The USA India Chamber of Commerce (USAIC) has stated that in the midst of the third wave of COVID-19, Finance Minister Nirmala Sitharaman has presented an effective Budget that is balanced, financially cautious, and growth-oriented.

However, Karun Rishi, president of the Boston-based USAIC, expressed worry that the Budget lacks concrete steps to improve income production. "It's a masterstroke to keep the budget deficit at 6.9% while increasing capital expenditure by 35%. In 2022-23, the annual Budget projects effective capital spending of 10.68 lakh crore, or around 4.1 percent of GDP," he said.

"A massive increase in the government's capital spending is likely to expedite infrastructure spending and create jobs." It also lays the way for a longer-term restructuring of the Indian economy following the pandemic, according to Rishi.

"Extending the 15 percent Section 115BAB provision to newly established manufacturing enterprises is another excellent step toward encouraging much-needed investment in the manufacturing sector. "The Budget does provide a framework for the economy from 'India at 75 to India at 100,'" according to the president of the USAIC.

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