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Manish Rathi, CEO & Co-founder, IntrCity

"We would like to congratulate the FM on delivering the Budget 22-23. We welcome the government's commitment to expanding the national highway network by 25,000 kilometres this fiscal year. The Finance Minister needs to be complimented for her vision to usher 9.2 percent economic growth. This is very much possible in view of the allocation of 20,000 crores to the National Highway System. This shows the government's intention to revive and transform the beleaguered travel and transport industry.

We endorse the GOI's aim to improve road connectivity by redesigning the roads in hilly areas under the Parvat Mala initiative, which will improve connectivity for commuters.

The government seems inclined to strengthen and support public transport infrastructure in urban areas and allocate funds through low-interest loans to small travel operators; this is a good sign. These would help us expand our SmartBus fleet's presence deep inside India's heart and provide comfortable, convenient, and safe mobility solutions in Tier 2 and Tier 3 cities."

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Anil G Verma, Executive Director and President, Godrej & Boyce

The economy is on a slow recovery path. This budget seeks to accelerate the growth through investments.

“The Budget for FY 2023 holds a lot of promise for the economy. It has a thrust for the social sector with investments in primary and vocational education, provision for drinking water to reach more households and the extension of the PM Awas Yojana to provide housing. In addition, its outlay for procurement of agricultural produce will reward the farmers for their effort and put money in their hands which will help to propel consumption demand.

The focus on the logistics sector through the PM Gati Shakti plan will give a fillip to the economy. Logistics costs in India count among the highest in the world. Creation of infrastructure is the best way to reduce the costs and introduce competitiveness in the economy to serve both the domestic market and exports. The initiative of spurring investments from the private sector by taking the lead through government investments of Rs. 7.5 lakh Cr. is laudable. The PLI scheme outlay for solar modules will support the solar power generation projects which are currently facing steep cost increases and supply constraints. Support for domestic manufacture of capital equipment by doing away with duty exemptions is also a welcome step.

Reforms in customs administration will no doubt support both the SEZs as well as other manufacturers in the domestic tariff area. Our SEZs are vulnerable to both disruptions in the global supply chain and also the emphasis on domestic sourcing that we increasingly see overseas. Permission to sell part of the capacity in DTA while maintaining a level playing field with domestic manufacturers will enhance scale and competitiveness whilst reducing reduce vulnerability.”

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Yogesh Mudras, Managing Director, Informa Markets in India

“This year, the Union Budget has been one of recovery and stabilization from the impact of COVID-19. The Budget has taken some initiatives for MSMEs and India Inc for start-ups. The extension of ECLGS scheme is a welcome move for MSMEs. The tax concession period has been extended by one more year, which in my opinion is a very positive move. A tax rate of 15% has been decided for the newly incorporated manufacturing unit which will further boost manufacturing activities. Healthcare and infrastructure were the main highlights of Budget 2022 and immense investment has been allocated for the expansion of roadways and logistics networks. Introduction of ‘Digital Rupee’ using blockchain technology sends a strong message that India is at the forefront of technology implementation. A digital currency issuance by the RBI will result in a structured approach with controlled regulation and bring in transparency to transactions enabling accounting of all money.

The push on digitization will make way for more inclusion in the ecosystem. The focus on 'Ease of doing business' is a great step, as it will further promote entrepreneurship in the economy. India is to grow at 9.27%, the highest among all large economies. With a focus on contributing to the environment, chemical-free natural farming focusing on soil, biodiversity and human well-being is a welcome move. The budget is growth-oriented with an impetus on capital expenditure to fuel economic growth and employment generation. SEZ Act to be replaced with the new legislation is a much-needed announcement. Introduction of the battery swapping policy and recognizing battery and energy as a service will help to develop charging infrastructure and increase the use of EVs in public transportation. This would motivate businesses to incorporate EVs into their fleet and create new avenues for companies to venture into the business of battery swapping. The formation of a strong charging infrastructure alongside the highways across the country would promote the use of EVs for interstate travel. An additional allocation of Rs 19,500 crore to boost manufacturing of solar modules under the government’s flagship PLI scheme has the potential to create 60 lakh new jobs, while producing 30 lakh crore jobs during next five years. International travel has been severely impacted during the pandemic. We are pleased with the introduction of e-passports as it will provide a boost to the travel industry and add convenience. Extension of ECLGS scheme with an additional allocation for the hospitality sector is a positive move as it would help small and mid-size hotels overcome liquidity issues and pave way for growth.”

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Satish Kumar Agarwal, Chairman and Managing Director, Kamdhenu Group

“The Budget 2022 has rightly focused on infrastructure development as an important pillar to steer the economy as we look forward to India@100. The development of roads, railways, ports, airports, mass transport, waterways and logistics infrastructure as growth engines and the support through PM Gati Shakti plan will provide the necessary impetus for growth and transformation. Over 48,000 crore has been allocated for the construction of 8 million homes under the PM’s Awas Yojana scheme and the national highway network is also proposed to be expanded by 25000 km in 2022-23. This is expected to provide massive boost to ‘Make in India’ especially in the manufacturing of construction materials for infrastructure development.”

