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- Indian Budget Impact Live Updates: Extension of ECLGS scheme to ensure availability of credit to MSMEs, say experts
Indian Budget Impact Live Updates: Extension of ECLGS scheme to ensure availability of credit to MSMEs, say experts
With a view to support sectors disproportionately affected by the pandemic, FM Nirmala Sitharaman on Tuesday announced extension of ECLGS till March 23. Get the latest updates of budget impact on indian economy, personal finance, healthcare, industry, trade, and more on Times of IndiaThe launch of the Digital Ecosystem for Skilling and Livelihood (DESL) and greater aligning of the National Skill Qualification framework with dynamic industry needs, will not only make the youth gain more relevant job-ready skills but also provide an impetus to growth of Learning & Development players and ed-techs
Vandana Luthra, Founder, VLCC Group
The 2022 Union Budget is forward looking and inclusive and lays down the roadmap for an aspirational India. Overall the government’s growth capex announcement will prime the wheels for the entire economy and have a multiplier impact. Investment led growth which has been adopted by the government of India will result in higher quality growth vs. merely consumption led growth.
Vidit Aatrey, Founder and CEO, Meesho
The push to infrastructure spending and sops for affordable housing have kept the sector hopeful of positive changes. While affordable housing continued to remain a priority area for the government with few additional reforms, the government could have given further boost to overall real estate which fuels the Indian economy and supports over 250-allied industries, says Ramani Sastr, Chairman & MD, Sterling Developers Pvt. Ltd.
We are confident that the boost to the real estate sector provided by a high-level committee of urban planners and institutes charged with formulating policies for India's sustainable urban development will usher in a prosperous period for the industry.
Aman Trehan, Executive Director, Trehan Iris
This is a growth-oriented Budget, I am sure that stepping up the capital expenditure sharply by 35.4% will have an incremental effect on the overall growth of the economy. It is good that the policy makers understand that nearly half of our population is likely to be living in urban areas by 2047, when India is at 100. The announcement for urban capacity building like mass transit, planning help, etc. would act as a good principle for development of the country.
Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India Pvt. Ltd
The Saksham Angwanwadi and Poshan 2.0 program will not only provide benefits to 2 lakh Anganwadis but will also ensure development of each section of the society for a healthy and prosperous India. This will strengthen the core of early childhood education which is the need of the hour in the pandemic, says Dr Payal Kanodia, Trustee, M3M Foundation
Delighted to see that the next phase of Ease of Doing Business reforms will be centered on trust-based governance. I believe the time for moving to self-certification across the board has come. We stand with the government in its exhortation for Sabka Prayas, says Anil Agarwal, Chairman Vedanta
The budget continues to strike a balance between the challenges posed by the recurring COVID-19 waves and the need to contain the economic damage due to pandemic. The budget achieves this delicate balance quite well. The emphasis going forward is on seven parallel tracks - PM GatiShakti, Inclusive Development, Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition and Climate Action and Financing of Investments. On the banking and finance side the announcements are significant
Dinesh Khara, Chairman, SBI
On the MSME front, extending the Emergency Credit Line Guarantee Fund will take care of the funding woes for the MSME sector to some extent. However, the Rs 6000 crore allocated towards RAMP to enhance MSME performance is inadequate and the government might want to re-look at the allocation for 5 years, says Harsh Pokharna, Cofounder & CEO, OkCredit.
The introduction of 5G and the spread of optical fiber to villages would provide a boost to the Fintech industry. It encourages digital investment platforms like ours to expand their services, resulting in an increase in retail activity in Tier 2-Tier 3 cities and towns.
Kavitha Subramanian, Co-Founder, Upstox
It is very encouraging to see the government’s attention on mental health of the citizens. The proposed National Tele-mental Programme will prove to be beneficial for a large section of the society, enabling access to quality mental health counselling, says Dr Ashutosh Raghuvanshi, MD & CEO, Fortis Healthcare Ltd.
The government could have given further boost to the housing sector given the strong multiplier effect the sector has on the economy. The sector would have benefitted immensely by demand boosting tax benefit measures. The housing sector has made a substantial recovery from the pandemic lows and due attention here would have gone a long way in sustaining the growth momentum
Shishir Baijal, Chairman and Managing Director, Knight Frank India
Government's recognition of the need for further improving the business environment and the resultant measure of Ease of Doing business 2.0 is a good move. While compliances have been reduced, we need to make it easier for small businesses to start and operate a business and I hope that will be addressed through EODB 2.0: Harsh Pokharna, co-founder & CEO, OkCredit
We have witnessed some noteworthy initiatives in the Union Budget 2022-23, focused on laying a solid foundation for India@100 with a commitment to creating a highly inclusive fiscal state. The policies implemented towards financial inclusion will benefit the fintech industry by enabling post offices to provide digital financial services and setting up dedicated digital banking units across the country: Kamaljeet Rastogi, CEO, Manipal Business Solutions
We are happy to announce that recommendations made by BCIC have been considered by the finance minister and have been brought into the Union Budget 2022. The proposals suggested that for India to grow, the increased focus and higher allocation for R&D, a cap on surcharge at 15% on capital gains, and deferment of litigation in the high court and supreme court in case of taxpayers having favourable orders: KR Sekar, president - BCIC and partner, Deloitte Touche Tohmatsu India LLP
Introduction of ‘Digital Rupee’ using blockchain technology sends a strong message that India is at the forefront of technology adoption. Digital currency will bring in transparency to transactions and will enable accounting of all money, thereby reducing use of black money and cash based transactions. Issuance of the currency by RBI will result in a structured approach with controlled regulation
Sameer Aggarwal, CEO and founder, RevFin
Initiatives like Desh stack e-portal and interlinking of Udyam, e-shram, NCS and Aseem portals will surely contribute to the digital infrastructure and entrepreneurial push. Introduction of Central Bank Digital Currency (CBDC), leveraging blockchain technology will influence the digital transactions and hence its implementation process will be something to pay attention to: Madhusudan Ekambaram, co-founder & CEO, KreditBee and co-founder, FACE (Fintech Association for Consumer Empowerment)
The outlay of Rs 6,000 crore for programmes to accelerate MSME performance will surely assist in boosting the sector’s resilience and operational efficiency. Overall, the measures announced in Union Budget 2022-23 will unlock rapid recovery and holistic growth of the MSME sector: Shachindra Nath
Finance minister Nirmala Sitharaman today announced an encouraging set of measures, targeted towards rapid growth of MSME sector and the economy. The extension of ECLGS scheme by Rs 50,000 up to March 2023, with a special focus on ailing hospitality sector, is crucial to facilitate its faster recovery: Shachindra Nath, executive CMD, U GRO Capital
