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Reaction on Union Budget 2022 from Mr. Govind Singh MD & CEO Utkarsh Small Finance Bank

Reaction on Union Budget 2022 from Mr. Govind Singh MD & CEO Utkarsh Small Finance Bank

“The economy is at a stage of stimulus with India continuing to be one of the world's fastest growing economy. A 35 per cent increase in capital expenditure indicates the desire to improve infrastructure and more importantly serves as a significant avenue for job creation. Another important thrust is the Affordable Housing.

 

Higher GST collections in January 2022 indicate a growth, and compliance in taxes picking up augurs well for the future. With fiscal deficit projected to be at 6.4% in 2022-23, coupled with higher fiscal deficit for states, it clearly  indicates the desire for growth by the government.

 

Digital currency is an initiative that would give significant boost to this sector.

 

The Honourable Finance Minister has outlined the desire for 5G roll out in the Budget.  Optic fibre net for all villages under Bharat net, is an important focus that, is slated to bring India under the digital infra.  All of these indicate that the Banks enhanced digital capabilities will be made available for better customer experiences.

 

With forex reserves at record high levels, India needs to watch out on oil prices and its effect on inflation.  India is poised for an investment lead GDP regrowth with banks acting as catalysts for growth.”

 

 

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