Union Minister for Commerce and Industry,  Textiles and Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal termed the Union Budget 2022-23 as a direction setting budget, addressing both macro-economic and micro-econimic concerns, looking at inclusive development.

Speaking at a Public Function to explain the nuances of the Union Budget in Mumbai, the Minister said “the Budget should be seen as an exercise in continuity to make India future ready”.   Recalling Prime Minister Narendra Modi’s vision of converting crisis into opportunity, Shri Goyal said, the Government has been pro-actively announcing new projects and schemes through the year, and Union Budget has attempted to show the way ahead for the next 25 years.

Shri Goyal said the budget has laid a big thrust on infrastructure development and highlighted the importance of the PM Gati Shakti National Plan. He said the plan will leverage data and inter-connected national maps to better align infrastructure projects.

Explaining how the nation adopted to the Covid 19 pandemic by swiftly moving to remote working mode, Shri Goyal asserted that India did not let down a single international obligation, thanks to Digital India and thrust given on expansion of broadband connectivity.  He said despite the pandemic, India’s services export remained robust and would achieve $240 bn target.

Shri Goyal said that India produces second highest number of STEM (Science, Technology, Engineering, Mathematics) graduates and this should encourage us to become not only the Start-up Capital but also the R&D and innovation hub.

The Commerce & Industry Minister further added that India has been working on a number of Free Trade Agreements (FTAs). Citing the India-UAE FTA, Shri Goyal said the entire process was completed in just 88 days. He informed that India-Australia FTA is also in advanced stage of finalization.  FTAs with UK, Canada are also in the pipeline, even as GCC also wants to sign an FTA with India “The world wants to work with us, we have to seize the initiative” the Minister added.

The Minister also spoke about the enhanced capital spending of ₹ 10.5 lakh crores provided by the Budget 2022-23 to have a multiplier effect of 3-4 times, leading to enhanced demand and increased job opportunities benefitting all people.

Budget direction sets infrastructure and trade-driven economic policy, prioritising infrastructure, digital connectivity and FTAs to spur growth Union Budget 2022-23 is a forward-looking economic policy blueprint prioritising sustained infrastructure investment via the PM Gati Shakti National Plan and a significant capital outlay intended to generate multiplier-driven demand and employment. It emphasises digital connectivity and services export resilience, seeks to leverage India's STEM graduate base to foster R&D and innovation, and advances trade policy through active negotiation and finalisation of Free Trade Agreements to expand market access.