The Union Budget 2022-23 emerges at a time of great need as many industries are getting back on their feet after nearly 2 years of the pandemic, and many new-age sectors are on a sustainable growth path and need enabling ecosystems for global competitiveness. In terms of economy outlook, vaccination coverage, gradual recovery in private consumption and business sentiment, and a stronger belief that subsequent waves of Covid have limited impact are all promising.
However, the industry had high expectations from the budget that it would kick-start a new cycle of public investments since private investments have not yet recovered fully. In line with the nation's new aspirations, there was also a need to chart a course for long-term growth.
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