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Budget will tackle stagflation: Agrofood Chamber

The Agrofood Chamber of Commerce and Industry (ACCI), Madurai, has welcomed the Union budget 2022-23 presented by Finance Minister Nirmala Sitharaman citing it as a growth oriented and visionary budget.

Budget will tackle stagflation: Agrofood Chamber
Representative image.


New, innovative and revolutionary schemes for all sectors are in the budget focusing on development of the country. It’s an all inclusive budget to tackle the stagflation, which our country is facing. In order to implement world-class infrastructure for inclusive development, productivity enhancement and investment under Prime Minister’s Gati Shakti Master Plan, is a positive approach in the budget, S Rethinavelu, president, ACCI, Madurai said on Wednesday.

Welcoming the Production Linked Incentive (PLI) scheme for medium and large industries, the chamber has sought to implement the suggestion of Employment Linked Incentive (ELI) scheme for micro and small scale sector for its development and increase in employment opportunities.

Increasing the capital expenditure by 35.4 per cent to Rs 10.68 lakh crore in the year 2022-23 is visionary and proactive allocation, by which infrastructure would come up, employment opportunities would grow and surplus money would be put up in the hands of the public for creating demand for products which would motivate investment and production, he added.

The agrofood chamber also welcomes the schemes and announcements to spur the growth of agricultural production, food processing and the standard of living of the farmers.

Permitting the Reserve Bank of India to introduce digital rupee with block chain technology is also most welcome in the budget.

Finally, it’s a big disappointment that no steps have been announced to protect the small business particularly the retailers, he said.

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