Mumbai, Feb 1 (Agency) Terming the Union Budget 2023 as “well-crafted”, SBI Chairman Dinesh Khara said the budget continues to strike a balance between the challenges posed by the recurring Covid-19 waves and the need to contain the economic damage due to pandemic. “The Budget is a very well-crafted statement of intent, drawing from the experience and enhances growth prospects of India in the post Covid world. The budget continues to strike a balance between the challenges posed by the recurring Covid-19 waves and the need to contain the economic damage due to the pandemic,” Khara said in a statement issued here. He said the emphasis going forward is on seven parallel tracks – PM GatiShakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action and financing of investments.
The Union Budget for 2022-23, presented by Finance Minister Nirmala Sitharaman has laid emphasis on digital banking, digital payments and fintech innovations. To mark 75 years of India’s independence, the government has proposed to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks. Stating that the announcements made on the banking and finance side are significant, Khara said the proposal of DBUs is in sync with our ongoing digital banking initiatives. The government has also decided to extend the Emergency Credit Line Guarantee Scheme (ECLGS) up to March 2023 and also expanded its guarantee cover by Rs 50,000 crore to total cover of Rs 5 lakh crore, with the additional amount being earmarked exclusively for the hospitality and related enterprises. “The most significant announcements of the budget are higher allocation to capital expenditure and extension of ECLGS – particularly the specific support to hospitality & related sectors,” he said.