IndiGo terms Budget 2022 as growth-oriented, expects duty cut on jet fuel

Budget carrier IndiGo termed the Union Budget 2022-23 as "growth-oriented" while expecting a cut in the excise duty on jet fuel.

"Budget 2022-23 appears to be growth-oriented by an increase in the capital outlay of Rs 7.5 lakh crore, fiscal deficit capped at 6.4 per cent and efforts are being made to reduce compliance burdens and improve ease of doing business," IndiGo Whole-Time Director and CEO Ronojoy Dutta said in his Budget reaction.

"We expect the Budget would enable India to achieve a growth estimate of 9.2 per cent," he said.

Welcoming the new incentives of issuing e-passports and the introduction of digital currency, Dutta said the government's "relentless" focus on the national transportation infrastructure development with the PM Gati Shakti National Master Plan will strengthen the much-needed multimodal connectivity.

Also, besides facilitating the seamless movement of cargo, the plan will reduce logistics costs as well, he added.

"Having said that, we were expecting tax concessions to the aviation industry in the forms of cut in ATF (aviation turbine fuel) excise duty and the allocation of concessional finance to airlines to help us come out of the pandemic," Dutta said.

Earlier, Finance Minister Nirmala Sitharaman in her Budget Speech on Tuesday said the PM Gati Shakti National Master Plan is a transformative approach for economic growth and sustainable development and is driven by seven engines including roads, railways, airports, ports, mass transport, waterways and logistics infrastructure.

All seven engines will pull forward the economy in unison, Sitharaman said while presenting the Budget for 2022-23.

These engines are supported by the complementary roles of energy transmission, information technology communication, bulk water and sewerage and social infrastructure.