PINAKI MAJUMDAR
Jamshedpur, Feb 1: The Union budget presented by finance minister Nirmala Sitharaman was welcomed by industries and various trade outfits.
Tata Steel managing director T. V. Narendran in his budget notes said, ” The finance minister 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. It is heartening to note the government’s sustained focus on infrastructure and increased public spending while staying committed to the fiscal discipline and stable policy regime. We welcome Budget 2022-23 and look forward to the concerted implementation of the proposed reforms to ensure the benefits percolate across the economy.”
He pointed out that the increased allocation to infrastructure spending 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 the National Highway network, and introduction of multi-modal national parks will play a crucial role in modernising the country’s logistics infrastructure, making manufacturing more competitive and giving a boost to entrepreneurial opportunities in the country. The earmarking of 68% Capex for the Defence sector for domestic procurement will give a fillip to the Make in India programme.
The extension of customs duty exemption on steel scrap is a positive step to drive availability of scrap in the country, will help mitigate the carbon footprint of the steel sector and benefit the MSME secondary producers.
“Overall, the budget 2022-23 sets the course for realising the ambition of a $5 trillion economy, ” he added.
Various trade and industry outfits welcomed the Union budget.
“The budget was on expected lines. Huge allocations were granted to infrastructure and Capex. Railways get a special mention after a long time. The 400 New Vande Bharat trains will give a boost to affordable and comfortable travel,” said Bharat Vasani, a local businessman and an executive member of Singhbhum Chamber of Commerce and Industry ( SCCI ), the largest and oldest trade outfit of Kolhan.
The Confederation of All India Traders ( CAIT ) termed the budget as a progressive economic document.
“The Union budget is a comprehensive and progressive economic document which ensures the development of each and every sector in a structured way and provides ease of doing business to traders, ensuring robust growth in health sector and services and above all becomes an effective document. Several new announcements including the extension of the Emergency Credit Line Guarantee Scheme ( ECLGS), linkage of the Performance Linked Incentive (PLI) scheme to various sectors will not only benefit the small manufacturing units but will also leverage the trading sector since the manufacturing goods and consumable income will come to the economy and therefore will meet the current challenges of financial liquidity in the trading sector” said CAIT national secretary Suresh Sonthalia.
However, he regretted that no announcements were made regarding simplification and rationalization of the GST tax structure.
President of Adityapur Small Industries Association ( ASIA ) Santosh Khetan termed the budget as extremely future-oriented.
EoM
