The Confederation of Indian Industry (CII) has termed the Union Budget 2022-23 as pro-development with a clear focus on speedy economic development.
According to CII Northern Region chairman Abhimanyu Munjal, the Union Budget is growth-oriented with a sizeable capital investment roadmap for sustained and faster economic revival.
“Union finance minister Nirmala Sitharaman has presented a growth-oriented, expansionary budget and indicated the government’s focus on growth through enhanced capital expenditure,” he noted.
The CII appreciated the “fine balancing” to soothe the economy as well as boost it by way of greater capital expenditure, focus on creating physical infrastructure and healthcare spending.
He said the CII was happy to note that the Budget ticked all the right boxes of lives, livelihood and growth which would propel the economy to an inclusive growth trajectory.
“We welcome the allocation of Rs 1 lakh crore as 50-year interest free loan to assist the states. This will further catalyse the states’ capacity to take capital expenditure and creation of assets,” he added.
Munjal said may Northern states are the hub of MSMEs, and there are many positives for the sector, such as extension of Emergency Credit Line Guarantee Scheme (ECLGS) up to 2023, additional credit of Rs 2 lakh crore for MSMEs, and announcement of the Raising and Accelerating MSME Performance (RAMP) programme.
“All these steps will help the MSME sector become more resilient, competitive and efficient,” he added.
Further, CII welcomed the announcement of the National Ropeways Development Programme to improve connectivity boost tourism.
“The additional funding of Rs 1,400 crore in 2022-23 for the Ken-Betwa river linking project will benefit the water-starved region of Uttar Pradesh,” he said.
The industry chamber said the announcement of chemical-free Natural Farming Comprehensive Scheme to increase domestic production of oilseeds and the use of ‘Kisan Drones’ will greatly benefit the agrarian states of Punjab, Haryana, UP, Rajasthan etc.
Meanwhile, CII UP chairman C P Gupta said the Budget was a balanced one with adequate focus on all the sectors to re-track economic growth.
“It is heartening to note that the Centre will provide assistance to states for capital investment out of this year’s increased capital expenditure outlay of Rs 7.50 lakh crore,” he added.