The budget raises hopes of job creation, but more was expected: Business | News Ludhiana

Ludhiana: The 2022 budget may have failed to make a good impression on micro, small and medium-sized enterprises (MSMEs), but businesses in Punjab seem mostly happy with the announcements made. However, they feel there was room for more.
Vijay Munjal, Chairman of Hero Ecotech, said, “This year’s budget will lead to tremendous employment and entrepreneurial opportunities for all, especially young people. The policy of swapping electric vehicle batteries with interoperability standards, issuing green bonds and increasing the subsidy budget from Rs 800 crore to Rs 2,908 crore under FAME (Adoption and Manufacture faster electric vehicles) will give a big boost to the electric vehicle industry. One-year extension of zero tariff on steel scrap and permanent removal of anti-dumping duty on import of HR/CR steels from China will relieve MSMEs from rising steel prices . However, the much-needed amendment to the PLI (production-linked incentive) scheme for the electric vehicle industry did not find its way into the budget.
According to Neeraj Jain, Co-Managing Director of Vardhman Textiles Limited, “The PLI scheme is likely to generate 60 lakh textile. According to the economic survey, the program will result in new investments of Rs 19,000 crore in the textile sector over the next five years. This is expected to create a cumulative turnover of more than Rs 3 lakh crore and create more than 7.5 lakh additional employment opportunities in this sector. This will likely lead to a sharp increase in exports of textiles and clothing, especially synthetic fiber products.
He also said that the pump priming policy to invest about Rs 7.5 million in infrastructure and related activities will create employment and related demand for various commodities. “This is likely to boost the demand for textile and apparel products in the country, being one of the basic needs of the masses. But the industry’s demand to remove, reduce tariffs on cotton imports, which was on the textile industry’s wish list, remains unanswered,” he said.
Kuntal Raj Jain, director of Duke Fashions India Limited, described the budget as one of the most positive, emphasizing rapid growth, supporting farmers and building roads and affordable housing. “The Digital India mission and the stress of connecting every village is something that we see as a very positive move, which will grow the country’s digital economy. “industry to scale up its operations to serve the global market and the Indian market. Although there have been some things that have not yet been addressed, we believe that the government will take heed,” he said. declared.
Rajni Bector, Founder and Chairman Emeritus, Mrs Bectors Food Specialties Ltd said the budget was below expectations each quarter. “I don’t think there is anything meaningful in this budget for anyone. I didn’t see a lot of benefits for business, especially for our industry. Likewise, very few benefits are visible to ordinary people and there are no tax cuts,” she pointed out.

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