Union Budget Incredibly Multi-Faceted : Federal Bank CEO
Kochi, Feb 1: Federal Bank Managing Director and CEO Shyam Srinivasan, describing the Union Budget, presented by Finance Minister Nirmala Sitharaman in Parliament on Tuesday, said it stands out as one that is incredibly multi-faceted and will have a real impact.
Reacting to the Budget proposals, he said Ms Sitharaman has aimed at policy deliberation but while eschewing grandiose solutions or extensive claims, this indicates the outright truism of the government – ‘Karmanye Vadhikaraste Ma Phaleshu Kadachana’.
In a release here, the Bank MD said 35 per cent increase in capex for infra development, 65 per cent defence capex for local cos, tax incentives for startups, new cargo terminals – all indicate the refreshingly clear and well-structured aspiration of Atmanirbhar Bharat. Digital economy getting an enhanced call-out for formalization is a welcome move. The demanding need of green infra in the country has also been promisingly addressed in the form of the maiden Sovereign Green Bond, he said.
Overall, the optimism is retained, and all of this would give the perfect nudge to our MSMEs. The banking sector would certainly benefit from this, key of course would be improved participation and not a veneering attempt, Mr Srinivasan added.
