The industry across lauded the budget presented by Union Finance Minister Nirmala Sitharaman today. While a number of industry experts termed it ‘progressive’, many also called it ‘visionary’.

 Speaking over the same, Unsoo Kim, MD, Hyundai Motors India Ltd. said, “Hyundai Motor India welcomes the progressive Union Budget announced today. The government’s strong approach towards accelerating infrastructure development, sustainability along digitalization in every sphere of business will give a strong impetus to the overall economy while empowering consumerism in India. The vision for clean mobility creating an electric vehicle ecosystem is a positive indicator for the auto Industry and for its large supply chain. The forward-looking budget will lay the modular economic structure for every section of business and society in India.”

While, Ahmed ElSheikh, President, PepsiCo India said, “Reviving economic growth, increasing consumption, and fostering investment to fuel post-pandemic growth have been key objectives for the government, and the Union Budget 2022 reflects this very intent. This year’s Union Budget lays forth a vision for India at 100 years. The Government is leading from the front by raising public sector spending to keep the economic recovery on track. Digitization combined with infrastructural creation will accelerate economic development, stimulate innovation and entrepreneurship enhance living standards while keeping sustainability at its core.”

He further said, “The increased outlay for PM Gati Shakti projects for multi-modal connectivity including 100 new railways logistics hubs coupled with steps like enhancing local oilseed production, extending the last date for starting production for new manufacturing units, encouraging alternate cropping will aid the growth of the FMCG sector and further strengthen Govt’s vision of an Atmanirbhar Bharat.”

Talking about the budget, Vivek Lohia, Director, Jupiter Wagons & Chairman, National Council for Railways, ASSOCHAM, opined, “GatiShakti was the limelight of this year’s Union Budget, and rightly so, as it’s one of the integral pillars of growth for India. With strong government intervention along with private investments, the railway industry will largely benefit from this plan. We can expect the cargo handling capacity of railways to increase to 1600 MT by the year 2024-25, which will also accelerate the construction of two dedicated freight corridors.”

“We also applaud the “‘One Station, One Product” plan which will enhance opportunities for the supply chain ecosystem. We can expect to see a wealth of employment opportunities being created to bring these development plans to fruition. However, we were hopeful that the 3.1 lakh crore that most importantly, the plan to bring 2,000 km of rail network under KAWACH will aid in safety and capacity augmentation. These modern synergies will result in the efficient movement of goods, cut down logistics costs, raise productivity, and increase international manufacturing competitiveness.  been identified for Rolling stock procurement between 2021-2016 would be revived in this year due to the fact that since 2017-18, the wagon acquisition by railways has been about 20-50% below target,” added Lohia.

Terming the budget as growth-oriented, Rajkiran Rai G, MD, and CEO, Union Bank of India said, “The Budget 2022-23 is set in the context of recovering economy with good macro stability. The Finance Minister takes forward growth impetus through enhanced outlays on public capex, incentives for digital, start-ups, supporting MSMEs, and targeted welfare spending in 2022-23. The cumulative Government support through ECLGS rising to Rs 5 trillion till March 2023 is a welcome enabler for credit to vulnerable sectors of the economy. Moreover, the absence of capital allocation for public sector banks reaffirms confidence in the strength of the banking sector in meeting the credit needs of the economy. Overall, it is a growth-oriented Budget”

Applauding the digital announcement, Ajay Ramasubramaniam, Co-Founder & CEO, Startup Reseau said, “Wearing a startup enabler lens, what is noteworthy is the mention of technologies ranging across AI, IOT, Blockchain and Digital across core sectors of the economy. India @ 75 is setting up a massive road map for India @ 100 to be a technology powerhouse in infrastructure, financial services, agriculture, and national defense. Setting up a roadmap for adoption of CBDC and making digital and fintech as the priority of the Gov’t stands out in the Budget 2022 announcement.”

Aman Sanduja, Co-Founder, Moving , a social investing platform that brings crypto conversations and investments together under one roof. said “30% tax on cryptocurrency is a strong step towards acceptance of the technology and recognizing it as an asset class. Soon regulatory body would be announced as well. This bold step would give confidence to the new entrants and existing investors to invest and become a part of this revolution. India is leading the show from the front, being one of the first countries to tax cryptos is an example and benchmark of democracy.”

Praising the reduction of customs duty on cut and polished diamonds, Suvankar Sen, CEO, Senco Gold & Diamonds said, “FM’s announcement of the reduction in customs duty on cut and polished diamonds and gemstones and plan to develop a simplified regulatory framework to facilitate the export of jewelry through e-commerce are positive steps which will enable the sector to grow in the country and boost exports.  We look forward to its implementation later this year. The reduction in import duty on diamonds will help generate increased demand for diamond jewelry in the market.”

 From the education sector, Vinay Sharma, CEO & Director – Convergia, S Chand Publishers said, “Budget really builds on the digital transition in education and takes measures to strengthen and broad base it. One key initiative is the creation of high-quality content which can be delivered through multiple means like mobile, cloud, TV, etc. along with professional development of teachers to equip them in using digital tools and pedagogies. This will help towards improving the quality of learning outcomes.”

Terming the budget as ‘Digital Revolution Budget’, Kunal Bahl, Co-founder & CEO, Snapdeal said, “We welcome the government’s emphasis on creating new digital touchpoints to empower multiple aspects of our society and supercharge the startup ecosystem. New initiatives across currency, banking, education, skilling, health, passports, and logistics will enable a large part of the country to benefit from India’s growing digital revolution. The government’s focus on augmenting India’s road, rail, and telecom infrastructure will help further accelerate growth opportunities across Bharat.”

 Rajiv Tandon, CEO-Executive Education at BITS Pilani WILP, “While I did expect the budget to make announcements on online and remote learning to expand access to education and learning, I was particularly happy to notice the mention of virtual labs and e-labs to give skill training online. Both these elements can transform the mere access to education using the internet to high impact and rich learning experiences.”