MoneyControl
02-Feb-2023

Congratulating Union Finance Minister Nirmala Sitharaman for her proposals in the annual budget, a top American business advocacy group on Wednesday said that it shows New Delhi’s continued commitment to enhancing productivity and creating jobs.

These remarks were made by US India Business Council (USIBC) president Atul Keshap after Sitharaman presented the Union Budget for 2023-24 in Lok Sabha on Wednesday, becoming the sixth minister in independent India to present five consecutive budget.

“Overall, the initiatives show India’s continued commitment to enhancing productivity, creating jobs, and capitalising on over six per cent projected growth to integrate even further into high-trust and resilient supply chains,” Keshap said.

Critically, to achieve these goals, the budget embraces efficient tools and vital outcomes like increasing the use of digital technology, enhanced public consultation in regulatory processes, and climate-sensitive development, Keshap said in a statement.

The announcement of a 33 per cent increase in capital expenditure, on top of a similar increase last year, can help drive growth, create jobs, and enhance productivity in significant ways. How this is spent, when it is spent, and the pace of project execution will be critical to maximising its impact, he said.