The industry in the Union Territory has hailed the Budget 2022-23 presented by Finance Minister Nirmala Sitharaman in Parliament on Tuesday for its focus on industrial growth, digitisation, start-ups and hospitality verticals.
Vijay Ganesh K., chairman, CII Puducherry, said the growth-oriented Budget, in line with this government’s commitment to Make In India, would provide stable and predictable operating conditions for industries.
The emphasis on Gati Shakti master plans, one station one product, Gati Shakti Cargo terminals, 25,000 km highways, and also supporting State governments with additional ₹1 lakh crore will go in long way in cutting the logistics cost and transportation time. He welcomed the emphasis on agriculture and agro-based industries.
The extension of emergency credit facilities to Business Enterprises / MSMEs till March 2023, additional outlay for hospitality and related industry is much needed as MSME and hospitality industries are yet to come back to pre-COVID levels of operations, Mr. Ganesh said
S. Sureender, vice chairman, CII, Puducherry said measures outlined in India’s first post vaccination Budget for MSMEs, Production Linked Incentive (PLI) Scheme for achieving Atmanirbhar Bharat and hospitality emphasis will bring a lot of relief to these sectors. The Budget makes a special allocation for loans to small travel operators and other players in the hospitality sector, he noted.
Credit guarantee trust for micro and small enterprises will be revamped with required infusion of funds, Mr. Sureender said. “It is a long-term transformation Budget, focussed on the creation of jobs,” he said.
Sriram Subramanya, Chairman, Startups Forum, CII-SR, Past Chairman, CII Puducherry said this was “a growth-oriented Budget in the right direction with major focus on infrastructure investments.” Startups have been given a further thrust in this Budget, especially funding to finance startups for agriculture and rural enterprises, and tax incentives for an additional year till March 31, 2023, are good initiatives which will promote establishment of more startups in the country, he said.
S. Narasimhan, co-chairman, CSR & Affirmative Action Sub-Committee, CII-SR, Past Chairman, CII Puducherry said that the expansion of the National Highway network over 2022-23 will boost the Indian economy.
Kalaiichelvan M., former chairman, CII Puducherry, said it was encouraging to see that the Government has perceived inclusive development, productivity enhancement, clean energy transition and climate action to be engines of growth.
In a bid to promote clean energy, Electric Vehicles ecosystem is getting a push through a new Battery Swapping Policy announced by Finance Minister. This will rationalise dependence on charging stations. Development of special mobility zones for electric vehicles is a welcome move which will boost clean energy and generate employment, he said.
