Union Budget 2022 ‘growth-oriented’, devoid of populism: India Inc

Finance Minister Nirmala Sitharaman’s second pandemic Budget is growth-oriented and exudes a fine balancing act with an increase in capital expenditure while maintaining fiscal discipline, India Inc said on Tuesday.

Corporate leaders and industry bodies described the Budget as business-like and devoid of any populism, with an emphasis on improving the ease of doing business and reviving economic growth by catalysing demand and investments.

”I congratulate FM @nsitharaman Ji for a growth-oriented and forward-looking #Budget for the masses. It sets the stage for rapid progress post-pandemic,” Vedanta Resources Executive Chairman Anil Agarwal tweeted.

Mahindra Group Chairman Anand Mahindra tweeted: ”Brevity has always been a virtue. @nsitharaman’s shortest budget address may prove to be the most impactful.” Biocon Executive Chairperson Kiran Mazumdar-Shaw tweeted: ”Fiscal prudence and business ease have been the theme. 35% increase in capital expenditure will drive infra and jobs – positive rhetoric with no negative surprises= balanced budget.” RPG Enterprises Chairman Harsh Goenka tweeted: ”With today’s budget focussed on capex, digital and welfare – I can clearly imagine the future. Today’s wordle Budget edition”.

Hinduja Group Co-Chairman Gopichand Hinduja termed the Budget as a great attempt by the finance minister to lay the economic blueprint for India’s growth in the next 25 years.

However, he stated that the devil is always in the detail, and the success of the measures taken will depend on the government’s ability to focus on the implementation.

CII Director-General Chandrajit Banerjee said, ”Indian industry welcomes the government’s unwavering commitment towards boosting investments, creating jobs, improving ease of doing business, maintaining tax stability and certainty in policy regime through well-designed and prudent measures delineated in the budget.” Along with several positive and innovative measures, the most defining feature of Finance Minister Nirmala Sitharaman’s Budget for 2022-23 is a phenomenal increase in the government’s capital expenditure that would effectively go up to Rs 10.68 lakh crore for the financial year beginning April 1, Assocham said.

Essar Ports Managing Director Rajiv Agarwal said the Budget, guided by the PM’s Gati Shakti National Master Plan, will facilitate economic recovery, especially amid the persistent pandemic.

”It is highly encouraging that the Union Budget seeks to lay the foundation and give a blueprint of the economy over ‘Amrit Kal’ of next 25 years — from India at 75 to India at 100,” Pradeep Multani, president of PHD Chamber of Commerce and Industry, said.