About the Budget for FY 2022-23, Mr. Srikanth Chakravarthy, Managing Director, Bekaert Industries Pvt. Ltd., asserts, “A forecast of 9.2 percent GDP is very promising and makes India an interesting investment destination”.
Bekaert Industries Pvt. Ltd.
I believe the 2022 Budget continues the path of priorities the government has focussed on in the last few years.
A forecast of 9.2 percent GDP is very promising and makes India an interesting investment destination for us.
It gives a push for CAPEX and productivity improvement, with attention to infra and export promotion. Sustainable growth themes are emphasised, with initiatives supporting SMEs, skills development, agriculture, and solar power.
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This is important for future growth given the global attention towards sustainability. It continues to focus on the social sector with big allocation for housing, increasing access to basic needs like health education and water.
The budget also tries to improve India’s ease of business record, with more attention on services digitisation, reduction in surcharge on corporate tax, and extension of ECLGS. Kudos to the govt. for avoiding populist measures despite it being an election year. The only points that don’t seem to be very well addressed in the budget are the actions towards the challenges of increasing unemployment figures (although PLI is expected to create 6 million jobs), the extension of customs duty for scrap steel which is a challenge for more green steel and PSU divestment.
Also Read: UNION BUDGET 2022-23
For our business, Bekaert Industries, in particular, the investment in road building of 25000 km is a positive driver for future growth. Overall, a positive budget reflects the confidence of the government and aimed at maximising the post-COVID-19 recovery.
