NEW DELHI,01.02.22-“The Union Budget presented by Smt Nirmala Sitharaman, Hon’ble Finance Minister, today has presented a growth-oriented, expansionary budget and has clearly indicated the government’s focus on sustainable growth through enhanced capital expenditure”, said Mr Abhimanyu Munjal, Chairman, CII Northern Region. At CII, we appreciate the fine balancing done to soothe the economy as well as boost it by way of increased capital expenditure, focus on creating physical infrastructure, healthcare spending and sustainable development.

CII Northern Region is happy to note that the Budget ticked all the right boxes of lives, livelihood and growth which would propel the economy to an inclusive growth trajectory. We welcome the allocation of Rs 1 lakh crore as fifty-year interest free loans to assist the states. This will further catalyse the states’ capacity to take capital expenditure and creation of assets.

Speaking on the budget announcements for the Northern states, he said that many northern states are the hub of MSMEs, and there are many positives for the sector, such as extension of Emergency Credit Line Guarantee Scheme up to 2023, additional credit of Rs 2 lakh crore for MSMEs, and announcement of the Raising and Accelerating MSME Performance (RAMP) programme. All these steps will help the MSME sector become more resilient, competitive and efficient.

Connectivity in hilly states has always been an issue of paramount importance. CII welcomes the announcement of the National Ropeways Development Programme which will improve connectivity and convenience, and will boost tourism, particularly in the northern region. Moreover, the additional funding of Rs 1,400 crore in 2022-23 for the Ken-Betwa river linking project is going to benefit the water-starved region of Uttar Pradesh, especially the districts of Banda, Mahoba, Jhansi and Lalitpur.

The announcement of the Chemical-free Natural Farming Comprehensive Scheme to increase domestic production of oilseeds and the use of ‘Kisan Drones’ will greatly benefit the agrarian states of Punjab, Haryana, UP, Rajasthan, etc. In addition to this, the announcement of a fund to finance startups for agriculture & rural enterprise will spur the growth of Agri-based startups in northern states.

Mr Bhavdeep Sardana, Chairman, CII Punjab said, “The Hon’ble Finance Minister has given impetus to public investment and capital expenditure which will lay the foundations for a more robust economy. The setting up of finance start-ups in agriculture and rural enterprises for farm produce value chain will provide a much-needed boost to the Agri Startups & Food Processing Industry. Besides, the intent of the Government to revise the syllabi of agricultural universities and the focus on meeting needs of natural, zero-budget and organic farming, modern-day agriculture will help in giving Indian Agri produce more access and acceptability in the global markets.”