The Union Finance Minister Nirmala Sitharaman announced the Union Budget 2022 on Tuesday. The Budget was presented in the ‘never before’ environment with a focus on PM Gati Shakti, Inclusive Development, Productivity Enhancement, Sunrise opportunities, Energy Transition, Climate Action, and Financing of Investments. Team VOI talked to the Top Industry Captains of Gujarat to know their views on the Union Budget.
Geeta Goradia, FICCI Gujarat State Chair said, “We compliment the Finance Minister for presenting a forward-looking and growth-oriented budget that strengthens the drivers of long-term development. It builds on last year’s budget and scores high on several counts – consistency, CAPEX-led growth, transparency in numbers, energizing many of the stressed sectors, and continues the focus on simplifying the taxation policy. FICCI is pleased with the set of announcements that were made today, and we look forward to the implementation of the same by the central government in close coordination with the states.”
Jaxay Shah, Western Region Chairman ASSOCHAM and CMD of Savvy Group said, “I believe that Budget 2022 lays a strong and stable foundation for ease of living, better urban planning, sustainable growth, improved logistics, manufacturing, and exports.” He thinks that trust-based governance to build ‘Atmanirbhar Bharat’ reposes faith in taxpayers, entrepreneurs, and investors which will help us build an open, digital and inclusive India with a 25-year vision.
Sunil Dave, Chairman of Indo American Chamber of Commerce and Managing Director of BC Instruments India Pvt Ltd said that this budget provides a roadmap for India at 100 which is visible in the Capex (Capital Expenditure) earmarked. He added that AVGC (Animation, Visual Effects, Gaming, and Comics) Task Force will bring cheer to the youth of the country. He termed the introduction of Digital Rupee as a landmark announcement.
Tapan Ray, MD & Group CEO, GIFT City, “ Today’s union budget announcements reiterate the commitment of the Ministry of Finance towards energizing the regulatory ecosystem at GIFT IFSC which will have a huge multiplier effect for the country’s economic growth. The setting up of world-class universities without any domestic regulation will facilitate skilled manpower in the financial services space. International arbitration center will strengthen the dispute resolution mechanism at GIFT IFSC & enhance ease of doing business at GIFT.” He further added, “The exemption of income tax would promote various business activities such as ship leasing & financing, offshore fund management, and offshore banking activities in GIFT IFSC”
Chiranjiv Patel called it a bold and forward-looking budget that talks about the development of almost all sectors. He described this budget as, “the progressive and inclusive budget which has a hint of digital transformation.” He lauded the Government’s decision to encourage startups with a concessional corporate tax rate of 15 percent. He added that ” the vision of 100 years of Independence with self-reliance will bring out the best in us.” He added that the digitization of education will help in educating more people in the country.
CA Yash Shah of Dhirubhai Shah & Co LLP Chartered Accountants said,” Not levying a single new tax, the intention of the Government to put litigation at rest and the impetus given to GIFT city are the three reasons I like this budget.”
Rajiv Gandhi, CEO & MD, Hester Biosciences said, “The Union Budget 2022-23 is very progressive, focussing on – farmers, agriculture productivity along with the incorporation of digital technology with various segments, uplifting and supporting small enterprises and boosting infrastructure in the country. Along with that, there’s a lot of importance given to Atmanirbhar Bharat and PM Gati Shakti.”
V. Balasubramaniam, MD & CEO, India INX said, “India’s focus has been on sustainable growth and development; the Budget announcement to enable green bonds to be issued in public sector projects will give further impetus to green finance and pave the way towards a greener and sustainable long term economic growth. Additionally, the announcement of the International arbitration center to be set up in IFSC is a key addition as it provides a proper structure to resolve conflicts. Announcement of the mediation center and fintech education center at GIFT IFSC is a great step and will go a long way in establishing the IFSC as a ‘Global Financial Hub’. Additional tax exemptions on ODIs, shipping royalties, and exempting NRIs income from IFSC continues to keep IFSC competitive from a tax perspective.”
