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Union Budget 2022-23 will fast track economic recovery: ICC



Indian Chamber of Commerce (ICC) has lauded the growth-oriented policy direction of the Union Budget 2022-23 based on EoDB, reforms, clear direction based on digital transformation. Budget measures would raise demand, support consumption, fast track economic recovery, support Employment generation and Output in the Economy.

Commenting on the Union Budget 2022-23 presented in the Parliament by Finance Minister Nirmala Sitharaman on Tuesday, ICC President Pradeep Sureka said, “It is an extremely growth-centric budget which every industry needed due to the pandemic and fast recovery of their respective businesses. It was a huge challenge for the Central government as well owing to the dip of the Indian economy and how to take it to the path of most awaited ‘V’ shape recovery but the government has thoughtfully curated the same focusing almost on every sector ranging from agriculture to employment to sustainable organizations and most importantly e-commerce and digital banking. One lakh crore interest free loan has been approved to the State Governments which will boost the PM Gati Shakti projects and create employment opportunities. We believe it a balanced budget with something or the other for every sector.”

J B Pany

J B Pany, Chairman, ICC Odisha State Council said, “The emphasis on infrastructural growth is very positive in the budget but in the past, we have seen more expenditure being allotted but lesser amount of spending in the same, this year we have noticed an allocation of Seven Lac crore allocated for Infrastructure and it would be interesting to see how it turns out to be when it comes to spending on the same.

If the Government is able to spend the entire allocated fund then it will boost overall economy of country and especially Odisha which is a mineral based economy. Emphasis on technology and Start Ups is welcomed. Like other countries, India has given the focus on the digital currency which is progressive and we will know the implementation in the future.” 

M K Gupta

M K Gupta, Co-Chairman, ICC Odisha State Council added, “Considering the challenges faced by the Indian economy in this pandemic, the Ministry of Finance has put up a fine balancing act. The Union Budget 2022 has various encouraging initiatives that will propel aspiring entrepreneurs and boost small businesses.”

The extension of ECLGS scheme is a welcome move for MSMEs. The credit and fiscal support of Rs 5 lakh crore will give a huge boost to this sector encouraging new businesses to come to the fore. This announcement will certainly generate more than 10 lakh of employment opportunities in a short span of time. Also announcement of emphasis on enhancement in transmission and distribution of power industry is appreciated.

Ameya Prabhu, Vice President ICC commented, ” The overall progressive budget has made an unexpected yet positive view on digital currency at a time when Crypto was to be banned yet a few months ago and it has come as a relief to many. Though there is a fiscal deficit of 6.9% still the government has given a huge push to the infrastructure and logistics industry as large and apart from personal tax payers on many aspects corporate tax payers are going to be benefitted in the long term too.”

The Budget has also taken a multipronged developmental approach for the Agriculture sector and MSMEs. To boost employment and promote innovation the Government has decided to promote start-ups, especially in drone manufacturing. ICC also supports the move that will bring crypto currencies and non-fungible tokens (NFTs) under a tax net; a 30 per cent tax has been laid on any income from the ownership of virtual digital assets. The clean tech and energy sector will get a boost from the measures introduced in the budget, including increased allocation for Solar Power, Sovereign Green Bonds and support for EVs.

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