VISAKHAPATNAM: Terming the Union Budget comprehensive and far-sighted, the Confederation of Indian Industry (CII) Andhra Pradesh chapter chairman Neeraj Sarda described it as industry-friendly, pragmatic and aimed at sustainable and inclusive growth. “Fiscal prudence and facilitating ease of doing business has been the theme of the budget,” he opined.
Stating that the budget prioritised seven areas (Saptarishi), Neeraj observed that a commitment of `10 lakh crore for capital expenditure will give the economy a fillip, drive infrastructure growth and create job opportunities for youth.
He further noted that Rs 10,000 crore for the States to develop tier 2 and 3 cities is critical for growth, but much more needs to be done in urban planning. Pointing out that a growth target of 7% is quite optimistic, the CII -AP chief said, “In view of the global recession, even 6.5% growth rate will be good for the country.”
The public will welcome the new structure in the personal tax regime, he opined and hailed Finance Minister Nirmala Sitharaman for extending support to create a sustainable startup ecosystem.
“Although there could have been more sops, but all in all it’s a good budget, keeping in mind the current global economic scenario,” Neeraj said.
In the electric mobility space, the CII-AP chief noted that the measures taken by the government to promote clean and green mobility and introducing the battery-swapping policy will be instrumental in supporting an efficient EV ecosystem. Make AI in India and Make AI work for India will bring a transformative change by promoting the principle of Atmanirbhar Bharat, he added.
CII-AP vice-chairman M Lakshmi Prasad said the projected fiscal deficit of 6.4% for FY23 and 5.9% for FY24 is very much in line with what the CII had suggested. “It will help India weather the global uncertainties as well as boost investor confidence,” she opined.
CII-AP co-convener for startups panel DV Phanindra said making Indian Council of Medical Research (ICMR) labs available to private industries and academic institutes will encourage collaborative research and innovation for startups.