Ashok Rajpal, CEO & Founder, Ambrane India
We welcome the budget positively as it is aimed at furthering the Indian manufacturing industry. Additionally, the increase in PLI benefits to the sector is also beneficial to the companies directly, as well as indirectly. The 15 percent income tax for new manufacturing companies poses immense relaxation for the companies following the attrition of Make in India.
Lastly, the duty concessions being given to promote electronic manufacturing, wearable, and hearable products is calibrated to provide a graded structure and give growth to the manufacturing industry considering the sales would surge as a result of the subsidized end product.
Arjun Bajaaj, Director, Videotex International Group
The GatiShakti Masterplan is a great step by the government to improve the logistics infra of the country which was much needed and we hope it can be accomplished at the earliest. The overall budget does not have a direct impact on the TV Industry. We were expecting a cut in the GST slab for TV sizes above 32”. There should have been some relief in the Income Tax Slab but the same has not been touched which is another disappointment. The Digital University Initiative is another great initiative for education taken by the government. The overall budget seems to be positive to strengthen the Indian Economy.
Prem Kumar, Founder & CEO, Snapbizz
“With the government unveiling the budget today, the focus for the fiscal year 2022-23 is clearly on infrastructure investments, digitization, and financial inclusion. The emphasis on infrastructure investments is likely to drive sustained employment growth while the MSME and Fintech sectors are expected to drive inclusive recovery and financial inclusion. With accelerated digitization resulting from the pandemic and the Digital India push, the digital payments sector has flourished while redefining the retail sector. More reforms are also expected to be implemented to help small retailers become more Aatma Nirbhar, thereby sustaining and strengthening the local retail ecosystem. Small merchants who are the backbone of our economy and national infrastructure are today embracing digital transformation, becoming more accessible to customers, and offering more streamlined solutions. The budget provides an impetus to Growth, Consumption and hopefully a Sentiment impetus too. While it is possible that the budget may fuel inflation, a consumption and growth push is urgently needed at this time. Daily consumption industries, such as FMCG, will benefit from a boost in recovery and growth.”
Sandeep Lodha, Co-founder at Netweb Technologies
“It is heartening to see the government focus on the rural areas. This can accelerate the government’s earlier declared digital banks and overall enhance and enrich the rural economy. Digital banking and fintech spending by the government is going to enhance the financing and overall support the entrepreneurial spirit as well as benefit the IT sector to provide the required infrastructure. Emphasis on 5G:
The government’s announcement of a 5G spectrum auction by 22- 23 was on the expected line. It is good to see the announcement of the PLI scheme for design-led manufacturing, this will help in getting ready with Make in India products and solutions. We welcome the government commitment to R&D and formalizing the same by allocating 5% of Universal service obligation to this but will need to see when this can be effective on the ground. R & D has a cycle and sooner we get in we can start rolling the products when the actual implementation starts.”
Rajesh Goenka, Director, Sales & Marketing, RP tech India
“This is a very progressive budget focused on giving a boost to the infrastructural development and attracting global investments in form of FDIs. The government has been consistent in giving emphasis on the overall growth and development of industries rather than offering sector-specific incentives. The budget will create employment opportunities across the industry verticals and accelerate GDP growth. We hail the government for its strategic decisions and futuristic approach for self-reliant India”
A Gururaj, MD, Optiemus Electronics Ltd
“The industry has been completely galvanized under the pioneering initiative of PLI scheme, with Hon’ble FM today stating that it has potential to create 60 Lakh new jobs and additional production of 30 lakh crores. This is also a clarion call to the industry to work much harder in the years to come to make it a reality. On a macro level, the scheme around design-led manufacturing as part of the PLI scheme would fasten the development of the ecosystem, and also changes in customs duty will drive greater domestic value addition in Electronics manufacturing in the country, which has grown rapidly in the last few years.”
Krishan Agarwal, Head of Finance, 75F, India
“The 2022 budget gives impetus to energy and infrastructure as one of the focus areas. The Government has factored in various projects that could boost the country’s infrastructure and economy. The emphasis on CAPEX expansion will also assist organisations in expanding their operations and pursuing new growth opportunities. The infrastructure budget is a welcome relief as it will aid specialised financial organisations to fund infrastructure projects that require long-term capital. We are also pleased to see the government taking proactive steps towards energy transition, climate change, and sustainability in this year’s budget. It is the need of the hour to focus on sustainability and energy efficiency for businesses and building infrastructures. We hope that the allocated funds will be used for projects to reduce carbon emissions and that the low-carbon development strategy will create new job possibilities in the country. The ease of doing business would also provide some relief for businesses to carry out operations smoothly.”
