Sunil Bharti Mittal to Rashesh Shah, BS Jury lauds growth-oriented Budget

Sunil Bharti Mittal, Founder & Chairman, Bharti Enterprises

The Union Budget 2022-23 reaffirms the Union government’s commitment towards inclusive growth, with a multi-pronged plan for world-class physical and digital infrastructure development. Delighted to see that digitisation ran as one of the principal themes across many planned public spending initiatives. Whether it was education, skilling, re-skilling, e-passports, rolling out of a national digital health ecosystem or the creation of a digital university. These are all extremely welcome steps to build a strong foundation for India’s journey towards becoming a $10-trillion digitally empowered economy.

Dinesh Khara, Chairman, SBI

Set out in the backdrop of Azadi ka Amrit Mahotsav, Budget is a road map for the 25-year-long leadup to India@100. It strikes a balance between the challenges posed by the recurring Covid waves and the need to revive growth. The emphasis going forward will be on seven parallel tracks. In terms of sector focus, the Budget has primarily focused on agri and MSME. The most significant announcement is higher allocation to capex and extension of ECLGS, particularly the support to hospitality & related sectors. Overall proposals are a well-crafted statement of intent, drawing from the experience and enhances growth prospects in the post-Covid-world.

Ajay Piramal, Chairman, Piramal Group

The Budget has outlined a long-term growth for India and is line with the vision of Atmanirbhar Bharat. The gamut of announcements show the government’s commitment to support economic growth with public capital expenditure and financial prudence. Provisions for sectors of paramount importance to the economy, such as MSMEs and infra, are welcome. The Budget seeks to address the supply-demand mismatches by increasing allocation for PLI schemes and incentive for start-ups. We have seen a strong thrust on digital, which augurs well to not only position India as a favourable destination for global investors, but also tap the poten-tial in semi-urban and rural markets.

Adar Poonawalla, CEO, Serum Institute of India

Recent times have emphasised the benefits of a stronger health care system in stabilising the economic activity. As vaccines become a macroeconomic indicator, India’s massive drive places us at a distinct advantage. We must continue to provide budgetary support to the sector to make it immune to unprecedented situations. The focus is to build a standardised universal health programme that will make access to health and wellness more equitable. With a road map for the next 25 years, the Budget lays a strong foundation for the India of tomorrow. The announcements on the national digital health ecosystem, edtech, clean energy, and fintech are benefitting to the people. 

R C Bhargava, Chairman, Maruti Suzuki 

The Budget is clearly different from past Budgets. It signals stability and predictability which is what investors and businesses want. Tax rates have remained unchanged. Capex for infrastructure remains the main engine for generating growth and employment. It is wonderful to hear the FM talking of increasing productivity and competitiveness and ease of doing business. The fiscal deficit is under control. Excellent in all ways. The Budget is not without anything new. Cryptocurrency has been recognised and the RBI will introduce a digital Rupee. We have to find out what this means for business and the ordinary citizen.  I hope this sets the pattern for future Budgets.

Amit Syngle, MD & CEO, Asian Paints

A growth-oriented Budget, with the government taking a lead role in promoting capital expenditure. Big thrust on infrastructure spends, along with continued push on affordable housing, will create a multiplier effect in the economy and support demand recovery, including that seen in the coatings industry.  At the same time, a commitment on further promoting the ease of doing business, a stable tax environment, and a push for digitalisation in the economy provide confidence to the corporate sector to pursue its long-term growth objectives. Overall, a balanced, pro-growth Budget, with an emphasis on creating a strong growth trajectory for the coming years.

TV Narendran, CEO & MD, Tata Steel

The FM presented yet another progressive, future-focussed and inclusive Budget that aims to position the economy on an accelerated growth trajectory, especially in the backdrop of an encouraging broader economic recovery.

The increased allocation to infrastructure spends will certainly have a multiplier effect on the economy, generating employment opportunities across the country and creating demand across product categories, including steel. The PM Gatishakti Yojana, expansion of National Highway network, and introduction of multi-modal national parks will play a crucial role in modernising the country’s logistics infrastructure. 

Renu Sud Karnad, MD, HDFC 

Budget 2022-23 is a Budget with a strong emphasis on long-term growth and promoting digital ecosystem. The promotion of technology-based development will help the economy gain pace. The FM’s announcement of completion of 8 million homes by 2023 and allocation of Rs 48,000 crore for rural and urban housing is in line with the PM’s vision of ‘Housing For All’. This continued push for affordable housing will boost the recent momentum in housing demand and help create jobs. The CLSS schemes under the PMAY have been a great example of a public private partnership and its extension, especially for the EWS and LIG categories, would have helped to achieve the goal of ‘Housing for All’.

Mohit Malhotra, CEO, Dabur 

At a time of unprecedented economic stress where the government had little headroom for manoeuvre, Finance Minister Nirmala Sitharaman has presented a highly growth-oriented and inclusive Budget that focuses on pumping up economic growth. With an unexpected higher thrust on capital investment, putting more money in the pockets of farmers, continued focus on infrastructure development and encouraging Atmanirbharta, it takes the much-needed investment route to drive long-term economic growth for the country.

The higher MSP allocation would go a long way in helping drive consumption of FMCG products in the hinterland.

Rashesh Shah, Chairman, Edelweiss Group

Union Budget 2022 is strong, progressive, and growth-oriented, with focus on both near-term goals as well as long-term aspirations. Public capex of Rs 7.5 trillion, at 2.9 per cent of GDP, is the highest ever and outlines the government’s intention of furthering the growth momentum.  It also manages to play a healthy balancing act by limiting the fiscal deficit to only 6.4 per cent of GDP in FY23. The specific focus on digital initiatives outlines the vision for India to be at the forefront of the global technological revolution. Overall, it is an encouraging Budget which can act as a great launchpad to India’s global dominance, not for just the next few years but for the next few decades.