Ritesh Agarwal, Founder & Group CEO,
The Budget, presented by Finance Minister Nirmala Sitharaman, is progressive and growth-oriented. I see it in three words – innovation, inclusivity and infrastructure. It will help in India’s progress towards its aspiration of a $ 5 trillion economy. The focus on start-ups, which have emerged as drivers of growth for our economy, was evident. The extension of incorporation period for eligible start-ups will certainly give a boost to this segment. Hospitality services by the small & medium sector are yet to bounce back, and the Finance Minister’s decision to extend the ECGL service for this sector up to March 2023 expanding the cover by ₹50,000 cr is a welcome move.
The budget also puts a huge focus on infrastructure and logistics which is a welcome development and ensures that the economy continues to witness not only revival but also show robust growth in the long run. Steps such as e-passport issuance will strengthen overseas travel and expansion of highway network by 25000km and contracts of 8 ropeways under PM Gati Shakti to develop seven engines will also benefit domestic travel.
Varun Sridhar, CEO,
Accelerated investments into core sectors that have a big multiplier effect on GDP, coupled with a focus on job creation, skill development and facilitating digitally enabled financial inclusion summarises the Union Budget. Stability in the tax regime is also commendable as it makes investments predictable. The Government has also opened doors for digital currency and its different uses making the budget historic for the financial services sector.”
Manish Chourasia, Managing Director, Tata Cleantech Capital Limited
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The announcement of the Finance Minister to issue sovereign green bonds to mobilize resources required for green infrastructure will certainly help boost the financing of clean energy projects, thereby providing an impetus to the Indian energy sector. With Approved Module Manufacturer List becoming applicable from April 2022, the allocation of an additional INR 19,500 crore under PLI scheme for solar would help create much needed manufacturing ecosystem. The enhanced focus on electric mobility is showcasing the clear desire to mainstream this emerging industry. Overall, the budget is giving clear direction for India to meet its COP26 commitments by 2030.”
Sanjay Gupta
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Vice President and India Managing Director, NXP Semiconductors
The Union Budget 2022 has recognized the digital growth of the country as a primary focus. In order to promote cleaner mobility, the battery swapping policy and interoperability standards that government plans to introduce, incorporate the concept of energy/battery as a service. This will also help in developing the charging station ecosystem which is imperative for the massification of EVs. The announcement will give impetus to the private sector to develop sustainable and innovative business models for battery and energy as a service.
The plan to roll out E- passports with embedded chip and futuristic technology, digital rupee using blockchain by RBI, Drone Shakti and Kisaan Drones and opening Defence R&D for industry, startups and academia are welcome moves that will accelerate the growth and development of the semiconductor industry in the country.
