HDFC Chairman Deepak Parekh has described Budget 2022 as a growth budget. In a special conversation with Financial Express, he said that he is happy that the Finance Minister has encouraged spending on infrastructure in the budget 2022.
Union Budget 2022: Finance Minister Nirmala Sitharaman has presented such a budget, which is going to promote growth. This is to say of Deepak Parekh, chairman of HDFC and a famous personality of the Indian industry. Deepak Parekh is happy with the budget announcements because he believes that they have shown the way forward by emphasizing infrastructure and expanding capital expenditure. HDFC Chairman Deepak Parekh had a special conversation with Financial Express Online regarding Budget 2022.
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Budget 2022 a growth budget: Deepak Parekh
HDFC Chairman Deepak Parekh has described Budget 2022 as a growth budget. In a special conversation with Financial Express, he said that he is happy that the Finance Minister has encouraged spending on infrastructure including logistics and urban infrastructure in the Budget 2022. However, he also said that now the important thing will be how these projects are executed. All these works need to be done in a time frame of 12 months.”
Parekh further said, he is happy that the Finance Minister did not tamper with the tax rates and did not opt for the rebate. He said that during the financial year 2021-22, the revenue generation was good and the tax collection was also better than the previous year. Corporate tax collections registered a good growth and so did the case of Income Tax and GST. Along with this, there has also been an increase in exports. They say that despite crude oil prices being as high as $90 a barrel today, we have enough foreign exchange reserves to counter it. He also appreciated the allocation made to ensure more affordable housing.
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In her budget, Finance Minister Nirmala Sitharaman has focused on four pillars – Productivity, Climate Action, Financing Investment and PM Gati Shakti Yojana. In order to encourage private investment and development, capital expenditure has been increased by 35.4 percent to Rs 7.50 lakh crore in the budget.
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