The Budget has paved the way for digital economy and opens scope for banks to expand credit, according to R Subramaniakumar, ED (additional charge MD & CEO), Indian Overseas Bank.
“The Budget clearly indicates that we are moving into a digital era. As a banker, I feel it is going to provide enormous opportunities to expand credit because of the various sops given in respect of investments into the infrastructure,” he said while addressing the Southern India Regional Council of the Institute of Cost Accountants of India and All India Tax Payers’ Association.
“The Budget measures will trigger demand for housing and indirectly spur the demand for cement, steel and others. Some of the stressed sectors may turn into unstressed ones,” he said.
MR Sivararaman, former Union Revenue Secretary, felt that if the money allocated to the rural segment were truly spent, there would be upsurge in demand in the villages as those measures would definitely lead to increase in their incomes.
However, he pointed out that implementation would be the key in realising the desired objectives.