Finance Minister Nirmala Sitharaman on 1 February presented her fourth Union Budget for the financial year 2022-23. As per the FM, this budget will lay the foundation for economic growth through public investment as Asia’s third-largest economy emerges from a pandemic-induced slump.
“The touchstone of the master plan will be world-class, modern infrastructure and logistics synergy among different modes of movement of both people and goods, and location of projects,” Sitharaman said.
Here is how the corporate sector reacted to the Union Budget announcement made by Finance Minister Nirmala Sitharaman:
Dinesh Khara, Chairman, SBI
“The budget continues to strike a balance between the challenges posed by the recurring COVID-19 waves and the need to contain the economic damage due to pandemic. The budget achieves this delicate balance quite well. The emphasis going forward is on seven parallel tracks – PM GatiShakti, Inclusive Development, Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition and Climate Action and Financing of Investments. On the banking and finance side the announcements are significant. The budget proposes to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks. This proposal is in sync with our ongoing digital banking initiatives. The most significant announcement of the budget are higher allocation to Capital expenditure and extension of ECLGS – particularly the specific support to hospitality & related sectors. The Budget is a very well-crafted statement of intent, drawing from the experience and enhances growth prospects of India in post COVID world.”