Quote on Union Budget by Mr. Kusal Roy, Managing Director & Chief Executive Officer, Jio Credit Limited
Below Quote on Union Budget by Mr. Kusal Roy, Managing Director & Chief Executive Officer, Jio Credit Limited
"The FM is to be congratulated for delivering a budget that focuses on bolstering the SME sector in particular, and manufacturing sector in general. There is a clear push to promote Make-in-India and derisking our economy from the impact of tariffs.
The Hon'ble Finance Minister has announced substantial incentives for seven critical manufacturing sectors including pharmaceuticals, semiconductors, rare-earths, chemicals, capital goods, tool-production, container manufacturing and the textile sector. In addition, rejuvenation of 200 legacy industrial clusters will also provide a strong fillip to industries. There will also be dedicated focus on developing infrastructure for cities with a population over 500,000, and creation of a fund pool of Rs. 5,000 crore per City Economic Region (CER). The FM has also taken steps to upgrade TREDS by providing credit guarantee support, a move that will enhance confidence for SMEs on TREDS.
Overall, from the point of view of the NBFC sector, I expect this progressive Budget to have a positive impact on credit demand from SMEs and manufacturing sectors. In addition, there will be substantial employment generation and infrastructure creation in the CERs, which will further encourage offtake in retail credit."
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