President of the Boston-based USA India Chamber of Commerce (USAIC) Karun Rishi, however, said it is a matter of concern that the budget lacks tangible measures to increase revenue generation.
“Opting to keep the fiscal deficit at 6.9 per cent and increase capital expenditure by 35 per cent is a masterstroke. The annual budget estimates the effective capital expenditure of Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP,” he said.
“A phenomenal increase in the government’s capital expenditure is likely to facilitate the expenditures on infrastructure and create jobs. It also paves the way for post-pandemic longer-term restructuring of the India economy,” Rishi said.
Stating that the finance minister has incorporated innovative measures in the budget, Rishi said the new ‘battery swapping’ policy for electric vehicle sector can offer a practical alternative to increase the adoption of electric vehicles in India.
‘One Nation, One Registration’ will facilitate ease of living and doing business. Building up on the ‘Technologies of the Future’ announced during the 2018 budget, digital rupee to be issued by the Reserve Bank of India using blockchain technology will give a big boost to the economy, he added.
“The extension of Section…
