Budget 2022: Progressive or uninspiring? Here’s what veteran industrialists including Anand Mahindra said

February 1, New Delhi: Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2022-23. The Union Budget laid foundation and gave blueprint of the economy for Amrit Kal of next 25 years – from India at 75 to India at 100.

The budget garnered mix reactions from industry leaders. While some hailed it as a growth-oriented budget, others were not so pleased due to one reason or another.

Veteran industrialist Anand Mahindra, Chairman, Mahindra Group was all praise for the Union Budget, He tweeted, “Brevity has always been a virtue. @nsitharaman‘s (Nirmala Sitharaman) shortest budget address may prove to be the most impactful…”

Sanjiv Bajaj, CMD, Bajaj Finserv and President-Designate, CII, sharing his take on budget 2022 said, “This is a growth-oriented budget with a focus in the right direction. Overall continuity in policy, no surprises on corporate tax. Just some inflationary concerns but need to watch ahead.”

CII-Chairman Kris Gopalakrishnan tweeted, “The announcement by FM for engaging startups from agritech, FinTech, EduTech & AVGC sectors is encouraging and will give a fillip to the industry & economy.”

Moreover, on the announcement by FM on 75 digital banks in 75 regions, Gopalakrishnan said, “The Government’s proposal to build 75 digital Banks in 75 regions across the country is a step towards Aatmanirbhar Bharat & will greatly benefit the Fintech sector.”

Hailing the announcement of digital currency in the Union Budget, CII tweeted, “CII believes that the introduction of digital currency (Digital Rupee) by RBI in 2022-23 using blockchain & other technologies will mark a new frontier.”

FICCI India President Sanjiv Mehta took a neutral stance on the budget. He said that the “govt’s high expenditure on infrastructure will create a multiplier effect in the economy; pleased as the government focused on sun rise sectors. However, we were expecting some sort of concessions as far as personal taxation is concerned. Nothing came on that,” he said.

Praveen Khandelwal, Secretary general, Confederation of all India Traders (CAIT) also was not entirely pleased with the Union Budget, he expressed confidence and appreciation for the progressive & holistic Budget 2022, but said that some key aspects affecting Indian traders being ignored has disappointed him.

“Digitalisation of several sectors will lead to economic growth. However, no step to simplify GST has disappointed traders,” said the Secretary general of CAIT.

Jayadev Galla, MD of Amara Raja Group strongly opposed the Union Budget saying, “This Budget has been projected as the Foundation for 25 years of India’s AmritKaal. But with only 2 yrs and 1 budget left to fulfill the commitments in the AP Reorganization Act, the State of AP and its people have once again been left with uncertainty.”

He added, “Where is the Special status? Where are the funds for Polavaram? Where is the Vizag Railway zone? Where are the educational institutions that were promised? How can a country be in AmritKaal when a State has been left is Andhakaar?”

Sanjay Dutt, MD & CEO, Tata housing & TRIL sharing his take on the union budget 2022-23 tweeted, “The success of any budget lies in its execution. A well-balanced, growth and capital expenditure oriented budget aimed at increasing people’s income. A thumbs up for this well-thought-out budget!”

He added, “‘Consistency, Continuity & Stability’: Mantras of the Budget. Shortest speech but maximum impact.”

Vijay Kalantri, president AIAI & Chairman World trade center also hailed the budget for its focus on capital expenditure, he said, “The union budget has taken care of most of the sector; the capital expenditure has been increased which will benefit infra projects & central infra projects will also give more funds to the state government for various infra projects this will give a big boost & importance to the economy.”

BSE (Bombay Stock Exchange) MD Ashish Chauhan said, “Budget is very balanced. It boosts spending towards growth-oriented policies that create jobs, boosts manufacturing, help agri-economy & infrastructure creation. In short, a mix of short-term boost & long-term structural emphasis is hallmark of this Budget.” ANI quoted.