Mr. Dinesh Kumar Khara, Chairman, State Bank of India (SBI), said: “The Union Budget continues to strike a balance between the challenges posed by the recurring COVID-19 waves and the need to contain the economic damage due to pandemic. The Budget achieves this delicate balance quite well. The emphasis going forward is on seven parallel tracks – PM Gati Shakti, Inclusive Development, Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition and Climate Action and Financing of Investments.

On the banking and finance side the announcements are significant. The Budget proposes to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks. This proposal is in sync with the ongoing digital banking initiatives. The most significant announcement of the Budget are higher allocation to Capital expenditure and extension of ECLGS – particularly the specific support to hospitality & related sectors.

The Budget is a very well-crafted statement of intent, drawing from the experience and enhances growth prospects of India in post-COVID world.”