'Budget aptly prioritizes growth; I welcome increased capital spending of Rs 10 lakh cr': Tata Sons Chairman N Chandrasekaran

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By  India Blooms News Service   Feb 01, 2023

Mumbai/IBNS: Tata Sons Chairman N Chandrasekaran has praised the Union Budget for prioritizing growth given the challenging macro backdrop of slowing global growth and tightened financial conditions.

I welcome the move to more productive expenditure, budgeting capital spending of Rs 10 lakh crorea 33% increase over the previous year and the highest in the past two decades as a share of GDP, he said.

Chandrasekar said the revision of income tax slabs under the new tax regime should increase purchasing power for many.

Loan guarantees and other assistance toward MSMEs, a focus on tourism, and measures announced for the care economy (like new nursing colleges) will boost job creation, he said.

The budget also remains committed to shared prosperity by extending the free food scheme for one more year.

The Tata Sons Chairman said the Budget shows not only the kind of policy support that is necessary for the economy at this moment but also strengthens the strategic foundations for our long-term growth.

We are witnessing three major transformations globally: rapid digital adoption, the rebalancing of supply chains, and environmental sustainability, he emphasized.

This Budget helps position India to play a leading role in all three transformations, Chandrasekhar added.