K’taka industry leaders give thumbs up to Union Budget

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Reacting to the Union Budget 2022-23 that was presented in the Parliament by Finance Minister Nirmala Sitharaman on Tuesday, Kiran Mazumdar-Shaw, the Executive Chairperson and Founder of Biocon Limited, described it as a positive rhetoric with no negative surprises.

“Fiscal prudence and business ease has been the theme. Thirty-five per cent increase in capital expenditure will drive infra and jobs — a balanced Budget with positive rhetoric and no negative surprises,” she said.

Chandrashekar, CMD, SASMOS HET Technologies LTD, said, “The Union Budget has opened up an array of opportunities for homegrown defence manufacturing companies with the government’s focus on curbing defence imports in India. The FM’s provision to earmark 68 per cent of capital for the defence sector for the domestic industry is a commendable move.”

Tom Joseph, Executive Director for Strategy & Development, International Skill Development Corporation, said, “Skill development in the country has been the need of hour and the Union Budget has rightly addressed it. The government’s interest to explore skilling programmes and industry partnerships to establish new skilling avenues, sustainability and employability is a good step.”

Rajosik Banerjee, Partner and Head, Financial Risk Management, KPMG in India, said, “Digital rupee using blockchain technology will lead to stable, efficient and regulated payments and settlements and lower the transaction cost. This initiative is expected to boost the digital economy and reduce leakages by lowering dependency on cash.”

The Budget has ushered in positive measures in the field of education which will give a boost to the sector especially in the context of the pandemic, said Shweta Sastri, Managing Director, Canadian International School, Bengaluru.

“A robust education system is a necessity for any growing nation and this is all the more important when the country is aiming to normalise education,” she said.

Sohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV), stated, “We welcome the measures announced by the Finance Minister. The Budget for 2022-23 gives huge impetus to the electric vehicle (EV) industry. Introducing the battery swapping policy and recognising battery or energy as a service will help develop EV infrastructure and increase the use of EVs in public transportation. It would motivate businesses engaged in delivery and ride aggregation businesses to incorporate EVs into their fleet.”

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