The Budget, presented by Finance Minister Nirmala Sitharaman, is progressive and growth-oriented. I see it in three words – innovation, inclusivity and infrastructure. It will help in India’s progress towards its aspiration of a $ 5 trillion economy.
The focus on start-ups, which have emerged as drivers of growth for our economy, was evident. The extension of the incorporation period for eligible start-ups will certainly give a boost to this segment. Hospitality services by the small & medium sector are yet to bounce back, and the Finance Minister’s decision to extend the ECGL service for this sector up to March 2023 expanding the cover by ₹50,000 cr is a welcome move.
The budget also puts a huge focus on infrastructure and logistics which is a welcome development and ensures that the economy continues to witness not only revival but also show robust growth in the long run. Steps such as e-passport issuance will strengthen overseas travel and expansion of highway network by 25000km and contracts of 8 ropeways under PM Gati Shakti to develop seven engines will also benefit domestic travel.
Relief to the small businesses and startups through the recent future (Amrit Kaal) is reassuring and these, coupled with steps taken towards digitalization (Drone Shakti, Digital University, Digital Banking and Payments, EVs, Launch of 5G) and Web3.0 (Digital Rupee) will provide new opportunities for young emerging India. Focus on upskilling employees and allocating resources to invest in new technology is the need of the hour and we are happy to be partners in this initiative.
