Monday, September 26, 2022

SCOPE: FM’s mini budget focused on most strained sectors

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New Delhi: In a statement released on Monday, the Standing Conference of Public Enterprises (SCOPE) welcomed the measures announced by Finance Minister Nirmala Sitharaman to boost the Indian economy. SCOPE, the apex body of public sector enterprises, is appreciative of the receptive outlook of the government, the organisation said.

‘Govt has addressed issues of most strained sectors’

The announcement has addressed issues of most strained sectors, including financial and manufacturing, while keeping in its offering a slew of benefits for individuals and investors, the statement said. The pronounced measures have attempted to strike a balance between investment and consumption which would push the economic growth further.

‘Focus on Making in India’

The government has reiterated its focus on infrastructure growth, increasing foreign investment etc. and combined it with increased consumer spending by announcing the passing of rate cuts to consumers, simplification of loans etc, which could lead to an ascent in GDP numbers.

Along with the banking sector, the MSMEs have also received a slew of fiscal stimulus in terms of fixed duration GST refunds, procedural one-time settlement of loans, online tracking of loans etc, indicating a strong move towards strengthening the manufacturing sector in line with the government’s Make in India, the statement said.

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