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OYO Founder Ritesh Agarwal on Tuesday said the Union Budget 2022 presented by Union Finance Minister Nirmala Sitharaman is progressive and growth-oriented. "
The OYO CEO says he sees it in three words:
- Innovation
- Inclusivity
- Infrastructure
“Driving India's aspiration of a $5 trillion economy, the budget's focus on startups will evidently emerge as a driver of growth. The extension of the incorporation period for eligible startups will certainly give a boost to this segment," Agarwal said.
“Hospitality services by the SME's are yet to bounce back, and the Finance Minister’s decision to extend the ECGL service for this sector up to March 2023 expanding the cover by ₹50,000 cr is a welcome move," he further said.
The OYO founder also said the budget has put a huge focus on infrastructure and logistics to ensure the economy continues to witness not only revival but also show robust growth in the long run.
On e-passport, he said, “Steps such as e-passport issuance will strengthen overseas travel." “Expansion of highway network by 25000 km and contracts of 8 ropeways under PM Gati Shakti will also benefit domestic travel," he said.
Agarwal also said, “Steps taken towards digitalization (drones, university, banking & payments, EVs & 5G) & Web3.0(#DigitalRupee) will provide new opportunities."
He added, “Focus on upskilling and allocating resources to invest in new tech is the need of the hour and we are happy to be partners in this initiative."
However, the tourism and hospitality industry has termed the Union Budget 2022-23 as 'gravely disappointing', saying the measures announced by Finance Minister Sitharaman were not enough to support the sector that has been crippled by the coronavirus pandemic.
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