Chandigarh, Feb 1 (PTI) The Union Budget, presented by Finance Minister Nirmala Sitharaman, is a growth-oriented and pro-development one, with sizeable capital investment for sustained and speedy economic revival, said CII Northern Region Chairman Abhimanyu Munjal on Tuesday.
“Nirmala Sitharaman, finance minister, today (Tuesday) presented a growth-oriented, expansionary Budget and has clearly indicated the government’s focus on sustainable growth through enhanced capital expenditure,” he said.
“We appreciate the fine balancing done to soothe the economy as well as boost it by way of increased capital expenditure, focus on creating physical infrastructure, healthcare spending and sustainable development,” he said, according to a statement by CII.
He added that the CII northern region is happy to note that the Budget ticked all the right boxes of lives, livelihood and growth that would propel the economy to an inclusive growth trajectory.
“We welcome the allocation of Rs 1 lakh crore as 50-year interest-free loans to assist the states. This will further catalyse the states’ capacity to take capital expenditure and creation of assets,” he said.
Speaking on the Budget announcements for the northern states, he said that many northern states are the hub of MSMEs and there are many positives for the sector, including the extension of the Emergency Credit Line Guarantee Scheme up to 2023, additional credit of Rs 2 lakh crore for MSMEs, and the announcement of the Raising and Accelerating MSME Performance (RAMP) programme.
All these steps will help the MSME sector become more resilient, competitive and efficient, Munjal said.
The connectivity in hilly states has always been an issue of paramount importance, he added.
“CII welcomes the announcement of the national ropeways development programme, which will improve the connectivity and convenience and will boost tourism, particularly in the northern region.
“Moreover, the additional funding of Rs 1,400 crore in 2022-23 for the Ken-Betwa river linking project is going to benefit the water-starved region of Uttar Pradesh, especially the districts of Banda, Mahoba, Jhansi and Lalitpur,” he said.
The announcement of the chemical-free Natural Farming Comprehensive Scheme to increase domestic production of oilseeds and the use of ‘Kisan Drones’ will greatly benefit Punjab, Haryana, Uttar Pradesh and Rajasthan.
In addition to this, the announcement of a fund to finance start-ups for agriculture and rural enterprise will spur the growth of agri-based start-ups in northern states, he noted.
Bhavdeep Sardana, chairman of CII Punjab, said, “The Union finance minister has given an impetus to public investment and capital expenditure, which will lay the foundation for a more robust economy.” Sardana added that the setting up of finance start-ups in agriculture and rural enterprises for the farm produce value chain will provide a much-needed boost to the agri start-ups and food processing industry. PTI SUN VSD HRS hrs
