FY23. The special focus on education, digital and clean mobility is laudable. The budget has laid the roadmap for long-term development over the next 25 years and areas like artificial intelligence, drones, semiconductors, space economy, genomics, green energy, and clean mobility systems will collectively lead the future growth of the economy. This budget echoes our sentiment and commitment to indigenous mobility solutions for a cleaner tomorrow,” stated Mr. Hinduja.
Anil G Verma, Executive Director and President, Godrej & Boyce, believes that the Budget for FY 2023 holds a lot of promise for the economy. “It has a thrust for the social sector with investments in primary and vocational education, provision for drinking water to reach more households and the extension of the PM Awas Yojana to provide housing. In addition, its outlay for procurement of agricultural produce will reward the farmers for their effort and put money in their hands which will help to propel consumption demand. The focus on the logistics sector through the PM Gati Shakti plan will give a fillip to the economy. Logistics costs in India count among the highest in the world. Creation of infrastructure is the best way to reduce the costs and introduce competitiveness in the economy to serve both the domestic market and exports. The initiative of spurring investments from the private sector by taking the lead through government investments of Rs. 7.5 lakh Cr. is laudable. The PLI scheme outlay for solar modules will support the solar power generation projects which are currently facing steep cost increases and supply constraints. Support for domestic manufacture of capital equipment by doing away with duty exemptions is also a welcome step” said Mr. Verma.
The brief but meaningful tweet by Anand Mahindra, Chairman of the Mahindra Group, appreciated the budget in a subtle manner. He said: “Brevity has always been a virtue. Nirmala Sitharaman’s shortest budget address may prove to be the most impactful.”
Rajesh Khosla, President and CEO, AGI glaspac expressed his views describing the budget as ‘growth-oriented with a special focus on boosting manufacturing sector to create massive employment opportunities and to maintain India’s status as world's fastest-growing economy’. “The concessional corporate tax for newly incorporated manufacturing companies is a positive move towards promoting the Make in India initiative as this will encourage new manufacturing industries as well as increase private investment in this industry. The PLI Scheme (Production Linked Incentive scheme) in 14 sectors with the aim of creating 6 million jobs can be predicted to improve the performance of the manufacturing industries in the country by 4X in the next four quarters. We congratulate FM, Nirmala Sitharaman for presenting a budget that has laid a roadmap for the economic revival of India - despite the pandemic crisis,” Mr. Khosla said.
Nagesh Basavanhalli, Group CEO & MD, Greaves Cotton Limited, stated that the Union Budget 2022 has some important announcements to accelerate economic growth by focusing on four core pillars of productivity, climate action, financing investment and PM Gati Shakti Programme which will help strengthen our infrastructure and MSME sector. “The expansion of the National Highway network will provide better connectivity to our towns and cities and strengthen the supply chain network. Overall huge impetus on rural growth through various schemes and technological intervention will help create more rural jobs and thereby create more demand from rural and semi-urban areas. The production linked incentives in several sectors announced by the government will help create more employment opportunities for the people. Digital ecosystem for skilling & livelihood through online training is a step in the right direction as this is a critical need of the hour by the industry,” Mr. Basavanhalli remarked.
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