UNION BUDGET 2022: India Inc lauds govt for increasing capital expenditure

New Delhi, Feb 1 (UNI): India Inc hailed the Union Budget 2022-23 presented in Parliament on Tuesday, lauding the government for increasing capital expenditure.

In a statement, Kenichi Ayukawa, President, SIAM (Society of Indian Automobile Manufacturers), said, “The 35% increase in capex outlay, major infrastructure projects like 25,000 km road construction, 100 cargo terminals, Project GatiShakti, 5G network, optic fibre cable laying and the recent PLI schemes are major positives. Leveraging biomass and support to ethanol blending for both environment and economy gains could unlock the power of India’s rural economy.”

Pankaj Kalra, CEO, Essar Exploration and Production Ltd, said the budget was excellent with long-term focus on growth and manufacturing in India.

“The government’s action plan on green energy and clean mobility re-enforces its strong commitment and efforts to move towards a clean and green economy. Also, the focus on digital payments and introduction of block chain -backed digital currency is a bold and historic step. We also welcome the government’s PM Gati Shakti Scheme that will enable seamless multi-modal connectivity and boost the logistic sector,” he said.

Punit Goenka, MD and CEO, Zee Entertainment Enterprises Ltd, said the steps announced to build domestic capacity for animation, visual-effects, gaming and comics segment would certainly help enhance capabilities, enabling the country to compete more effectively at a global stage.

“An extension in the credit line guarantee scheme is also a welcome move, which will provide some much-needed relief to the relevant sectors which were impacted due to the pandemic,” he said.

Prashant Ruia, Director of Essar Capital, said the budget was bold with a massive hike in public investment which would be the booster dose to restart corporate investments.

Baba Kalyani, CMD of Bharat Forge, termed the budget growth propelling 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 recognised for its Speed, Productivity and Scale; thus, boosting the country’s overall investment attractiveness and export competitiveness,” he added.

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