Piyush Goyal: The merchandise industry & service industry need to hit 1 trillion dollar in exports
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05 February 2022, Mumbai:
Union Minister for Commerce & Industry, Textiles and Consumer Affairs, Food & Public Distribution Shri Piyush Goyal today said that the Union Budget 2022-23 has laid a focus on demand stimulus and that the enhanced capital spending would lead to greater demand and job opportunities.
“Capital expenditure has been raised by 35%, to more than Rs. 7.5 lakh crore. Rs. 1 lakh crore is being given to states as interest-free 50-year loan to support funding of infra projects. Centre and states together, we are looking at Rs. 10.5 lakh crore of public spending.”
The Minister said that the enhanced capital spending of Rs. 10.5 lakh crore provided in the Budget 2022 is expected to have at least a 3-4 times multiplier effect in economic activity.
The Minister said this during an industry interaction on the Union Budget, at the Bombay Stock Exchange in Mumbai today, February 5, 2022.
The Minister noted that import figures were rising, indicating revival of demand. He added, together with capex thrust provided by government, this opens up huge opportunities to businesses to expand and look at new business avenues.
Union Minister Shri Goyal said India was showing rapid recovery in terms of tax collections, industrial output, consumer demand. He said in the Budget 2022-23, there are no new taxes, no new revenue generation measures. The government has forecast conservative revenue estimates.
‘We don't over-commit while ensuring needs of every department's expenditure needs’, he added.
Union Minister further said Budget 2022 has provided sufficient funding so that economic growth continues to be above 8% in next year and hope to look at least two decades of growth, ensuring prosperity can flow to everyone.
Detailing the focus on PM Gati Shakti National Master Plan in the Budget, Union Minister Shri Goyal said that the Plan will help us plan infrastructure projects more intelligently, and also reducing logistics costs.
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*Figures mentioned in the above article have been sourced from PBI article.
