Budget 2022 lays the foundation for an open, digitised India, says Sanjiv Goenka

/2 min read

ADVERTISEMENT

The Budget lays emphasis on investments, infrastructure, suvidha to the common man and a furtherance of the simplification of rules and ease of doing business, says Goenka.
Budget 2022 lays the foundation for an open, digitised India, says Sanjiv Goenka
Finance minister Nirmala Sitharaman Credits: Narendra Bisht

The Union Budget 2022-23, presented by finance minister Nirmala Sitharaman, is not only impressive, it is pro economy, pro nation, says Sanjiv Goenka, chairman of the RP-Sanjiv Goenka Group.

The budget is expected to get the economy back on track with its focus on infrastructure and investments. “A huge emphasis on investments, on infrastructure, on suvidha to the common man and a furtherance of the simplification of rules and ease of doing business,” says Goenka.

In a big bang move to revive the economy after three waves of the Covid-19 pandemic, finance minister Nirmala Sitharaman announced an allocation of ₹7.5 lakh crore towards capital expenditure for 2022-23. This is 35.4% higher than the ₹5.54 lakh crore allocated to capital expenditure last year.

“Focus on infrastructure is well appreciated. Government capex which goes up to ₹7.5 lakh crore shows intent,” says Goenka. “There are many pointers, which show the finance minister’s desire to propel investments, to create infrastructure, to create jobs and she is sensitive to the requirements of the aam aadmi.”

fortune magazine cover
Fortune India Latest Edition is Out Now!
The Year Of EV Launches

September 2025

2025 is shaping up to be the year of electric car sales. In a first, India’s electric vehicles (EV) industry crossed the sales milestone of 100,000 units in FY25, fuelled by a slew of launches by major players, including Tata Motors, M&M, Ashok Leyland, JSW MG Motor, Hyundai, BMW, and Mercedes-Benz. The issue also looks at the challenges ahead for Tata Sons chairman N. Chandrasekaran in his third term, and India’s possible responses to U.S. president Donald Trump’s 50% tariff on Indian goods. Read these compelling stories in the latest issue of Fortune India.

Read Now

The production linked incentive (PLI) announced by the government in 14 sectors will create 60 lakh jobs and has potential to generate ₹30 lakh crore in production over the next five years, the finance minister had said in the Lok Sabha.

“Growth has been prioritised with a stable tax regime,” says Goenka. The Union Budget didn’t change the existing tax structure.

The government expects the fiscal deficit to be 6.4% of the GDP in the financial year 2022-23, compared with the revised estimate of 6.9% in FY22. “Fiscal deficit at 6.9% is in line with expectation,” adds Goenka.

The Union Budget has also provided a significant impetus to the digital ecosystem. “It’s a Budget which lays the foundation for an open, digitised India,” adds Goenka.

Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.