Union Budget 2023 – How industry experts reacted to the budget
On February 1, the last comprehensive budget of the Narendra Modi administration's second term was delivered to Parliament by Union Finance Minister Nirmala Sitharaman. Here are what experts and industry insiders anticipate from this year's budget.
Rajiv Talreja, Founder of Asia’s Largest MSME Business Coaching Company -
“Balanced, sustainable and stable - these would be 3 words to describe the Budget. The change in the tax slab is a long due reward for the middle class. Reducing 39,000 compliances is welcomed as it gives boost to ease of doing business. Credit guarantee to MSMEs, attention to Infrastructure, Agriculture and Tourism... Overall a big thumbs up to the Finance Minister for paying attention to all the critical factors that make the India story stronger. This budget is also a Sign of a secure Government with a vision for building a Stronger India. Neither Populist, nor capitalist makes this budget a clear statement of conviction in the India Growth Story.”
Swarup Bose, Founder of Celcius –
"The budget announced today is a strategic one, with a clear focus on infrastructure development, agriculture and farmer empowerment, as well as inclusive growth and upskilling. Specifically, the push for building transport infra projects with 50 additional airports, heliports, water aerodromes, and advanced landing zones which will be revitalised along with 100 critical transport infra projects with an investment of Rs75,000 crore including Rs 15,000 crore from private sources, are commendable and will strengthen the sector, and are in alignment with the goals of the NLP. Another aspect of the budget that focused on the support for agriculture and farmer empowerment, setting up of food co-operatives and decentralised storage facilities, are all vital factors that will go a long way in enabling smoother food supply chains that can benefit farmers and drive effective food distribution. Further, the revamped credit guarantee scheme through the infusion of Rs 9,000 crore in the corpus, will help strengthen the start-up and MSME sector, enabling them to gain access to additional collateral-free credit. Overall, the push for greener practices, including the transition to green energy and lithium-ion battery-based sources will further accelerate EV manufacturing and adoption, boosting greener supply chains, which is a commendable step. Apart from helping India move towards its goals for india@100, these initiatives will also help put the logistic and cold supply chain in the forefront, at par with international economies.”
Dr. Neelam Gupta, Founder and President of AROH Foundation –
"Setting the context of social sector view, India India ranked 132nd out of 189 counties in the Human Development Index. The spending on social protection (excluding health) in India is 1.4% of the GDP. Overall, India scored low on SDG 1 (No Poverty), SDG 2 (Zero Hunger), SDG-4 (Quality Education), SDG 5 (Gender Equality), and SDG 10 (Reduced Inequality). In this socio-economic context, the topmost priority was the fiscal expansion for fund allocation for the social sector that contributes to human development by improving food security, nutrition, health outcomes, access to education, and employment opportunities."
