Corporate India hails Union Budget 2022-23, calls it growth-oriented & transformative

In her Budget speech, Finance Minister Nirmala Sitharaman said that the Union Budget 2022-23 will lay the foundation for India’s economic growth and expansion for the next 25 years.

The Indian Corporate sector, which employs lakhs of people across the country, expressed its satisfaction over the Union Budget.

Gautam Hari Singhania, CMD, Raymond Ltd:

“Growth-oriented & transformative budget - The Union Budget clearly focuses on stepping up capital expenditure while keeping at bay the fiscal deficit and inflationary concerns. The continued capex infusion pegged at Rs 7.50 lakh crore in 2022-23, sharply stepped up by 35.4 per cent should be clearly seen both as demand and supply enhancing response as it creates infrastructure capacity for future growth.

This budget underlines the continuity of supply-side reforms, including deregulation, simplification of processes, and production-linked incentives among other aspects – leading to overall improved ease of doing business.

A stable tax and policy structure, strong support to manufacturing sector and MSMEs is a right step towards Atmanirbhar Bharat. The intent of this government is growth and job creation across sectors, with an impetus on infrastructure development however the success lies in the execution for a sustainable economic momentum and growth.”

Shailendra Katyal, Managing Director, Lenovo PC and smart devices business Group (PCSD) India & Site Leader, Lenovo India:

“A welcome budget with investment-led growth and push on capital expenditure to fuel economic revival, digitisation and employment generation. Calibration of custom duty rates will help local manufacturing of electronic products including computers. With the increased focus on ‘Skilling and providing employment in India’ in this budget, we are confident that local manufacturing will be encouraged and will further bolster the Indian smartphone market, as well as IT services and IT infrastructure markets. We also believe the focus on 5G technology will help in higher peak data speeds, more reliability, increased network capacity and a more uniform user experience. As a global technology leader, we believe these initiatives by the government and the paradigm shift to hybrid models for learning and working will lead to an accelerated adoption of technology in both consumer and enterprise segments.”

Saugata Gupta, MD and CEO, Marico Limited:

“With this Union Budget, the government has laid out a growth oriented, future-focused blueprint for India. By prioritising job creation, infrastructure growth and strengthening digital capabilities while making ‘inclusive development’ and ‘financing of investments’ two of the key focal points of the Budget, the government is successfully laying the groundwork for faster financial inclusion and expansion of the credit ecosystem.

It has undertaken some key initiatives targeted towards credit growth, farmer welfare, improving the health and education infrastructure, digital currencies and start-ups which will benefit young aspirational Indians. If executed well, the budget will trigger the virtuous cycle of economic growth and employment creation, leading to momentum in growth. I believe that the budget has several inclusive measures and policies that balance consumer needs with industry requirements. It encapsulates the spirit of an Atmanirbhar Bharat and takes strong steps towards fulfilling that vision.”

Rupesh Jain, Founder and CEO, Candere by Kalyan Jewellers:

“The decrease of Customs Duty from 7.5% to 5% might help remove the blockages and tie-ups in the legalised channels of diamond imports. The decrease in customs duties will help Indian e-commerce brands expand to overseas markets and cater to the vast and growing demand. Furthermore, the positive uptake to this is the development and maintenance of transport infrastructure, which will allow e-commerce businesses to improve access and reach out to the interior sectors of the Indian market. This development decision gives us a broader audience base and prospective markets. Not just that, it will create a ripple effect, as with the recent changes to accessibility, more people will become used to digitization with the use of online shopping and online payments. As one of the objectives of Budget 2022 is to increase digital penetration and adaption in India.”

Mahesh Gupta, Chairman, Kent RO Systems Ltd:

“Union Budget 2022 aims to strengthen India’s foundation by uplifting rural population through financial reforms and empowering measures like Digital Literacy scheme. This budget addresses the structural transformation amidst a very challenging global scenario due to pandemic. The Government’s thrust to manufacturing and rural education along with employment generation is commendable.

