Chandigarh 1st February, 2022: Dr. Ashok Khanna, Former President, PHD Chamber welcomed the budget proposals that lay emphasis on digitalization and technology. He stated that the budget was growth oriented as it laid down a roadmap for the next 3-5 years. He added that the focus on infrastructure, especially housing and construction, were positive measures that would give a boost to the economy. He also stated that 68% of the capital procurement budget in Defence being earmarked for domestic industry will provide impetus to the industrial development in the country.

Welcoming the budget proposals, Mr. R S Sachdeva, Chair, Punjab State Chapter of PHD Chamber said, government has proposed to reduce the minimum alternative tax (MAT) for cooperative societies from current 18.5% to 15% on a par with private companies. In a major push towards Solar Power and Energy Efficiency, allocation of additional boost of 16000 cr under PLI scheme for Manufacturing of solar modules shall provide significant growth to the module manufacturing industry. Affordable housing has always been the focus of the government. Rs 48,000 crore allocated to housing projects under PM Housing Scheme for FY23, Rs 1,500 crore allocated for development of the Northeast in FY23 & Desh stack e-portal to be launched to promote Digital infra is a welcome step. 68% of capital outlay being set aside for domestic industry will sustain investments and attract fresh capacity creation. ECLGS (Emergency Credit Line Guarantee Scheme) has been extended upto March 2023 & guaranteed cover extended by another Rs 50,000 crore. Overall, it is a very promising budget with allocation of Rs 2 trillion outlay for MSMEs & Additional loans for 13 mn MSMEs.

Mr. Madhu Sudan Vij, Chair, Chandigarh Chapter, PHD Chamber termed the budget as Holistic and Balanced Budget and will sustain economic recovery and will benefit all sectors. He added that the budget focuses on the growth orientation to support the concept of “Atmanirbhar Bharat’. He further added that the Budget is focusing on the overall development of the ecosystem for the growth of the industry to give boost to the employment and production and in order to achieve the same. The budget focuses on the investment in Infrastructure, Logistics, Capex and rationalization of Custom Duties to boost the ‘Make in India’ concept for Capital Good Infrastructure. The program ‘Prime Minister Gati Shakti” introduced for the development of ecosystem with 7 driving engines focusing on Productivity, Energy, Transmission, Financing of Investment.

Mr. Mohit Jain, Chair, Haryana State Chapter, PHD Chamber said number of positive measures have been taken by the government for ease of doing business. The Budget 2022 focuses on ensuring assured income to farmers with an announcement of Rs 2.37 lakh crore towards direct payments for MSP to wheat and paddy farmers. On the taxation front, it appears we are achieving greater stabilization which is very favorable for the overall growth and development of the industry as it earns the confidence of entrepreneurs. He welcomed the acceptance of use of surety bonds as a substitute for bank guarantee in government procurements as it will go a long way to reduce indirect cost for suppliers and work-contractors.