MADURAI: The Agrofood Chamber has welcomed the Union Budget 2022-23 which was presented by Union Finance Minister Mrs.Nirmala Sitharaman in the Parliament today and said that it is growth oriented, visionary and puts India in the growth trajectory.
‘With her acumen gained as the Finance Minister in the last four years, she has presented her
‘EVER BEST’ Budget keeping an eye on the planned development of our country. We congratulate and thank
her for submitting an all inclusive Budget to tackle the stagflation, which our country is
facing,” Mr.S.Rethinavelu, president, Agrofood Chamber of Commerce and Industry, has said in a press release from Madurai on 1st February 2022.
While welcoming the Production Linked Incentive (PLI) Scheme for medium and large industries, the Agrofood Chamber has request to implement its suggestion of Employment Linked Incentive (ELI) Scheme for Micro and Small Scale sector for its development and increase in employment opportunities. “Increasing the capital expenditure by 35.4% to Rs.10.68 lakh crore in the year 2022-23 is visionary and proactive allocation, by which infrastructure would come up, employment opportunities would grow and surplus money would be put up in the hands of the public for creating demand of the products which will motivate investment and production,” he opined.
The allocation of Rs.44,000 crore for irrigation projects, using of drones for crop assessment, digitalization of land records, spraying of insecticides and nutrients was welcomed because it would be a great boon to the farmers.
On crypto currency, the Finance Minister has taken the right decision, realising the ground reality by permitting the Reserve Bank of India to introduce Digital Rupee with Block chain technology is most welcome, Mr.Rethinavelu said and added that “we cannot shy away from the digital currency which is a cheaper Currency Management System, when we want to be a part of world digital economy.”
Demands and Disappointments:
The plan to increase the domestic production and thereby reduce the import is a
welcome plan for the growth of manufacturing sector, the Agrofood Chamber felt. Mr.Rethinavelu said that the giant corporates should concentrate on heavy industries and manufacture of import substitutes, which MSME sector cannot venture. “It is a big disappointment that no steps have been announced to protect the small business particularly the MSMEs,” he added.
