“Budget 2022 takes a forward-looking approach and aims for economic expansion”

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By Manish Aggarwal, Director, Bikano, Bikanervala Foods Pvt Ltd

FM Nirmala Sitharaman’s Union Budget 2022-2023 is a strong budget that takes a strong and future-ready stance in favor of technology, business and green energy and estimates that the GDP of the India is expected to grow by around 9.2%, the highest of all major economies. It takes advantage of the country’s current strong position and aims to expand it at an extremely macro level. Gati Shakti’s master plan shows a constructive plan to address the nation’s need for world-class infrastructure and the PLI program to generate at least 60 lakh new jobs over a 5-year period is another welcome initiative, after a few difficult economic years. The ramping up of capital expenditure by 35.40% to Rs. Additional Rs. 2 lakh crore in the MSME bonus, are signs that the government is loosening its purse strings for the needy sector.

On agriculture, the government is opening channels to boost chemical-free natural farming and leverage Kisan drones for crop assessment, digitization of land records and pesticide release. There is also the Rs 2.37 crore lakh of MSP direct payments earmarked for wheat and paddy farmers which is a much needed aid for the farmers.

Initiation of urban sector development plans for centers of excellence with expenditure of 250 crores, formulation of battery exchange policy, etc. is a definitive movement on the part of the government towards progress in all directions and in all media. “One Nation, One Registration” is a dream come true for business people, while the directive to the private sector to seek sustainable business models for batteries and energy as a service is a clear step in the green energy direction. The directive to connect MSMEs such as Udyam, e-shram, NCS and Aseem portals will further expand their reach and use them as portals with live organic databases providing GC, BC and BB services such as facilitation of credit, improving entrepreneurial opportunities.

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