Lalit Beriwala, Director, Shyam Steel Industries Ltd . and Sr. Vice President,Merchants Chamber of Commerce & Industry on the budget
Union Budget 2022 is balanced as well as target oriented
I welcome the Union Budget, 2022, which is balanced as well as target oriented. It envisages 9.2% growth covering every sector of country’s economy. The focus on promotion of digital economy, health, infrastructure, aviation, energy transition, climate action with an inclusive approach will spur country’s economic growth and improve the quality of life of the people. Besides stabilizing economy, it will accelerate steady growth. I am confident that the following budget provisions will go a long way for transition of India at 100.
Capital expenditure raised by 35.40 per cent from ₹ 5.54 lakh crore to ₹ 7.50 lakh crore is a landmark initiative for economic growth. Capping of Surcharge on long-term capital gains at 15% is also a welcome measure. Interest free loan of Rs. 1 lakh crore for the States will help the States for robust economic growth benefiting the people. The Union Budget that proposes to expand National Highways by 25,000 KM in 2022-23 is a welcome decision for Infrastructure development.
The PM Gatishakti National Master Plan costing Rs. 20,000 crore and encompassing 7 engines of development will also be a game changer to the transformation of Indian economy.
Emphasis on infrastructure development including five River Link Projects will ensure hassle-free movement of raw materials of the industries as well as distribution of finished goods across the country at a reduced cost. Credit guarantee for two lakh micro and small industries aiming to create more employment opportunities is also a welcome measure.
68% capital procurement budget earmarked for domestic procurement will be a significant milestone to the achievement of the goals of Atmanirbhar Bharat Abhiyan and Make in India. Earmarking of Rs.60,000 crore to cover 3.8 crore households in 2022-23 under Har Ghar , Nal se Jal programme and Rs. 48,000 crore for completion of 80 lakh houses in 2022-23 under PM Awas Yojana will also help the construction industries ( Steel, Cement, Chemicals etc.) to grow.
The proposal to extend “Steel Scrap Duty” for another year will benefit Western India who mostly uses scraps; revoking of anti-dumping on stainless steel will also benefit steel industry. PM Development (PM-DevINE) initiative for North- East for infrastructural and social development projects with an initial allocation of Rs. 1500 crore will boost economic growth, trade and business and help mainstream NE areas. Setting up of four Multimodal logistic Parks in different places, 100 Gati Shakti Cargo Terminals in three years will help to accelerate economic growth and boost industrial development.
