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Budget to drive growth to fuel growth
February 04, 2022
The Union Budget was hailed as growth-oriented by bankers, who said it follows the “familiar strategy” of focusing on driving capital use to help the economy. “The financial plan focussed on a natural methodology of driving capital consumption to drive development, fully intent on crowding in private venture through higher public spending,” the country’s biggest private sector lender HDFC Bank said in a note.
Microlending focused Bandhan Bank’s CEO CS Ghosh said the substantial rise in capital consumption for the creation of the framework, focus on affordable, welfare and development of small ventures, and the farm economy will get ready India for the next phase of growth.
State-owned Bank of India’s Atanu Kumar Das said pump-priming private venture as laid out in the budget proposals will lead to multiplier impacts across all segments of the real sector.
South-based private sector loan specialist Federal Bank’s CEO Shyam Srinivasan said the record, with measures like a 35 percent increment in capex for infra-advancement, 65% protection capex for neighborhood organizations, tax incentives for start-ups and new freight terminals, will help the financial sector.
It can be noted that with the GDP growth on a decline or the economy in contraction mode, credit growth has been impacted deeply, and even as the economy revives now, the system is averaging 9 percent credit growth.
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