Budget 2022 expectations: More power to the farmer, control inflation, push for Make in India & digital India

The Tech Panda asked various players their expectations and wish list from the upcoming budget.

The year 2021 threw some more challenges to an already taxed economy, with then of the pandemic nowhere in sight. As the Finance Minister Nirmala Sitharaman’s Union Budget 2022 is just a day away, there’re a lot of expectations from the Central Government about its new policies, and if they would announce sops for the industries to sustain.

Read more: Startup wish list for Union Budget 2022

The Tech Panda asked various players their expectations and wish list from the upcoming budget.

Sadaf Sayeed, CEO, Muthoot Microfin Ltd.

Continue PM Samman Nidhi DBT to farmers

Allocate more to MGNREGA scheme

“Increased government revenue, both through direct and indirect taxes will allow the government to take bold steps in direction of reviving private investment and giving impetus to consumption led growth of the economy. With strong corporate earnings in Q3 and robust growth in Agri sector, the broader economy is poised for a steady growth. I feel that the government may go for a second round of PM Samman Nidhi DBT to farmers and would consider allocating more to MGNREGA scheme to promote development and employment in rural areas. An improved cash flow in rural economy will benefit the microfinance industry.”

Praveen T, CFO, Muthoot Microfin Ltd.

Continue credit guarantee schemes

Control inflation

“Microfinance industry looks forward to this budget with hope. The industry has again gained momentum and is on a steady recovery post the second COVID wave. I believe this budget would have further measures to revive and boost the rural economy. The industry would want the government to continue with the credit guarantee schemes and tighten measures to control inflation, this will help the microfinance industry to thrive again.”

Sahil Dharia, Founder & Chief Executive, Soothe Healthcare

Simplification of regulation

Push for Make in India

“India is at the inflection point of a COVID recovery phase coupled with a ‘demographic dividend’ opportunity. For both reasons – internal of giving jobs to its millions of youth and external to be able to balance emerging geo-political compulsions, India needs to leapfrog to a double digit GDP growth rate. Accordingly, industry expects meaningful efforts on two fronts– simplification of regulation and a push for Make in India.”

Neel Kothari, CEO, iZooto

Redefine short-term capital gain for unlisted shares

Ease compliances for Indian software SMBs operating in the US

“Currently, the period of holding for unlisted shares is defined as 24 months, while for listed securities it is 12 months. From the upcoming budget 2022-23, my first expectation would be to change the definition of short-term capital gain for unlisted shares, making it at par with listed shares.

Read more: Budget 2022 expectations: Hospitality, F&B, real estate, agtech, & women

“Secondly, I am hoping for an easing of compliances with regard to small and mid-size Indian software companies operating in the US. Lastly, hoping for ESOP tax for startup employees to be reconsidered.”

Lalit Arora, Co- Founder, VingaJoy

Boost Make in India’ & ‘Digital India’

“We hope that the upcoming budget will have provisions for strengthening the entire system and take progressive initiatives such as ‘Make in India’ and ‘Digital India’. In the upcoming budget, we are hopeful that the Government would continue extending its valuable support as initiated in the first term with the implementation of uniform GST, ‘Make in India’, besides offering a host of other initiatives that would help industries to come back to the platforms. Industries to develop newer technology in order to launch innovative products in order to compete with the current market scenario.”