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The corporate sector has expressed satisfaction over the Union Budget, welcoming the packages announced for entrepreneurship and startups.

Union Finance Minister Nirmala Sitharaman holds a red folder-case containing Union Budget

Union Finance Minister Nirmala Sitharaman holds a folder-case containing the Union Budget 2022-23 as she poses for a photograph with the Finance Ministry officials, outside the North Block, in New Delhi, Tuesday, February 1, 2022. (PTI Photo)

The corporate sector, which employs lakhs of people across the country, expressed its satisfaction over the Union Budget presented by Finance Minister Nirmala Sitharaman in Parliament on Tuesday.

“Everyone wants a tax rebate but we are satisfied with no additional burden during pandemic times. The corporate employees will hopefully get better increments as there is no extra burden on the sector and as a result, their buying power will increase,” said Sameer Saxena, founder member, Global Association for Corporate Service (GACS).

“As far as the industry is concerned, the packages for entrepreneurship and startups in the budget are warmly welcomed. The state governments have been provided funds to bring investment and all these efforts will lead to the creation of new jobs,” he added.

Read | Infrastructure, jobs get biggest boost in Union Budget 2022: Key takeaways

Ajit Pandey, a senior manager with a multi-national firm said, “The entire economy was pushed back due to Covid-induced lockdowns. Now, things are getting better slowly and we hope that soon we will be back in the pre-Covid like phase. The budget is focused on invention and entrepreneurship and that is the need of the hour. As new entrepreneurship will emerge with the government’s motivation, new job opportunities will be created and the economy will get a boost.”

In Budget 2022, the central government kept the corporate tax rates at the same level. Moreover, the concessional rate of 15 per cent has been extended by one year for newly incorporated manufacturing units.

Sitharaman said that the country has seen a manifold increase in successful start-ups over the past few years and they have emerged as “drivers of growth for India’s economy”.

Also Read | Digital Rupee, infra push and MSP for farmers: Highlights of Union Budget 2022

Watch | Union Budget 2022: Is it a fiscally conservative budget?

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