No. PR – 219
Feburary 17, 2022
Union Budget 2022-23: Steady strides into the futuristic growth: PHD Chamber
Mr Pradeep Multani, President, PHD Chamber of Commerce and Industry has appreciated and congratulated Hon’ble Finance Minister, Smt. Nirmala Sitharaman, while releasing the Analysis report on Union Budget 2022-23 conducted by PHD Research Bureau, PHD Chamber of Commerce and Industry.
The Union Budget 2022-23 presented by Smt. Nirmala Sitharaman, Hon’ble Finance Minister, is highly promising, pragmatic, transforming and progressive, said Mr Pradeep Multani, in a press statement issued here today.
The Budget looks into the future while keeping a close eye on the ground, he said.
The Budget is a step forward towards the vision of creating an Aatmanirbhar Bharat and reflects a consistency in Government’s approach in making India a Modern, Developed and Inclusive nation, said Mr Pradeep Multani.
Mr Pradeep Multani said that the Budget has considered various suggestions made by the PHD Chamber to Ministry of Finance, including extension of Emergency Credit Line Guarantee Scheme (ECLGS), enhancement of capex, surety bonds (insurance) as a substitute for bank guarantee, issuance of green bonds, incentives for start-ups, among others.
Analysis report says that the size of Budget during the pandemic period has increased by 12%, from Rs 35 lakh crore in FY 2020-21 to Rs 39.4 lakh crore in FY 2022-23, though the average GDP growth during the pandemic period is 1.3% ((-)6.6% for FY 2020-21 and 9.2% for FY 2021-22), said Mr Pradeep Multani.
Industry Body appreciates the growth projections for FY 2022-23 at 8-8.5% and looks forward to a strong and sustainable growth trajectory on the back of various reforms undertaken by the Government during the last 2 years, said Mr Pradeep Multani.
Going ahead, the effective implementation of the reforms at the ground level would go a long way to strengthen India’s economic fundamentals and confidence among the trade and industry, said Mr Pradeep Multani.