Highway to New-Age Digital -Bharat†— Amrit Kaal to establish India on Global Platform

3 Feb 2022 , 10:44 AM

The Budget FY2022-23 is quite a dynamic, forward-looking and growth-oriented budget paving the way for driving the all the growth engines of the Indian Economy. The underlying of the budget is quite futuristics taking into account the significance of adoption and development of new age technology, which has become an integral part of global economy and our life.

Honourable Finance Minister has done a commendable job by addressing all the fundamental and essential drivers of the economy and paving the way for accelerating the growth momentum in the same — Infrastructure, Agriculture, Micro — SME — MSMEs, Manufacturing, Education, Healthcare, Technology, Telecom, Green energy, etc. Right measures initiated in empowering the core industries with the new-age technology, which is going to be the key differentiator going forward.

PM Gatishakti and Inclusive Development addressing all the key sectors of the economy — Road, Railways, Airports, Mass Transport, Waterways and Logistic Infrastructure is a step forward in the right direction. Empowering farmers & vast Micro, Small & MSME population is an important initiative as this segment is likely to be a driving force to drive Indian Economy from USD 3 trillion to USD 5 trillion.

Government has made all efforts to encourage start-ups and R&D initiatives, which would aid to fuel economic growth. Promoting digital economy and fintech, technology enabled development, productivity enhancement & investment, sunrise opportunities, energy transition and climate action has remained at the forefront. Commitment to create a conducive environment to gear up for future enabled is quite overwhelming. Launch of ‘Digital Rupee’ is another path-breaking initiative as it would give confidence to the World that India is future ready on all aspects.

One major highlight of the Budget is that the Government has taken due cognizance of the need to fund the growth aspirations. Accordingly, it has realized the significance of stepping on public capital expenditure to attract private capital expenditure. Substantial increase in capital allocation would significantly augur well for the growth momentum and reviving the capex cycle. Government has also tried to maintain fiscal prudence by trying to maintain fiscal deficit target at 6.4%.

Looking into the future, we at Suumaya have tried to evolve our business model over the last two years in the areas of Agriculture, Supply Chain, Technology and Financial Inclusion. We are all geared up to usher into the new era in sync with emerging Bharat.
Rating — 8/10    

The author of this article is Ushik Gala, Chairman & Managing Director of Suumaya Industries Limited

The views and opinions expressed are not of IIFL Capital Services, indiainfoline.com