Today’s Union Budget presented by Mrs. Nirmala Sitaraman, Hon’ble Finance Minister lays emphasis on the Growth and Employment to achieve its objective. They have increased the CAPEX Outlay by 33% on important sectors such as Railways, Agriculture, Green Growth, Infrastructure and Skill Development, said Dr. Vijay Kalantri, President All India Association of Industries (AIAI) and Chairman of MVIRDC World Trade Center Mumbai.
AIAI further feels, that laying emphasis on support to Startups, MSME, Green Hydrogen, Chemicals, Electrical Vehicles and on those projects in Transition from Fossil Fuel. Besides emerging sectors like Circular Economy, Blue Economy are identified as potential generators of employment which will achieve our GDP target of 7% as envisaged by The Economic Survey.
The increase in the Credit Growth to MSME by 30% is a welcome step. Further rationalizing Personal Income Tax will help the middle class to generate fresh demand. Another bold step is to promote Tourism through 50 new innovative projects to promote the service sector which will strengthen the hospitality sector which in turn will generate mass employment. This sector has seen downward trend during the Pandemic.
AIAI further feels, the repealing of 42 outdated laws and allocation of Rs. 35 000 crores for Green Energy generation and transmission as well as an additional allocation to Small Scale sector to the tune of Rs.9000 crores will give valuable boost to this sector. The De- criminalizing of about 1700 provisions in the Company Law will enable Ease of Doing Business substantially.
For favour of publication All India Association of Industries
The Business/City Editor
February 01, 2023