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Budget 2022: Finance Minister Nirmala Sitharaman on Tuesday announced the Union Budget 2022-23 and laid out the country’s outlook for the next several years. Several experts said it was the Modi government’s growth-driven, futuristic budget aimed at infrastructure development. The introduction of digital currency, investment in building roads, railways, airports, ports, 400 new Vande Bharat trains, rural housing, and no change in income tax slabs were among the major announcements. Let’s take a look at what different businesses have to say on the latest budget of the Modi government.
Avnish Kumar Agarwal Founder and CEO, SpeckyFox
“In my view, the best part of today’s budget is that it is not focused on the elections that are going to be held in five states. This budget is a balanced budget focused on long-term growth for the economy and infrastructure of the country. Throughout the speech, it was clear that our Finance Minister was highlighting sectors like “Make in India” governance, agriculture, digitisation, e-commerce, defence. The huge capital expenditure in these sectors is a testimony to the thought process of the government. Make The decision to provide 60 lakh jobs under In India is a welcome step. Reserving Rs 2.7 lakh crore under MSP for farmers will give a boost to the agriculture sector. The government also reserved 65% stake in defense manufacturing for our national manufacturing companies and not on imports, which has helped them create more employment opportunities and play a vital role in our defense sector.Budget for road infrastructure and other digital as well as telecommunication channels for eastern states Intensifying the border states by increasing it to Rs 1500 crore It will help in speedy development. This year, the plan to bring the bidding process in the 5G tender will give it a further boost. E-banking, e-passport, linking of post offices with banks and all these similar measures will lead to a lot of digitization. As far as cryptocurrency is concerned and as expected the government is looking tough in levying 30% flat tax on income. The RBI will bring its own digital currency this year and has clearly indicated that the government is looking at regulating its use. However it was not clear how they are going to tax this 30% on profits earned by people in previous years. But this decision positively shows that the government recognizes crypto as an asset. As far as GST is concerned, it is proving to be one of the best revolutions in the country. This year GST collection is highest. Maybe the government could have brought some relaxations and benefits in its rate and flexibility for small scale industries and MSMEs, but I am sure that will be taken care of in the future budget. Now no change has been seen in the tax slab for the common man. , It could have been better if the tax rates for the first 10 lakh were reduced as most of the people in this category have lost their jobs or got less income during the pandemic. But overall, it is a balanced budget that aims to achieve long-term benefits for the economy and the country.”
Krishnan Ramachandran, Managing Director and Chief Executive Officer, Niva Bupa Health Insurance
“It is encouraging to see the government’s focus on healthcare, especially for people with mental health and disabilities. The launch and adoption of tele-mental health program is a practical step as mental health will no longer be seen as a taboo and people can come out in the open to seek professional guidance and support, which will ultimately lead to reduction in the cases of depression in the country. Will come , The provision of tax relief to disabled people is yet another boost as it will help the affected people and their parents or guardians to lead a stress free life with less fear of financial burden.
Moreover, the national digital health ecosystem can transform the healthcare landscape in the country as it will help in providing universal access from a unified platform. This will help streamline the health care process and enable people to secure tertiary and secondary care from a single point interface. These steps will also provide job creation opportunities in the healthcare market and help India move towards the 5 trillion economy ambition as health care ultimately impacts the ability and potential of any country to become a fast-paced economy.
Anshuman Panwar, Co-Founder, Creditus Solutions
The Union Budget 2022-23 focuses on promoting fintech and technology-led growth which will play a major role in promoting the digital economy. The population will be digitally empowered in a consumer-friendly manner with the launch of 75 digital banking systems in 75 districts by scheduled commercial banks, thereby supporting interoperability and financial inclusion. This will enable many consumers to experience digital banking for the first time at their convenience. When customers are empowered with digital experiences unique to their needs, the repayment process also becomes seamless and painless.
Srividya Kannan Founder, Director – Avali Solutions Pvt Ltd.
The second paperless budget is neither too populist nor a big bang as India recovers from the pandemic. The budget focuses on infrastructure spending, investment thrust and capex outlay. This is great as it can further increase the demand for fuel. Additional funds to CGTMSE and extension of ECLGS till March 2023 will be helpful for the MSME segment. It is encouraging to see the announcement of a central bank digital currency using blockchain as it will further reduce dependence on cash and could potentially provide a significant boost to the digital payments ecosystem. The announcements regarding the focus on digital banking are also encouraging. Apart from reducing the corporate surcharge to 7%, there is hardly any tinkering with the tax. While the Devil is in the details, based on today’s announcement, it appears to be a stable budget overall which is likely to drive demand further.”
Saurav Kumar, Founder & CEO, Euler Motors
Proud as an Indian and buoyed by the futuristic mood of the budget. For India’s collective progress, the government also takes into account the fundamentals to set an example for the world. The focus on clean energy is an important measure that will benefit both citizens and the planet.
Budget 2022 is practical that emphasizes clean technology, encourages mobility change, and achieves decarbonisation. These steps will help accelerate the growth of electric vehicles across all segments.
An EV standardization framework and creation of new interoperability standards will allow faster market entry for EVs. Moreover, the proposal of Special Mobility Zone with Zero Fossil Fuel Policy is a powerful initiative towards EV adoption in India apart from expanding the charging infrastructure and innovative business model for battery and energy as a service.
Many organized companies and e-commerce companies have realized the benefits of electrification in last mile connectivity. With the encouragement from the government, we expect a higher demand for e-vehicles in the light commercial sector.
The continued impetus to fuel the growth of the start-up sector with tax extension reforms is also encouraging and welcome, and will help spur growth, innovation and employment of small businesses.
Overall, we believe the government’s thrust towards clean-tech and e-mobility in this year’s budget are defining steps, the results of which will be crucial in realizing India’s EV vision for 2030.
Dayapatra Nevatia, COO and President at InfoGen
As expected, this year’s budget takes a ‘digital first’ stance, thanks to the incredible support of digital technology in helping India Inc tackle the pandemic. A significant focus on new initiatives and progressive policy interventions, such as opening up of defense R&D, promoting drone start-ups, digital universities, giving infra status to datacenters will drive more adoption of the technology across industries.
The budget highlights governments’ focus on digital inclusion, which is evident from the introduction of the Digital Rupee. This progressive step will give a big boost to India’s digital economy. It also reaffirms our vision and vision to leverage emerging technologies such as blockchain to create future-ready solutions.
I believe that digital literacy will be the key to realizing India’s dream of a $5 trillion economy. With a focus on creating a digital ecosystem for skilling and digital inclusion through 5G and investing in technologies like artificial intelligence and infrastructure, the government continues to strengthen entrepreneurship, productivity and quality development of IT talent in the country. so that adoption can be increased. New age technologies in industries.
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