Industry reactions to Union Budget 2022-23 (Part-13)

“The Union Budget 2022 made a significant endeavour in addressing some of the most pivotal issues that affect the country’s economy, and the resolution provided towards these will accelerate efforts and provide opportunities towards growth. The vastly expanding supply chain market has received immense focus in the budget, and this is an active driver of the country’s economy. The new proposals put forth by the budget will ensure that greater support is rendered to bolster the existing nexus of supply chain networks across the country, and this will further embolden them towards empowering end-to-end supply chain mechanisms for local products. Not only will this contribute towards building digitally-led, future-proof supply chain networks, but will also align with our larger goal of powering an Aatmanirbhar Bharat.
The logistics sector is a critical enabler in achieving the goal towards becoming a $5 trillion economy. The implementation of the National Logistics Policy will aid in the elimination of several bottlenecks in the supply chain industry and chart a roadmap for a streamlined and scalable future for enterprises, industries and the greater nation. Furthermore, the development of 100 cargo terminals under the Prime Minister Gati Shakti scheme is a positive step that will not only help the industry grow but will also provide more job opportunities for our country's youth. We are hopeful for great developments and defining new possibilities with this announcement.” 
– Javed Ahmad, Sr. Vice President, Global Supply Chain, International Region, Schneider Electric.

“Overall, this has been a progressive budget as it accelerates the government’s efforts towards inclusive and sustainable development. As an educator, I welcome the emphasis on creating digital and free-to-air channels of education. However, at the same time, the budget appears to circumvent physical schooling. I sincerely hope that is not the case. While online learning was inevitable due to the Covid-19 pandemic, it would never be as effective as offline learning, which brings out the best in students in terms of learning outcome and performance. Online education can at best only play a supplementary role in education. I would have also loved to see a greater focus on improving the teaching and learning processes in our schools vis-a-vis infrastructure and tech-enabled curriculum. Going forward, I hope there will be policy changes in that direction.”
- Sumeet Mehta, Co-founder and CEO, LEAD,

“We welcome the futuristic budget presented by our  Hon'ble Finance Minister. I consider it as a visionary budget largely focused on sustainability and transition towards the cleaner and greener mobility, which is future of the transportation. The proposed Battery Swapping Policy will provide a mammoth push to the EV adaptability campaign across the nation. We are eagerly looking forward to the Government’s ambitious vision towards upgrading the EV infrastructure ecosystem and also, easing the supply chain through multi modal logistics park which will augment the movement of goods and services across the region. PM Gati Shakti will act as a catalyst for the industry, 60 lac new jobs will be created which will be benefit the automobile industry. With the infra boost and changes in corporate taxes, the industry is optimistic that this budget will definitely auger well for the economic recovery and overall growth for the country.”
- Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd. 

“The decision to establish the digital university is a disruptive and futuristic decision that will benefit a large number of students even from the remotest part of the country by making world-class education accessible. This will surely give wings to the dreams of deserving students and meet the goal of providing high-quality education to all students across the country. 
The plan to increase the 'One Class One TV Channel' from 12 to 200 TV Channels in all States in India will enable students to learn through radio and DTH channels thereby overcoming the problem of internet connectivity. The two decisions truly reflect the Government’s aims to leverage technology advancements and use them as tools to meet the educational aspirations of a large number of students in the country. They have set an example that is worthy of being emulated by others.”
- Dr. Dishan Kamdar, Vice-Chancellor, FLAME University 

“I am broadly pleased with the Budget 2022 presented in Parliament today by our Hon’ble Finance Minister Shrimati Nirmala Sitharaman. Dubbed the 'booster dose budget' in some quarters, some of the measures unveiled today, like Capex spent of around 7.5 lakh crore, PM Gati Sakti projects and focus on making India more Atmanirbhar will certainly offer a shot in the arm for the manufacturing industry. Furthermore, announcements such as the battery swapping policy and the push for clean tech and electric vehicles will further spur the growth of the EV industry while also acting as a catalyst for jobs among the youth.”
- Aakash Minda, Executive Director, Minda Corporation Limited   

“The Union Budget 2022-23 is a Budget with a vision to transform India in the medium term. The budget has adopted new economic growth template for “Amrit Kaal” (run-up to India@100) by promoting capital expenditure led economic growth. Outlay of Capital expenditure of Rs 7.5 lakh crore, up ~35% YoY (and at 2.9% of GDP) along with expanding the scope of private capex through PLI for new age segments is expected to deliver inclusive growth, job creation and welfare for all.    
The Budget also seems to be presented in the backdrop of likely pandemic aftereffect which is reflective in the relatively conservative estimation of growth (merely ~11% nominal GDP in FY23) and receipts. Thus, there is a likelihood of lower than projected fiscal deficit. With growth-oriented focus intact in the Budget, we expect economic and capital market buoyancy to remain.” 

- Vijay Chandok, MD & CEO - ICICI Securities

“The union budget 2022 is a bold and growth-oriented budget which will result into a multiplier effect on the economy and benefit the Aam Aadmi, despite no direct benefit transfers. We believe the FM has presented an investment led budget and this will propel sectors like cement, steel and construction which will lead to increased movement of goods, boost bulk transportation movement and help in the revival of the transport industry.  The government widening the ECLGS scheme & revamping CGTMSE (Credit Guarantee Trust for Micro and Small Enterprises) are steps taken to accelerate growth and reduce stress particularly in the MSME segment. Housing project allocation of Rs 48000 crore is likely to boost growth momentum for the building materials sectors and real estate activities in general. We believe the budget is a very forward looking one with emphasis on digital economy and reducing carbon footprint, which will benefit digital lending and lead to environment friendly policies going ahead for the vehicle sector. Ease of doing business has taken centre stage as the Government has committed to a long-term growth of over 8% for the next 3 years. India's economy is now well placed and we are optimistic on credit uptake in the economy.”
- Umesh Revankar, VC & MD at Shriram Transport Finance

“We welcome this budget as it focuses on building holistic infrastructure in India. With an outlay of INR 20,000 crores via financing, the expansion of the national highways network by 25,000 kilometres in 2022-23 will provide a much needed boost for smoother and faster logistics transportation. The announcement of 100 cargo terminals for multi-modal logistics facilities will provide integrated and seamless connectivity for the movement of people, goods, and services from one mode of transport to another. Additionally, the announcement of Indian Railways developing new products and efficient logistics services will provide a big boost for farmers, small and medium enterprises.”
- Rampraveen Swaminathan, CEO, Mahindra Logistics Ltd

“The announcement of the Finance Minister to issue sovereign green bonds to mobilize resources required for green infrastructure will certainly help boost the financing of clean energy projects, thereby providing an impetus to the Indian energy sector. With Approved Module Manufacturer List becoming applicable from April 2022, the allocation of an additional INR 19,500 crore under PLI scheme for solar would help create much needed manufacturing ecosystem. The enhanced focus on electric mobility is showcasing the clear desire to mainstream this emerging industry. Overall, the budget is giving clear direction for India to meet its COP26 commitments by 2030.”
- Manish Chourasia, Managing Director, Tata Cleantech Capital Limited.