Trade bodies hail budget, say it is growth-oriented

Hyderabad: The senior leaders of industries representing various sectors under the Confederation of Indian Industries (CII) have termed the Union Budget as growth oriented budget, which strongly emphasizes on developing a strong India through strengthening the infrastructure sector.

Applauding the Union Budget CII Telangana Chairman Sameer Goel said the budget strongly emphasizes on developing a strong India through strengthening the infrastructure sector, reinvigorating the education sector through PM e-Vidya and establishment of digital university. He said that extension of ECLGS scheme till March 2023 is expected to give a fillip to the economy. Kisan drones for crop assessment, digitization of land records, promotion of Chemical-free natural farming, Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers will enhance efficiency of the operations in Agriculture sector.

CII welcomes the move to manufacture and develop 400 new-generation Vande Bharat trains in next three years as it would help in expanding the capacity of the railway network. Local businesses are expected to get a boost through 'One station- one product' concept. As the budget proposes to set up 100 cargo terminals in next 3 years, one of the fastest growing sectors, logistics could be further strengthened. Announcement of setting aside 68 per cent of capital outlay of defence budget for domestic industries is welcome. This will sustain investments and attract fresh capacity creation. Creation of a Nodal Body for setting up Testing and Certification requirements of defence systems and platforms will help domestic industry through faster processes and cost-efficiency. Allocation of 25 per cent of Defence R&D budget for Startups, Academia and Private Industry is a much-needed reform. Ananth Technologies CMD P Subba Rao said that it was a truly Atmanirbhar Bharat budget. The government's decision to spend 68 per cent of the defence budget in the country would give impetus to Hyderabad with the presence of research institutions like DRDL, RCI and other defence units. The Federation of Telangana Chambers of Commerce and Industries (FTCCI) president K Bhaskar Reddy said that it was disappointing that there was nothing for Telangana state in the budget. He said that the focus on infrastructure development through PM Gati Shakti driven by seven engines is a welcome measure. Extension of ECLGS for MSME's with coverage of 50,000crs and additional allocation to the hardest COVID hit sectors like hospitality helps MSME's. The budget has created a positive atmosphere for startups. There are no changes for the market, investors and traders, so the budget is a non-event for the stock market. However there is nothing to cheer about for common people as no sops are given to any section of people.