‘The last full Budget before Lok Sabha elections ambitious in its tenets’

Industry leaders welcomed the Union Budget, stating that it’s an ‘inclusive’ one. Sanjay Budhia, Chairman – CII National Committee on Exports and Imports & MD – PATTON Group said that the Union Budget 2023 is inclusive, with a much-needed focus on investment & infrastructure.

Increase in capital investment outlay by 33 per cent to Rs 10 lakh crore, 50 years interest-free loan to states to incentivise infrastructure investment, the highest-ever capital outlay for Railways, several infrastructure projects in port, coal, steel, fertilizer and urban infrastructure in tier-II and III cities through Urban Infrastructure Development Fund will have a multiplier effect on economy and employment.

Emphasis on Digitisation and Ease of Doing business will integrate India with global thinking, he said.

The announcement of a reduction in customs duty for select sectors shall improve India’s participation in the global value chain (GVC), Budhia added.

He also said that the announcement of establishing a subsidiary of Exim Bank for Trade refinancing would hugely help to address the concern of access to finance for exporters due to the slow uptake of credit.

Commenting on the Union Budget, Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group said: “We have a great leader with a great vision in Shri Narendra Modi ji who has a firm resolve and determination to transform India into a vibrant economy. This vision is reflected in the budget. The Finance Minister’s focus on capital investment to 10 lakh crores, 3.3 per cent of GDP will spur growth. Trust-based Governance, simplification of laws and a thrust on green energy are laudable. The Fiscal deficit is estimated to go down to 4.5 per cent of GDP is a welcome move.”

Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank said: “Budget 2023-24 is a well-rounded progressive & inclusive Budget. The focus on important parameters like boosting consumption and inclusion is a welcome measure for our growing economy. The government has laid an important thrust on Capital Investment which will enhance consumption and create employment, both of which have been important areas of attention, especially post the pandemic. Allocation of the Budget to PM Awaas Yojana will further boost the housing sector.

Support to the MSME sector along with enhancement of the credit guarantee scheme will provide relief to the sector. The new slabs of taxes will further help boost economic parameters like consumption, thus providing more impetus to economic growth.”

Subir Chakraborty, President, BCC&I & Managing Director & CEO, Exide Industries Limited said: “The last full Budget before Parliamentary Elections is ambitious in its tenets and stands on the twin pillars of wholesomeness and inclusivity. Reduction in customs duties and rationalisation of Direct Tax rates are expected to support the “Aam Aadmi” and MSMEs, the latter having been allocated an additional collateral-free credit guarantee of Rs 2 lakh crore.”

“The new Millet Mission is of importance in the context of India’s nutrition and water security. Around 33 per cent rise in Capex outlay is noteworthy, while major announcements on digitalisation have been made apart from taking meaningful steps to move India on the path of sustainable/green growth,” he further added.