Mr. Anurag Pandey, Executive-in-Charge, Global Wires India-Tata Steel, affirms, “The Union Budget 2022-23 announced a 35.4 percent increase in CAPEX to INR 7.5 lakh crore for FY23 from INR 5.54 lakh crore for FY22”.
The fourth Budget presented by the Honourable Finance Minister lays the foundation for India’s long-term growth and puts us in the driver’s seat to achieve what we envision to see ourselves in 2047 when we revere our 100 years of independence.
The Union Budget 2022-23 announced a 35.4 percent increase in CAPEX to INR 7.5 lakh crore for FY23 from INR 5.54 lakh crore for FY22 similar to last year’s increase of 34 percent. The industry is upbeat about this move as it is expected to create a ripple effect in the system.
The investments in national transportation infrastructure such as the expansion of National Highway by 25000 km, investment in multimodal national parks, and introduction of ‘One Station-One Product’ through 400 new energy-efficient trains and 100 PM Gati Shakti terminals are expected to strengthen the multimodal connectivity. Apart from facilitating the seamless transportation of cargo, these actions are expected to reduce the logistics cost and will modernise India’s logistics infrastructure.
Efforts are also being taken to reduce the compliance burden and this is expected to improve ‘ease of doing business’ thereby promoting FDI in India. This is also expected to improve productivity and transparency as this will pave way for resolving issues related to land acquisition and green clearances.
Watch: Wire & Cable Industry Year Review
When it comes to women’s development, focusing on schemes such as Mission Shakti will lead to better representation of the women workforce in the industry. The Budget has also given due importance to promoting a green economy by funding solar energy, issuing sovereign green bonds for investing in green infrastructure, financing projects to reduce carbon footprint, and by showing an intent towards developing electric vehicles.
The Budget has been set to foster inclusive development with a focus on creating digital infrastructure in rural areas and with credit support to MSMEs who were impacted deeply because of the pandemic.
I feel that the best part of the Budget is that the sectors that are chosen are having a more likelihood of providing a multiplier effect of 2.95 times in terms of job generation, disposable income, earning potential, etc.
Also Read: UNION BUDGET 2022-23
Overall, the government has been more of a facilitator and done its part to increase public spending by simultaneously managing a stable fiscal deficit. This will enable the nation to fast-tracking the vision to be a USD 5 trillion economy.