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Mr. Ameen Khwaja, Founder & CEO, pTron

The Union Budget has ushered in positive measures for the electronics sector which will give a boost to the sector, especially in the context of Make in India. The #AatmanirbharBharatkabudget with a huge boost to "Make in India" shall generate 6 million jobs and further create competent and skilled manpower that shall compete globally in terms of the quality of goods manufactured.

The electronics manufacturing industry is expected to see 30 percent growth in the coming fiscal and to be worth nearly ₹7 lakh crore. It is heartening to see that the Government of India has acknowledged the exponential potential of this sector.  There has been an increase in prices of electronics, smartphones especially, owing to the ongoing chip shortage and other COVID-19 induced factors. With duty concessions and domestic manufacturing boost, prices of electronics are expected to decrease which will further boost the demand in the coming days.

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Shri Lalit Beriwala, Director, Shyam Steel Industries Ltd. and Sr. Vice President, Merchants Chamber of Commerce & Industry

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.

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Mr. Vinod Aggarwal, MD & CEO,

Volvo Eicher Commercial Vehicles

“We welcome the long-term focus in the budget on infrastructure & logistics development and modern vehicle technologies. 

The Commercial Vehicle industry will benefit as trucks will play a key role in infrastructure development proposed under the PM Gati Shakti Plan, construction of highway network and other infrastructure projects. This in-turn will pave the way for modern trucks and buses to operate efficiently on Indian roads. Initiatives in the budget that strengthen the rural economy will further improve vehicle buying sentiment for a diverse range of passenger and commercial vehicles.  EV battery standardization and the formulation of new interoperability standards will facilitate development of the EV ecosystem -particularly in the two-wheeler and last-mile delivery segments.

Overall, the Union Budget 2022 promotes digitization and technological advancement, encourages sustainable development, and puts India on the path of progressive development.”

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Mr. Nilesh Patel, CEO and Founder of Leadsquared

“This Budget proposal enables India to make digital progress across sectors and contributes to creating a digital, tech-enabled ecosystem. With the launch of the Digital DESL Stack portal the government will empower the Indian youth to attain more relevant jobs, entrepreneurial opportunities and help them to upskill through online training. I believe start-ups will contribute greatly to the Government’s mission of driving job creation across the skill spectrum. Also, the introduction of Digital currency through use of blockchain technology in 2023, will make money management easier than ever”

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Mr. Deepak Garg, MD, Sany India & South Asia

The major highlight of the announcements made in the budget for us is the Big infra spending boost of Rs. 7.5 Lac Crores in financial year 2022 - 23.

Provision for Rs. 1 lac crores - 50 year interest free loans to state government over and above the current limit will surely put more money in the hands of the state government to increase spending on infrastructure development. Green bonds announced in the budget session also look very promising in order to reduce the carbon intensity of our economy.

Increasing impetus given on the 7 engines of growth in the Pradhan Mantri Gaati Shakti program shows the government’s commitment towards rapid 360 degree growth in the overall infrastructure sector. Some key measures announced in the budget are a definitive step towards this goal. Expanding highways by 25000KMS, which is nearly 83 kms a day, will prove to be a major growth booster for our economy. Similarly, Multi modal logistics facilities were previously not given the due attention it needed but thankfully today’s budget seems to have changed this trend with the announcement of construction of 100 cargo terminals in the next 3 years.

With the allocation of Rs. 48000 crores for the Pradhan Mantri Aavas Yojana, we are hopeful that the Government's commitment towards providing affordable housing will soon turn into a reality. Besides housing, drinking water is an essential need for everyone and allocation of Rs. 60000 crores towards drinking water projects will not only benefit the common man but positively impact the infrastructure sector and pipeline industries as well. Other significant announcements like Modern Infra for India at 100 with multi modal approach, Energy Transition, climate action to fuel sustainable development etc. indicates that this year’s budget is dedicated to infrastructure development and is forward looking in every sense of the word.

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Mr. Sandeep Mathur, Brand Leader

CASE New Holland Construction Equipment Pvt. Ltd.

Commenting on the Union Budget 2022, Mr. Sandeep Mathur, Brand Leader at CASE New Holland Construction Equipment Pvt. Ltd., said, “The Union Budget has brought the focus back on Bharat. Building further on India’s infrastructure requirements will have a tremendous effect on achieving sustainable growth for the economy and will have an exceptional positive social impact.

