Finance Minister Nirmala Sitharaman has announced Budget 2022, which has enthused the markets. In an interview to CNBC-TV18, Anish Shah, VP of FICCI and MD & CEO of M&M; Subhrakant Panda, Senior VP of FICCI & MD of Indian Metals & Ferro Alloys and Uday Shankar, Immediate Past President of FICCI, gave their take and outlook on the road ahead.
Shah said, “Budget 2022 is a strong foundation for future growth. There are three key elements that it drives – one is infrastructure, second is sustainability and third is inclusive growth that includes MSMEs and a number of other sectors. Given all of that, we feel that this is something that is forward looking, not a short term budget. While we would have liked incentives for the consumer in the short run, we think it is more important to set the economy on the right path for the long term.”
Panda said, “I would say it is a comprehensive growth oriented budget which is high on vision. This is a medium to long term oriented budget but even in the short term there is enough in there to spur demand and thereby investment. Government capital expenditure is slated to go up by 35 percent to Rs 7.5 lakh crore and if we compared it to 2019-2020 it is probably an 80 percent increase. So that is a substantive increase which will definitely have an impact. All of this is definitely going to provide a fillip to growth.”
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