'Budget 2022 takes future-ready approach, aims for economic expansion'

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

FM Nirmala Sitharaman’s Union Budget 2022-23 is a strong one that takes a future-ready strong pro-technology, pro-business and green energy stand and estimates India’s GDP to grow at about 9.2%, the highest among all great economies. It leverages the nation’s sturdy present position and aims to expand it at an extremely macro level. The Gati Shakti master plan shows a constructive plan to remedy the nation’s need for a world-class infrastructure and the PLI Scheme to generate at least 60 lakh new jobs over a 5-year period is another welcome move, after a couple of challenging economic years. The ramp-up of capital expenditure by 35.40% to Rs. 7.50 lakh crore as well as the upgrade to the credit guarantee trust for micro and small enterprises with the necessary fund injection, adding approximately an additional Rs. 2 lakh crore in MSME’s bounty, are signs of the government loosening their purse strings for the needy sector.

With regard to Agriculture, the government is opening channels to boost chemical-free natural farming, and leverage Kisan drones towards crop assessment, digitisation of land records, and pesticides dissemination. There’s also the Rs 2.37-lakh crore worth of MSP direct payments set aside for wheat and paddy farmers that is a much-needed aid for farmers.

The launch of urban sector development plans for CoEs with an outlay of 250 crore, formulation of battery swapping policy, et al is definitive moves on the part of the government towards progress in every direction and across all mediums. The '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 battery 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 & Aseem portals will widen their scope much further and leverage them as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation, enhancing entrepreneurial opportunities.

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