The union budget for 2022-23 seeks to support the recent economic growth momentum and help it sustain over the long-term, MD&CEO of Bandhan Bank Chandra Sekhar Ghosh said on Tuesday.

He said the substantial rise in planned capital expenditure for creation of infrastructure, focus on affordable housing and development of the MSMEs and the farm economy will prepare India for the next phase of growth.

The extension in timeline and increased outlay towards emergency credit line guarantee scheme and additional infusion of funds in the credit guarantee trust for micro and small enterprises will provide relief to the sector, Ghosh said.

The significant additional allocation towards PM Awas Yojana will boost demand for affordable housing and also for housing finance, he added.

MD&CEO of Indian Bank Shanti Lal Jain called the union budget a growth oriented budget against the backdrop of the pandemic.

Focus on clean energy, infrastructure, agriculture, MSME, education, digital economy, hospitality and transportation logistics will help growth of the economy, he said.

The mostly unchanged direct tax regime will give stability to tax environment and showed that the economy is on the path to recovery. Overall the budget will create jobs and augment growth, Jain said.