Sunday, May 22, 2022

Budget 2022-23: Sitharaman urges India Inc to participate in virtuous cycle of investments

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  • Sitharaman said that the boost in capex announced in the Budget 2022-23 will ensure that the revival and recovery taking place last for a few years and crowds in private investments
  • The policy prescription outlined in Budget 2022-23 focusses on healthy capex spend to boost growth through a multiplier effect and create assets for the 21st century, said the FM

New Delhi: Addressing the National Council of Confederation of Indian Industry (CII) on Saturday, four days after the Budget 2022-23 presentation, Finance Minister Nirmala Sitharaman has urged India Inc to participate in the virtuous cycle of investments so that the opportunity to place India in a higher growth trajectory as it moves towards 100 years is not lost. “I call upon the Indian Industry to participate in the virtuous cycle of investments so that the opportunity to push India to a higher growth orbit as it moves to India@100 is not lost,” the minister told industry leaders at the CII event.

Boost in capex in Budget 2022-23 will ensure revival, recovery: FM 

Sitharaman said that the boost in capex announced in the Budget 2022-23 will ensure that the revival and recovery taking place last for a few years and crowds in private investments. The comment comes in the backdrop of a sharp 35.4 percent hike in the outlay for capital expenditure announced in the Union Budget on February 1. The government has hiked capex budget from Rs 5.54 lakh crore in FY22 to Rs 7.50 lakh crore for FY23. 

Sitharaman said that the policy prescription outlined in Budget 2022-23 focusses on healthy capex spend to boost growth through a multiplier effect and create assets for the 21st century.

FM urges industry to invest in sunrise, new-age sectors

Sitharaman also called for investments from the industry in sunrise and new-age sectors. “We invite industry to partner with government in these areas to lead #India to a higher growth trajectory,” she said. Commenting on the government’s digital push, the Finance Minister said that digitisation has not been a one-way street where the push has come from the government alone but there has been widespread readiness with which people of the country have welcomed the change. “We have shown that we don’t just design, but also execute using various digital platforms,” she added.

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