S Ravi BSE Former Chairman-Budget 2022 Reactions From Corporate Experts

Here is how the corporate sector reacted to the Union Budget announcement made by Finance Minister Nirmala Sitharaman and S Ravi.

Finance Minister Nirmala Sitharaman on 1 February presented her fourth Union Budget for the financial year 2022-23. As per the FM, this budget will lay the foundation for economic growth through public investment as Asia’s third-largest economy emerges from a pandemic-induced slump.

“The touchstone of the master plan will be world-class, modern infrastructure and logistics synergy among different modes of movement of both people and goods, and location of projects,” Sitharaman said.

S Ravi, Former Chairman of BSE and Founder & Managing Partner of Ravi Rajan & Co.

Budget 2022

The union budget is a growth oriented budget focusing on rural infrastructure, cooperative societies and improving connectivity through PM Gati Yojana. Gati Sakthi would really catalyse the growth. Reduction of MAT and surcharge for cooperatives is a welcome step. Laying down of optic Fiber in villages and rural India is a step to unifying urban  with rural India. Agriculture tools would be cheaper which is a very good step for farmers.

This budget also clarifies about government’s stand on crypto currency by stating that digital currency would be part of the economy from the year 22 -23. Taxing of crypto transactions including gifting to the extent of 30% of income is a Very significant step.This step actually gives a way forward for the crypto industry.

S Ravi, the budget focuses on Agro Tech digitalisation &climate action. Increase in Capex  would help in  promoting manufacturing.extending the ECLGS scheme up to 5 lac crores is primarily motivated to mitigate the suffering of the industry.

State Government will get additional 1 lac crore interest free loan. State Government employees will get higher deduction of 14% for Nps.

The budget does not otherwise touch individual taxation. This budget basically focuses on Atmanirbhar Bharat and looks primarily to speed up the GDP growth.