"We appreciate the steps taken by the government to facilitate and improve ease of doing Business in India. The gross GST collections of Rs 1,40,986 crores for the month of January 2022, which is the highest since the inception of GST, indicate that we are on the path of recovery reviving the hope for a brighter future", the Chamber said in a statement here.
It said the Government's proposal to launch One Nation One Registration software is ambitious and welcome. "This would reduce the burden on the stakeholders during the process of registration of deeds and documents", the Chamber said.
Noting that the promise to develop One hundred PM GATI SHAKTI Cargo Terminals in the next three years is a step in the right direction, it said this could trigger a logistics revolution in the country if implemented properly with the inclusion and support of state governments and other relevant stakeholders.
The Chamber said One station One product scheme could also be a gamechanger in promoting local products and supporting local businessmen and farmers.
"The Extension of Emergency Credit Line Guarantee Scheme (ECLGS) up to March 2023 is a major relief to the MSME sector, especially the hospitality and related service that is struggling to sustain during the pandemic", it said.
The Chamber said the additional support to MSMEs in the form of RAMP is equally commendable.
"The Allocation of 6,000 crore for RAMP (Raising and Accelerating MSME Performance) is expected to help the MSME sector become more resilient, competitive and efficient", it said.
From the information technology point of view, announcements like the plan to roll out 5G services in 2022-23 and RBI's Digital Currency deserves appreciation, the chamber said but insisted on the need to have wider consultations with stakeholders and experts before finalisation of the Cryptocurrency policy framework.
It also hailed the proposed reforms in the working of Special Economic Zones, saying it is expected to boost the export sector.
"The reformed framework of SEZs should adequately involve the state governments and reputed industry organisations for smoother and effective functioning", the chamber said.
Commenting on the budget, K Paul Thomas MD & CEO, ESAF Small Finance Bank, said it was a road map for the country, with a focus on all key sectors.
The introduction of Edu tech, fintech and upskilling schemes along with a digital push will define the sustainable growth trajectory for the coming years, he said in a statement.
Thomas said the budget also gives a much-needed thrust to the Infrastructure, MSME and agricultural sectors to make them more resilient and competitive when the adverse impact of the pandemic is yet to recede.
He said "the focus on infrastructure will surely remain as a foundation that takes India to the next level when we reach 100 years of independence".
Noting that the focus on education is well exemplified in the plan for a digital university, Thomas said as campuses are allowed to open in Gift Cities and specific finance and fintech courses by global universities are encouraged, there is an immense possibility for growth in the sector.
"As Kerala is planning to have the country's second Gift city in Kochi this will be a great boost for the state's higher education sector", he said. PTI TGB BN BN