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The Union Budget for 2022-23 will help India in achieving sustained economic growth, according to experts. “Increase of 25,000 km in highways is a strong signal that the government is ready to take bold steps,” Amitabh Kundu, former Dean Social Sciences, Jawaharlal Nehru University, New Delhi said while speaking at a panel discussion on Union Budget 2022 organised by Dr MCR HRD Institute and Telangana government here.
With the highest ever allocation of ₹7.5 lakh crore, infrastructure was the main focus of the public expenditure, he said and stressed the need for the implementation of the infrastructure projects, keeping in view the needs of rural areas and small towns.
Dr. Vikas Singh, Professor at IPE and founder, Crux Management, said that growth through investment in infrastructure would create jobs, put purchasing power in the hands of people, spur demand, lead to GDP growth, and thereby trigger the virtuous growth cycle.
“The Budget strives to give a big push to MSMEs, which are certainly the growth engines of any emerging economy,” he added.
Dr Mubeen Rafat, former Director-Centre for Economics and Finance, ASCI said that incentivising production is likely to be a better alternative to increasing the purchasing power in the hands of the consumers.
CA Ganesh Balakrishnan from Deloitte opined that revenue buoyancy and fiscal space allowed the government to focus on public investment.
From the digital rupee to a digital university, the Budget saw an unprecedented push for digitization. Measures such as swift payments, resolution of disputes and arbitration, and improved logistical efficiencies are likely to enhance the ease of doing business.
Amir Ullah Khan, a professor at Dr MCR HRD Institute, who chaired the session, said that a discussion on the Budget was critical for understanding the state of the economy.
“Young officers from various government services should know the implications of all the pronouncements and understand how the Budget steers the country’s policy making to ensure fast paced growth and inclusive development,’‘ he said.
More than 250 officers from All India Services, Central Civil Services, and Military Engineer Services from across the country attended the event, according to a release.
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