CII, various sectors term budget as growth-oriented

LUCKNOW : CII Northern Region chairman Abhimanyu Munjal said the budget ticked all the right boxes of lives, livelihood and growth, which would propel the economy to an inclusive growth trajectory. “The Union Budget presented today has presented a growth-oriented, expansionary budget and has clearly indicated the government’s focus on sustainable growth through enhanced capital expenditure”, Munjal said.

Meanwhile, CII UP chairman CP Gupta also termed the budget as well balanced. “The budget 2022 looks like a balanced one with adequate focus on all the sectors to re-track economic growth,” Gupta said.

The budget is an investmentoriented one that keeps fiscal prudence in mind. SANJIV CHADHA, managing director and CEO, Bank of Baroda

Reactions from various industry and sector heads are: Mukesh Singh, chairman Lucknow chapter, Indo-American chamber of commerce:

The budget has addressed the key issues in manufacturing, exports, logistics cost. If timely implemented will boost private investments and jobs.

Sarvesh Goel, chairman, Mansingh Goel Group:

Allocation of ₹50,000 crore under ECLGS will help MSME, Tourism and Hospitality industries to deal with cash crisis in their day-to-day operations. We expected some relief on individual/personal tax, which was not given.

Yawer Ali Shah, CEO AMA Herbal Laboratories:

It is a balanced budget with a focus on sustainability and chemical-free agriculture. Overall, this budget will give a boost to the agriculture sector.

Sanjeev Sarin, senior centre director, Phoenix Mills:

The government has announced an exemption on tax on electronics. In addition to this, the customs duty on gems and jewellery has been reduced to 5%. This will bring great relief to the retail buyers. The government has also announced that 60 lakh youths will be given jobs in ‘Atmanirbhar Bharat’. Retail sector consumption will increase in the near future due to the push on employment and financial inclusion. Digital currency will also be launched this financial year, which will encourage shopping in the retail sector.

Prateek Hira, UP chairman of IATO and FICCI’s tourism committee:

Unfortunately, the tourism industry was once again sidelined in the Budget. No direct benefit was passed on to it even though this is the most ailing of all sectors due to the pandemic.

Sanjiv Chadha, managing director and CEO, Bank of Baroda:

The budget is an investment-oriented one that keeps fiscal prudence in mind. Hence, while the size of the budget has increased significantly with the focus on capex, the deficit has been reined in at 6.4% and hence indicates a graduated descent on the FRBM path. However, this deficit will still mean high borrowing comparable to last year. We may expect RBI doing more regular fine-tuning to balance liquidity with growing demand.