Businessmen, professionals in UAE welcome India's innovation-driven 2022-23 budget

The thrust on digital transformation such as digital rupee, blockchain technology, digital banking, digital university and e-passport will go a long way in fast-tracking India’s drive towards becoming a truly digital and transparent economy.

Indian businessmen and professionals in the UAE welcomed the 2022-23 budget presented on Tuesday by Indian Finance Minister Nirmala Sitharaman as a blueprint for the second populous nation’s next 25 years of digital- and innovation-driven growth journey to become the world's third largest economy.

Following are excerpts from a cross section of Indian community members:

Yusuffali MA, chairman – Lulu Group: I would call it a very robust budget with clear and strong emphasis on the key pillars of our nations --- agriculture, rural development and infrastructure development. The thrust on digital transformation such as digital rupee, blockchain technology, digital banking, digital university and e-passport will go a long way in fast-tracking India’s drive towards becoming a truly digital and transparent economy. It is a big relief to note that no new taxes have been introduced in this budget.

Dr Azad Moopen, founder chairman and managing director, Aster DM Healthcare: Digital registries of health providers and health facilities, unique health identity and universal access to health facilities are positive steps towards enabling access to healthcare for the wider population. Upgrade of two lakh Anganwadis with better facilities will further enable the primary healthcare system. The allocation for healthcare is not to the level we anticipated. Coming out of the shadows of the pandemic, it is most important to allocate at least 3.0 per cent of the Budget to healthcare.

Dr Ram Buxani, chairman, ITL-Cosmos group: The launch of the National Mental Health Programme is a timely move. Farmers are very well looked after in the budget. Hundred cargo terminals to be developed in three years, launch of 400 Vande Bharat trains, chemical-free farming, promotion of startups for drone manufacturing, allocation of Rs600 billion for tap water and formation of digital university all are going to make India on par with most advanced. Sovereign Green Bonds will attract handsome funds from NRIs. The introduction of digital currency is a pragmatic move.

Paras Shahdadpuri, Chairman, Nikai Group of Group: I am glad this year’s budget was uneventful and without major fireworks. The maximum emphasis was on digitisation of various processes keeping in mind the future macro economics with focus on micro economics and inclusive growth. The budget is inclusive by ensuring that the lowest strata of the population gets minimum necessities such as drinking water, electricity and low-cost housing.

Mohan Valrani, chairman, Arcadia Education: An excellent budget. Budget focuses heavily on integrating technology across the sectors. The digital currency, e-passport, use of technology in agriculture and logistics, completion of 25,000 kms of highway, roll out of 5G spectrum auction, making online education available to children, one year tax relief to start-ups and highest ever spending on infrastructure will help India to grow much faster.

Suresh Kumar, chairman, Indian Business and Professional Council: Tax stability, growth-oriented and strategic directions define the Indian budget. No tinkering on income and corporate taxes or excise duties. Emphases on rural, agri and physical infra, digitisation and green bonds for capex etc. augur well.

Kamal Vachani, group director & partner, Al Maya Group: The move to bring post offices under the core financial system will facilitate ease of banking by senior citizens and rural people by giving them access to accounts through net banking, ATMs, mobile banking. Reduction of corporate surcharge tax, filing of tax within two years of relevant assessment year, introduction of ePassports, extension of ECLGS scheme till March 2023 and the launch of digital currency are welcome steps.

Joy Alukkas, chairman, Joyalukkas Group: The budget has provided an outline for the way forward. The proposal to reduce the customs duty on diamonds will give a big boost to jewellery industry. The digital rupee initiative using blockchain technology will provide a big boost to the economy. Overall, we hope the proposed initiatives will fast track growth and development.

Dr Shamsheer Vayalil, chairman and managing director, VPS Healthcare: The budget envisions India's overall growth with the government taking the lead by increasing capital spending. The budget proposes increased annual spending of Rs39.5 trillion. Capital infusion will ignite the growth engines and will give a booster dose to the economy. The introduction of central bank digital currency and the plan to roll out 5G services will bolster the digital economy and augment the opportunities in the sector. The PM Gati Sakthi Yojana will have a tremendous impact on private and NRI investment in India.

Adeeb Ahamed, MD, Lulu Financial Holding: The MSME sector, which form the backbone of the country’s growth story, was given due focus, with the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) scheme till March 2023, set to benefit the working capital requirements of small businesses and NBFCs. The thrust on process transparency, ease of doing business and flexible access to capital will help build a more resilient MSME community, thereby encouraging competitiveness and innovation. The imminent launch of the Digital Rupee using blockchain technology is necessary for India to build a robust process around its vision of building a digital economy, and today’s announcement has set the tone for the country’s ambition.

Shamlal Ahamed, managing director, International Operations, Malabar Gold & Diamonds: A futuristic budget that aims to lay the foundation for India@100. The focus given on the betterment of digital infrastructure is quite commendable. Also, the budget has addressed various key areas that will enable accelerated and sustained growth, particularly the importance given to the ‘Make in India’ initiative will help resolve unemployment issues. As for the jewellery industry, the major lookout was for the reduction of import duty on gold that will help reduce illegal practices, which has not been addressed in this budget.

Dr. Dhananjay Datar, chairman and MD, Al Adil Group: The launch of digital rupee using blockchain technology will give a big boost to the economy. Personal taxation slabs have been left untouched. The budget has been presented with an eye on growth, development and progress. There are many measures that reinforce the fact that there is no compromise on the way forward.

Raju Menon, chairman and managing partner, Kreston Menon: The 2022 Budget is one that has its eye set firmly on the future and has prioritised capital outlay with a long term goal. It is a fact that public spending has to take the lead for a speedy and sustainable revival of the economy. Governed by the principle of ‘Minimum Government – Maximum Governance’, the budget has laid down plans for improving Ease of Doing Business in India which will be guided by active participation of the states in digitalisation the processes and removal of overlapping compliances.

Naveen Sharma, convener, Accounting, Audit & Advisory Services Focus Group: A bold, prudent and futuristic budget. A 35 per cent increase on infrastructure spending will help the economy to grow double digit and that will make India the fastest growing economy in the world. Push for technology, launch of digital currency, e-passport, ease of doing business 2.0 will make India a more attractive Investment destination. Tax on cryptocurrency is welcome but 30 per cent is too high. There is not much for NRIs.

Jitendra Gianchandani, chairman, Jitendra Group: Keeping in mind "Make in India and make India self-reliant, the finance minister has given the booster shot to the Indian economy. The budget estimates a growth of 9.27 per cent and focuses on four pillars of development, such as inclusive development, productivity enhancement, energy transition and climate action.

Sajith Kumar PK, CEO & MD, IBMC Financial Professionals Group: Development plans with new governance and financial inclusion will make India’s growth to double digit in near future. New digitalization plans and green economy-focused developments will boost entrepreneurship and job opportunities for the youth. Support for world-class fintech initiatives, blockchain technology based digital rupee, control on virtual currencies and digital assets through financial tax system, e-passport system, 5G implementation, digital baking units at 75 Districts and 100 per cent core banking to 150,000 post offices will empower people and economy.

— business@khaleejtimes.com