The budget has all the right keywords. What makes me particularly happy is the impetus being given to job creation and domestic manufacturing with ease of business. These steps assure the creation of a developed ecosystem.”

Sachin Jain, Managing Director, De Beers India:

“We are pleased with the budget announcement for our sector, particularly the reduction of customs duty on cut and polished diamonds from 7.5% to 5%. This will spur greater demand for natural and real diamonds and also give an opportunity to diamond companies to boost operations and, in turn, contribute to greater economic growth for the nation. The proposal to create a simplified regulatory framework to enable the use of e-commerce channels to export jewellery will help us seamlessly take forward our initiative to promote trade through the digital mode. This will bring down transaction costs and save time while enabling us to reach out and expand our customer base globally. Overall, we hope that the gems and jewellery sector continues to plays a pivotal role in the growth of the economy.”

Baba N. Kalyani, CMD Bharat Forge Ltd:

“I would like to congratulate the Hon’ble FM for a growth propelling budget with significant thrust on enhancing competitiveness, infrastructure development, holistic digital drive and promoting financial inclusion. The proposed New legislation for SEZs with states as partners coupled with heightened emphasis on the seven engines under PM Gati Shakti initiative should pave way for a New India that is recognized for its Speed, Productivity and Scale; thus, boosting the country’s overall investment attractiveness and export competitiveness.

Aligned with the Hon’ble Prime Minister’s AatmaNirbhar Bharat agenda, the Government’s commitment to promote self-reliance and indigenization by leveraging Indian Industry is once again reinforced with the 68% (enhanced) domestic allocation for defence capital procurement. Earmarking 25% of Defence R&D budget for Industry, Start-ups & Academia is a forward looking measure that will pave way for investments in frontier technologies and capability development. Industry in partnership with DRDO through SPV mode for development of critical weapon systems and military platforms is a path-breaking reform that will significantly transform the Indian defence eco-system and lead India to being a net-exporter of defence equipment/ platforms.

I should particularly laud the thrust given to new-age technologies and wider adoption of digital platforms in Healthcare, Education, FinTech, Agriculture among others. Exclusive policy on Battery swapping, special mobility zones and incentivizing clean-technologies in public transport should lead to accelerated adoption of Electric Vehicles across the country. The increased outlay towards manufacturing of High Efficiency modules for Solar Power and strong emphasis on Circular Economy transition reinforces India’s commitment to Global Climate Action and Sustainable Technologies.”

Nikhil Sahni, Country Corporate Officer, India & Division President, South Asia, Mastercard:

“Mastercard welcomes the continued focus on digital and financial inclusion in the Finance Minister’s Budget 2022 speech. Setting up Digital Banking Units (DBUs) and bringing post offices into the core banking system, will help expand the reach of financial services to the last mile. The extension of Emergency Credit Line Guarantee Scheme (ECLGS) will boost MSME recovery and growth by providing them with liquidity and helping them meet working capital requirements. Start-ups will benefit from tax benefits that will spur further innovation and boost employment in the country.”

Sandiip Kapur, Founder & President, Promodome Group

"The budget does not address the issue of massive unemployment and inequality. There is no Tax On wealth to close the gap between both the wealthiest and the poor. The pandemic also made life tough for ordinary people, but the government has no plans to help. The key player will benefit the most. Despite the fact that one of the core major hubs of this year's Budget was tech-enabled development, it was surprising to see no major announcements on technology diffusion and promotion in the media and media-tech segments of the country. The Communication-Oriented Service Industries were also largely ignored in the Budget, which surprised us. However, the FM's statement that existing tax benefits for start-ups will be extended for another year is a good measure that will provide much-needed assistance to start-ups still suffering from the pandemic. I'm particularly pleased to see that the digital economy will continue to be rewarded and encouraged in this year's Budget proposals"