Vivek Bhatia, Managing Director and CEO, thyssenkrupp Industries India on the budget

The Union Budget for the year 2022-23 will re-energize the infrastructure sector, including multi-modal transportations through the PM Gati Shakti. With Capital Expenditure at more than 4% of GDP and a renewed push in incentivizing various sectors like agriculture, manufacturing, health, digital education, and a big move for transition to clean energy, the budget will drive industrial growth in a big way.

The creation of more efficient freight corridors through an additional 25,000 km of roadways, and the launch of a Unified Logistics Interface platform will not only be a major boost for the economy but iron out the gaps in both supply and demand. The renewed thrust on Make in India is expected to generate 6 million jobs, which is important in restructuring the economy with a digital push going forward. The additional allocation to the PLI scheme will certainly bring in more investments into the economy. Concessions in import duties on raw materials, and export incentives are the right moves to make India a global manufacturing hub.  It is a very forward looking and progressive budget.