The Indian Chamber of Commerce and Industry has called the Union Budget 2022-23 a “great” one with clearly laid out target for fiscal deficit reduction. The 35% expansion in CAPEX spending is a good step. These are good numbers “considering the uncertain times we are going through”.
“For Kerala, the reduction in MAT rates to 15% and surcharge to 7% for cooperative societies is a welcome move considering we have many of them operating in the rubber, spice and other agri sectors.” The enhancement of ECLGS scheme outlay from ₹50,000 crore to ₹5 lakh crore may look like a ten-fold increase but it remains to be seen whether it will suffice for the MSME segment, which has been the most affected in the last two years.
The Cochin Chamber of Commerce and Industry welcomed the measures for increasing the ease of doing business. The chamber also said the gross GST collection of ₹1,40,986 crore was the highest since GST was introduced and shows the country is on the recovery path. The step to upgrade 1.5 lakh post offices to provide core banking services is a welcome step, it added.
The Kerala State Small Industries’ Association (KSSIA) expressed disappointment that the Budget did not have any fresh initiatives to ease MSME troubles. But said the the raising of the limit of ECLGS to ₹5 lakh and extension of the scheme are some relief for the MSMEs.
Steps to encourage the private sector and strengthening the Make in India programme are steps that can help raise the growth rate to 9.2%, it said.
Dilip Kamat, senior medical administrator, Amrita Hospital, said there was an expectation of significant increase in the budgetary allocation for the health sector against the backdrop of the pandemic. However, in pure monetary terms there was no major outlay for the healthcare sector per se. The focus had continued to remain on aligning various other sectors to achieve public health goals. The development of public health infrastructure and development of skilled healthcare professionals to meet the healthcare needs of the growing population of India doesn’t find a mention in the Budget.
V.C. Sebastian, secretary general of Indian Farmers’ Union (Infam) alleged the Budget had opened the doors to the global market and sabotaged the expectations of farmers. Though Indian farmers had nothing to gain from the Budget, India would become a global agricultural market.
Adeeb Ahamed, MD, Lulu Financial Holdings, said the move for an Indian digital currency was a “historic” step. The sovereign green bonds was a welcome step to fund green infrastructure projects, he added.
S. Abdul Nasar, treasurer of the All Kerala Gold and Silver Merchants' Association, said the Budget did not even touch the gold business, which contributed about 7% of the GDP. Though several suggestions had been put forward, none of them had been considered.
P.C. Thomas, Kerala Congress working chairman and former MP, said the Budget had totally forgotten the vast majority of farmers in Kerala. Though a substantial sum had been set aside for providing support for some of the crops, crops dominantly grown in Kerala such as coconut, rubber, areca, pepper coffee and tea had been forgotten.
