Here is How the Industry has Reacted to Budget 2023

Industry Outlook Team | Thursday, 02 February 2023

Industry has appreciated the Union Budget 2023, applauding the government’s intent to ease the industry's regulatory and financial burden. Keeping its focus on expanding CapEx, the budget 2023 is a testament to the government's resolve to focus on infrastructure development.

Here is how the industry has reacted to the budget:

Sumant Sinha, President, ASSOCHAM

Thirty-three per cent jump in the capital expenditure to Rs 10 lakh crore clearly demonstrates the government resolve to help India remain the fastest growing economy in the world, despite global headwinds.

Sunil Nayyar, Managing Director, Sony India

The newly announced reduction in Basic Customs Duty for several television component imports is a big boost for the television industry.

Ramnath Krishnan, Managing Director & Group CEO, ICRA

The Budget proposals are likely to enhance business, rural and tax payer sentiment and consolidate India's growth prospects in a gloomy global setting.

Harsh Shah, CEO, IndiGrid

The road map to funding via UIDF or opening avenues such as municipal bonds are big steps towards funding infrastructure the inclusive way.

Dr KS Bhoon, Head HR and Business Excellence, RDC Concrete

The launch of PM Kaushal Vikas Yojana 4.0 and the Skill India Digital Platform will provide ample opportunities for our youth to upskill and become ready for the future of work.

Anil G Verma, Executive Director and CEO, Godrej & Boyce

The Green growth focus will orient the entire economy towards adopting sustainable practices in all areas and put us in a good position to play our role in the efforts to improve the future of our planet.

Prayasvin Patel, CMD, Elecon Engineering

The 2023-24 budget with a clear focus on green practices and the thrust on upskilling, continuous learning, and building strong digital and transport infrastructure, is a well-structured budget that will help empower and build the country from the ground up.

Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI-MCHI

The enhancement of the PMAY Fund by 66% to Rs. 79,000 crore will be a big boost for the affordable housing segment. This has yet again highlighted the Government's vision of Housing for All.

Ankit Alok Bagaria, Co-Founder, Loopworm

The 6000 Cr infusion to promote fisheries would help Shrimp farming the most. Decreasing import duties on feed ingredients are going to help the feed manufacturers and help formalize animal agriculture but would lead to reduced margins for domestic feed ingredient manufacturers.

Pankaj Sharma, Co-Founder & Director, Log9 Materials

The proposed Customs duty exemptions on the import of capital goods and machinery required for the manufacturing of lithium-ion batteries bring in a new lease of life for all battery manufacturers.

Samir Somaiya, Chairman and Managing Director of Godavari Biorefineries

The PRANAM yojana will encourage regenerative agriculture in the country, so necessary for sustaining the food systems and the bio-economy. Further, the mandate for CBG will catalyse the creation of CBG capacity.

Thompson P. Gnanam, MD & Global CEO, 3i Infotech

The first Amrit Kaal budget is certainly a progressive direction by the Government of India to give a boost to the overall technology-driven and knowledge-based economy within the country. The government's focus on AI and 5G in the Union Budget 2023 will help India’s aspirations of being a global powerhouse of technology, innovation, and digital transformation.

Sachit Nayak, Country Controller & Finance Director, Eaton India

Reducing basic customs duty structure, simplified tax structure and several sops for agriculture & cooperatives are positives. Overall, I will classify this as growth budget, will lead to ease of doing business and attract investments.