The transformative approach for economic growth in the infrastructure sector driven by seven engines – roads, railways, airports, ports, mass transport, waterways and logistics infrastructure – is a smart move with an eye towards achieving long-term goals. The announcement regarding aligning National Infrastructure Pipeline with Gati Shakti Master Plan will certainly give an edge to the Indian economy, encouraging smooth and seamless urban development in the nation. Additionally, the government’s continuous investment in expanding the national Highway network by 25,000 km in 2022-23 by mobilizing INR 20,000 crore will also be enormously beneficial for the infrastructure sector.”

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Mr. Rakesh Reddy, Director, Aparna Constructions & Estates Private Limited

Union Budget 2022-23 focuses on inclusive development, productivity enhancement, energy transmission, climate action and financing of investment. Prioritising ease of doing business will help attract new investment opportunities and promote entrepreneurship. Overall, this budget will lay the groundwork for the next 25 years of growth.

India's growth is estimated to be at 9.27% in the coming year which would match pre-COVID levels. In spite of growing demand, we must also be cognizant of global risks including inflation and supply chain disruption.

In a positive step for the affordable housing segment, 80 lakh households will be identified for the affordable housing scheme with Rs 48000 crore to be invested on the PM Housing Scheme. Further development initiatives include Rs 60000 crore invested on Nal Se Jal scheme which will provide tap water to 3.8 crore households and highway expansion by 25000 km which will improve connectivity.

While the above initiatives are a positive step for the real estate sector and critical to its revival, there are further measures to be undertaken that can bolster demand moving forward.

The government must streamline tax rates and minimise administrative barriers. Disposable income is a substantial constraint on demand so personal tax relief must be addressed by revisiting the tax slabs and also increasing the deduction limit under Section 80C.The real estate sector will benefit from revised income tax slabs that reduce overall tax expenditure. Expanding the availability of income tax deductions for homebuyers can incentivise new buyers and widen the market opportunity.

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Mr. Anurag Garg, COO, Jakson Solar

“Additional allocation of Rs 19,500 crore for PLI for mfg of high-efficiency modules with a priority to fully integrate manufacturing units from polysilicon to solar PV modules is a welcome move for the sector. It will give further impetus to investments in India, generate more employment and pave the way for an Atmanirbhar Bharat. Further comments can be added once more details on the enhanced PLI scheme coverage is known, especially if any incentive has been provided for manufacturers with smaller capacities under the ambit of PLI.

Enhanced financial support for setting up of Distributed Renewable Energy  projects in border villages under Vibrant Village Programme is a big relief to such areas, where power availability is an issue. It will help inhabitants improve their livelihood and security with availability of renewable energy power with relevant support from the government.”

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Rajat Wahi, Partner, Deloitte India

Very positive and inclusive budget focusing on rural and agriculture growth through the support farmers on MSP for Rabi and Kharif crops, attracting startups through the partnership with NABARD to attract the best talent and new age technology like drones, weather sensing and analytics, enhancing education and training, and digital connectivity.  The budget has continued the emphasis on infrastructure investment under the Gati Shakti Masterplan to build highways, roads, rail connectivity and multi modal logistics hubs to facilitate commerce.”

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Ranjan Kumar's - Founder & CEO, Entropik Tech

“It’s encouraging to witness that India is becoming a technology-led economy and the Union Budget 2022-23 proves this further. We are glad that the budget plans focused on the growth of the Indian start-ups ecosystem and adoption of technology is promoted across sectors. Focus on sunrise sectors and supportive policies for AI, Geospatial Systems and Drones, Genomics and Pharmaceuticals, etc. can assist sustainable development at a larger scale. Budget investments in R&D to further technological breakthroughs will definitely accelerate the digital economy. Furthermore, tax holiday for another year would definitely help upcoming startups and provide a much-needed boost.”

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Mr. KE Ranganathan, MD, Roca Bathroom Products Private Limited

“The budget 2022 lays foundation for the next 25 years of sustainable growth and a right step towards making India ‘Aatmanirbhar’. The government’s continued impetus on urban planning, housing and overall infrastructure development will have a multiplier effect while putting emphasis on more job creation and inclusive growth. The allocation of ₹ 48,000 crore under PM Awas Yojana for developing 80 lakh houses in both rural and urban areas, availability of affordable housing for the middle-class and economically weaker sections and dedicating Centers of excellence for urban planning will form the bedrock of improving the standard of living of the people and address the demand and supply gap in the housing sector.

The increase in capital expenditure will spur the demand for services and manufactured inputs by large enterprises and MSMEs, enabling speedy economic recovery and eventually result in increased disposable income. We are also looking forward to the unfolding of the PM Gatishakti framework as it will increase the supply-chain efficiency and reduce the logistics cost.

Furthermore, the “Har Ghar, Nal Se Jal” has proved to be a major success in the last two years and a further push to the same is going to play a major role in the betterment of rural and semi-urban communities and will aid drinking and sanitation needs.

In conclusion, an increased impetus on production linked incentive schemes, creation of jobs, digitization of the economy, modern infrastructure and most importantly a budget promoting inclusive development of all communities is going to help India move towards a futuristic growth path.”