Industry reactions to Union Budget 2022-23 (Part-8)

Avinash Kumar, Founder, Credenc
“We welcome the Union Budget announced by the Finance Minister that is positively focused on e-learning to address the rising concern on education in the country. The development of a digital university & expansion of  the present PM eVidya Scheme from 12 channels to 200 channels will facilitate supplementary learning for all classes from 1 to 12 in regional languages. This will help students to access world class quality education, especially in remote rural areas. Moreover, An innovative and path-breaking initiatives of digital university and One Class One TV Channel was a much needed scheme to help overcome the loss of learning due to the pandemic. This much required shift to the digital learning will accelerate the growth of ed-tech companies and will fuel growth within the sector.” 
 
Dr. Alok Roy, Member, FICCI, Health Services Committee and Chairman Medica Group of Hospitals
“India Inc. and especially the Healthcare industry which has been battling COVID-19 pandemic since last 2 years was expecting more investment on public health and healthcare infrastructure from this year’s union budget. The budget has just focused on mental health and digitization of healthcare sector. The very fact that Government has focused on digital healthcare shows that finally healthcare sector is being considered as the prerequisite to ensure economic well-being of the country. Budget 22-23 seems very disappointing for the healthcare sector. India's growth is estimated to be at 9.27 percent and healthcare will play a major role in the boost. Strengthening of health infrastructure, speedy vaccination programme implementation has strengthened the Indian healthcare system. The decision to start an open platform for the national digital health ecosystem is a welcome move. The emphasis to roll out digital registries of health providers, health facilities, unique identity consent framework with and universal access to health facilities will add more values to Ayushman Bharat Digital Mission. We the healthcare providers heartily welcome the Government’s focus on mental health issues as this has set an alarm across age groups post the COVID pandemic. The announcement of launching the national tele mental health program which will include a network of 23 telemedicine mental health centers of excellence is a much appreciative move that the government has decided. It was expected the government to look at increasing the healthcare expenditure above 2.5 per cent of the GDP but there was not adequate attention paid to it. Although there had been a rise of 137% allocation in healthcare sector last year much was fulfilled in reality by the government. Overall, the proposals made in the Budget 22-23, should have made quality healthcare accessible and affordable. The government should have focused more on primary healthcare investment and  made the  Healthcare system as National Priority’ status, as was done for the IT sector.”
 
Nishanth Chandran, Founder & CEO, TENDERCUTS
“The major initiative to introduce chemical-free natural farming is sure to create a better outlook on the quality of food and essentials related to farming and poultry. Provision of funds through NABARD for agriculture and rural enterprises, especially for the farm produce value chain, would be helpful in strengthening the poultry, meat, and seafood sectors. Secondly, as drivers of growth for the economy, the announcement of tax incentives for start-ups to be incorporated until March 31, 2023, will have a good impact on nurturing the start-up ecosystem. It is wonderful to note that the 2022 budget’s focus on road infrastructure will be a game changer and help in maintaining smooth supply chain management. Moreover, the introduction of data exchange will ensure better logistics and the efficient movement of goods.”

Dr. Manoranjan Sharma, Chief Economist-  Infomerics Ratings
“This is a Budget with an accent on growth and distributive equity. Financial inclusion is given a renewed thrust by the proposals on agriculture and food processing, Ken Betwa Link Project, universalization of quality education, and an all-inclusive welfare focus. There is clear stress on the ambitious PM Gati Shakti programme driven by the seven engines of  Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure to transform the process and pattern of economic development in India in these VUCA (volatility, uncertainty, complexity, ambiguity) times. The accent on increasing investment, creating externalities towards improving the economic environment, enhancing productivity for sustained high growth with greater private sector participation, quality of expenditure, and catalyzing India’s digital economy is well-conceived. Measures regarding digital rupee, 5G, crypto tax, taxpayers getting 2 years to update I-T returns are also welcome.  Contextually significant Budget, entirely in conformity with the needs of an India on the move.”
 
Paavan Nanda, Co-founder, WinZO
“We welcome the Finance Minister’s announcement during Budget 2022 to set up an Animation, Visual Effects, Gaming, and Comics (AVGC) task force with the objective of building domestic capacity to serve our markets and global demand. Gaming is a soon-to-be trillion-dollar industry, and it is heartening to see that the Government of India has acknowledged the exponential potential that this sector holds. As a giant step towards contributing to the same, WinZO launched the country’s first-ever national-level scholarship program called B.O.S.S (Battle of Super Scholars) and unveiled a $26M Game Developer's fund with an aim to provide a platform to the best minds to disrupt this emerging global gaming industry. WinZO, as a leading game tech company, will be willing to work with public stakeholders to attract the best talent to this growing industry.”

Vaidyanathan V, CFO At Great Lakes Institute of Management, Chennai 
“The Budget 22 has provided a much-required push to the economy by increasing the allocation to Capital Expenditure by about 35%. The budget has given thrust to the Gati Shakti – for sustainable growth. The budget has also given a push to the digital economy, introduction of Digital currency starting 200 TV channels to fill the gap in learning of the children due to the pandemic are some of the welcome points. Repealing 1486 Acts, which were redundant, introduction of e-passport, thrust for EV (electric vehicle) by introduction of charging stations and battery swapping are all welcome moves. Modification to the filing of tax returns for rectification/ including left out income at a nominal fee is a welcome move to avoid litigation.”