Today, the new Indian Budget 2022 has been announced by Finance minister Nirmala Sitharaman and that did receive mixed reviews by people. However, a few steps by the government will definitely help India in becoming the next big manufacturing hub in the world.
As there’s a huge increase of tax on imported goods, which was already very high, it will eventually increase prices for products not made in India.
However, this will encourage more and more companies to manufacture things in India while manufacturers who can benefit from the PLI scheme can set up their hub in the country to boost revenue and improve employment.
So, a lot of our industry friends have reacted to this new Indian Budget 2022 and here are the full reactions from various eminent people:
Anuraag Gambhir, Head of Marketplace, ShopClues.com
“An interesting set of announcements in today’s budget. Capital expenditure into infrastructure and ease of doing business should springboard the next few years of growth for the country. This will also boost the backend logistics and delivery mechanism on which the entire e-commerce sector is largely dependent. A digital currency supported by the government is truly an innovative thought – would be interesting to see how this sets up over the next few years.
From our consumers’ perspective, affordable, high-speed 5G broadband and mobile communications will improve their online shopping experience a great deal, especially for online shoppers in rural India and remote areas. It will definitely bring in a much larger consumer base on e-commerce platforms.” said Anuraag Gambhir, Head of Marketplace, ShopClues.com
Budget Reaction From Alok Dubey, Chief Financial Officer, Acer India
“The Union Budget announced today showcased the government’s initiative towards Digital Transformation. From announcing a Digital University, for online learning to high-quality e-content across languages will enable the youth to skill, upskill and reskill themselves. These programs under digital learning and the connectivity expansion will further strengthen the availability and accessibility of the internet in rural areas.
With Govt infrastructure spending push, we are likely to see more employment and growth opportunities and enhanced private sector investment in manufacturing. We are confident that the exemption of duty on parts of select electronic items will further boost the domestic manufacturing of electronics goods under the PLI scheme. Overall, the Union Budget 2022-23 is a promising budget and a step forward towards ‘Aatmanirbhar Bharat’.”
Mr. Vikrant Khanna(Co-Founder / CEO) of Mogi IO says, Budget sets the tone for taking India one step forward as the Startup Capital of the World.
There is an overarching theme of boosting digitization & entrepreneurship via tax incentives for another year and by earmarking capital expenditure & promoting startups in sectors such as defence, agriculture, drone, digital currency, data centres, animation etc.
There is no doubt it will lead to an accelerated trend of global investments and growth for Indian startups.
Rajat Singhania, Founder of HyLyt by SocioRAC said, I welcome this budget, which is:- keeping up with the need of the times (Data centres now counted as infrastructure, Crypto holding accepted as legal, e-passports, National Digital Health system),
– leverages India’s strength (Push to agro startups, using Drones to solve India specific problems)
– progressive (Job creation, Economic growth at more than 9%)
– innovative (PM Gati shakti, EV battery swapping policy)
Mr. Mitesh Thakker, CEO & Founder, MissCallPay
This 2022 Budget is a real booster budget, As it is focused on vulnerable sections to increase adoption of technology and digital payments in Bharat.
Firstly due to the announcement of 75 Digital Banking Units (DBUs) in 75 districts.. a unique initiative and digitization of 1.5 Lakh post offices to provide core banking to the nook and corner of Bharat. Secondly, there is mention of a focus to promote the use of payment platforms that are “economical and user friendly.”
It seems the government has heard my prayers to bring some reforms for feature phone and voice-based payments as there are 97.3 Crore mobile subscribers who are still not on UPI, while top UPI apps like GooglePay, PhonePe, PayTM, AmazonPay, Govt’s own BHIM as well as app of other 55 Banks have only been able to enrol 20 Crore users on UPI and most of these users are from the Lower Middle-Income segment non-tech savvy, from villages and elderly who struggle to make cost-free zero MDR money transfers, while we zip through addictive UPI based apps.. that ease of UPI has led to a big increase in UPI Payments, but UPI user-base has kind of hit the glass ceiling at 20 Crore / 200 Million.
This renewed focus in Budget to the marginal sections, will get channelled in the right direction and rapidly increase the users on UPI and thus bolster the growth of our economy in the coming year, Real Aacche Din for Bharat seems to have arrived at the door.
Post Budget Quote on MSME by Mr. Lokesh Harjani, Founder & CEO – OnSpot Solutions
ECLGS scheme is a welcomed initiative and will help the MSME segment with their cash flows and help fuel growth for companies across segments. The interlinkage of government portals will help credit facilitation and enhance entrepreneurial growth for tenders and new business opportunities in a single reformed structure.
This level playing field should yield a chance to start-ups and young companies registered as MSME to offer their products and services. Further integration of government portals will help ease the financial burdens with cleaner payment lines making payments more on time than in the past. This itself, will once again, help very important cash flows and credit lines of MSME companies. The extension of the 15% tax scheme for start-ups for an additional year, is of course, welcome.
Additionally, the government has allowed public sector undertakings/government companies to accept surety bonds thereby making it easier for smaller companies to provide performance guarantees which may help in the bidding stipulations for tenders. This step should make competition thrive across different sized companies listed under MSME, especially those in start-up mode. The digital Rupee initiative may open up opportunities for the IT sector in the future.
Overall, the reforms inculcated in the budget is positive for the MSME segment, and hopefully, it shall provide them with growth opportunities, and the government in the next budget can look for reforms and allocations of programmes for the MSME segment.
Budget 2022 Quote on the Manufacturing Industry by Mr. Arjun Bajaaj, Director, Videotex International Group
The GatiShakti Masterplan is a great step by the government to improve the logistics infra of the country which was much needed and we hope it can be accomplished at the earliest. The overall budget does not have a direct impact on the TV Industry. We were expecting a cut in the GST slab for TV sizes above 32”. There should have been some relief in the Income Tax Slab but the same has not been touched which is another disappointment. The Digital University Initiative is another great initiative for education taken by the government. The overall budget seems to be positive to strengthen the Indian Economy.