EU budget 2022: business sector welcomes stimulation of entrepreneurship and start-ups

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The business sector has expressed satisfaction with the EU budget, welcoming the announced packages for entrepreneurship and start-ups.

Union Finance Minister Nirmala Sitharaman holds a folder containing the Union Budget 2022-23 as she poses for a photo with Finance Ministry officials outside the Northern Block in New Delhi, Tuesday, February 1, 2022. (Photo PTI)

The business sector, which employs thousands of people across the country, expressed satisfaction with the Union budget presented by Finance Minister Nirmala Sitharaman in Parliament on Tuesday.

“Everyone wants a tax refund, but we are happy with the lack of additional burden during the pandemic. Employees of companies will hopefully get better increases because there is no additional burden for the sector and therefore their purchasing power will increase,” said Sameer Saxena. , founding member, Global Association for Corporate Service (GACS).

“As far as industry is concerned, the entrepreneurship and startup packages in the budget are warmly welcomed. State governments have received funds to bring in investments and all of these efforts will lead to the creation of new jobs,” he added.

Read | Infrastructure and jobs get the biggest boost in the 2022 EU budget: key takeaways

Ajit Pandey, a senior executive of a multinational company, said: “The whole economy has been pushed back due to the Covid-induced lockdowns. Now things are slowly improving and hopefully soon we will be back in the game. pre-Covid like Budget is all about invention and entrepreneurship and that is the need of the hour.As new entrepreneurial spirits emerge with the motivation of government, new employment opportunities will be created and the economy will be stimulated.

In the 2022 budget, the central government kept corporate tax rates at the same level. In addition, the preferential rate of 15 percent has been extended for one year for newly formed manufacturing units.

Sitharaman said the country has seen a tremendous increase in the number of successful start-ups over the past few years and they have become “engines of growth for the Indian economy”.

Read also | Digital Rupee, infra push and MSP for farmers: highlights of the Union budget 2022

Watch | EU budget 2022: is it a fiscally conservative budget?

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