Commenting on the Union Budget 2022-23, Dinesh Chhabra, Chief Executive Officer, Usha International, said, “ The Growth in GDP numbers and keeping the fiscal deficit within the promised boundaries is a reflection of the fact that the Government during these times of crisis has navigated the economy well, To further the efforts the Union Budget 2022 – 23 has indeed offered some strong pillars for the nation’s economic recovery and growth. The various initiatives announced in line with the Government’s push towards enhanced Capital budget along with the digital thrust including the formation of digital currency, big bet on 5G internet services, E- passport, along with digital resources for upskilling of rural areas will go a long way in furthering the socio-economic development of the country. Further, the extension on customs duty exemption on steel scrap by one year will provide a fillip to new businesses and MSMEs. Contrary to the perception Government hasn’t made the budget to bring short term election benefits, rather this budget intents to write future of “Bharat 100”
We at Usha, wholeheartedly welcome the relaxations announced with respect to corporate surcharge, from 12% previously to 7% now. The Government’s provision to allow taxpayers to file an updated income tax returns for an extended period of time is also appreciated. The Budget this year has provided a much-needed boost to Indian farmers with the announcement of direct transfer of MSP to their bank accounts, allowance of farmer drones for crop inspection, etc. These initiatives will prove to be beneficial in enhancing farmer & rural incomes. We are confident that the budget allocation for FY 2022-23 will provide a much-needed boost to the growth of the Indian economy. This budget clearly indicates the Government’s intent on revival from the pandemic-induced impact.”
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