After Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on Feb 1, Indian industry leaders lauded its vision, discipline, and structure. The growth-oriented provisions it brings forward are expected to pave the way for India to become a ‘World Champion’. From the fast-tracking growth in the technology industry to agri-initiatives and higher income tax slabs, the Union Government in the country has announced a slew of measures under this ‘feel good’ budget for everyone in general.
Let’s dive deeper into the Budget 2023 reactions from corporate leaders to understand their perspective and the way forward –
Uday Kotak, CEO – Kotak Mahindra Bank said:
“The Budget had the vision, structure, and discipline to provide immediate benefits to all individual earners. It continues with its measures path for fiscal consolidation and sets the foundation to increase the per capita income of every Indian. It’s also true to its name – the first budget of Amritkaal.”
Harsh Goenka, Chairman – RPG Enterprises said:
“It’s the M’bap’pe of a budget, not ‘Messi’ at all. It puts India on the path to becoming a world champion and score goals on consumption, inclusion, and infra development. It also comes with a big boost for domestic manufacturing, ease of doing business, and job creation.”
Ritesh Agarwal, Founder & Group CEO – OYO said:
“The budget offers a roadmap for India’s holistic development as we enter ‘Amrit Kaal’ and sets the nation up as the Startup Nation for the coming decade.”
Manish Sharma, Chairman – Panasonic Life Solutions India said:
“The Budget 2023 comes with good news for both the common man and industries. The Finance Minister has continued to focus on policies and investments while keeping the US$5 trillion economy goal in sight. It balances both strategic and tactical announcements while laying impetus on the key priority areas.”
Anand Mahindra, Chairman – Mahindra Group said:
“The DNA of our finance ministry has embedded in the Union Budget 2023 a strong sense of financial discipline and an aversion to bankruptcy & profligacy. It has also lived up to the conservative tradition in our nation.”
Union Budget 2023-24 Reaction Around Capital Expenditure
Ondrej Kubik, CEO of Home Credit India said:
“Budget 2023 has made the way to unleash the potential of Indian economic growth while keeping the right balance between fiscal prudence and pro-growth amidst global headwinds. The boost to growth-oriented push paired with the rise in capital outlay will give impetus at various fronts – employment, consumption, affordability, and thereby moderate inflation.”
Union Budget 2023-24 Reaction Around Green Energy and Sustainability
Sumant Sinha, Chairman and CEO, ReNew Power said:
“In the context of the economic outlook, the Rs. 35,000 crore outlay for energy security and energy transition is a significant step taken. This Green Budget also demonstrates the Government’s commitment to achieving Net Zero by 2070.”
Union Budget 2023-24 Reaction Around Real Estate
Kamal Singal, MD & CEO, Arvind SmartSpaces said:
“As a progressive budget, it has a strong thrust on connectivity and infrastructure, ease of doing business, domestic manufacturing, and green development. The tax relief provided in the form of a revised income tax slab will provide customers with a bigger share of disposable income. Besides this, the increased outlay in the PMAY scheme to Rs. 79,000 crores is expected to open up opportunities for new homebuyers in the affordable segment.”
Union Budget 2023-24 Reaction Around Digital Literacy, Education, and Skill Development
Dhuwarakha Shriram, Chief of YuWaah and Youth Development and Partnerships – UNICEF said:
“We are glad to see the Budget prioritizing youth power. The introduction of the National Digital Library for adolescents and children, on-the-job skill training, and the creation of Skill India International Centres are aimed at promoting access to knowledge. It will help young Indians prepare for the future of work and build higher engagement and interest among students.”
Union Budget 2023-24 Reaction Around IT & Cybersecurity
Kailash Katkar, MD & CEO, Quick Heal Techologies said:
“The Union Budget 2023 showcased the government’s focus to strengthen the digital infrastructure in the country – a clear reflection as a part of the National Data Governance Policy to create a secure channel for anonymized data access. As a whole, it supports the vision of a cyber-safe, self-reliant India.”
Union Budget 2023-24 Reaction Around Income Tax
Varun Sridhar, CEO – Paytm Money said:
“The Budget reflects the government’s focus on digitisation and inclusive growth. Stable reforms will contribute to India’s growth story and will boost the morale in the capital markets. From KYC simplification to increasing tax rebates on income to strengthen infrastructural power, there are several welcome moves to benefit Indians.”
Union Budget 2023-24 Reaction Around Agriculture
Anuj Kumbhat, Founder & CEO – WRMS (Agritech) said:
“The Budget 2023 is quite optimistic for the agritech sector and envisages an open-source digital infrastructure for agriculture along with an agriculture accelerator fund for youth entrepreneurship in rural areas. It gives the much-needed impetus to the nascent agri-tech sector.”
Union Budget 2023-24 Reaction Around EV, Automobiles, and Green Mobility
Banwari Lal Sharma, CEO, CarTrade Tech Ltd. (Consumer Business) said:
“The Budget 2023-24 is progressive, growth-led, and prudent, along with providing an impetus on the savings of the general public. It can be called a ‘green budget’ for the mobility and automotive sectors. The sustainability measures on green hydrogen and other energy sectors are aimed at furthering the government’s target of carbon neutrality by 2070. Furthermore, the higher capex outlay on energy transition is expected to spur investments in the green economy.”
Interesting Reads:
- Budget 2023-24: What’s in it for Businesses
- Budget 2023-24: 10 Key Areas the Government has Focussed on
The Bottom Line
The Indian economy is emerging as one of the frontrunners among its peers, having an expected growth rate of 6.5% in the next fiscal. Considering the favorable scenario to do business, various industry captains have lauded the Budget 2023 for its approach to strengthen digitisation and ‘Make in India’. For the industries whose expectations cannot be fulfilled (like chemical, oil & gas, etc.) with the Budget layout, the reviews range from negative to neutral
It ensures growth of the EV industry, infrastructure, housing, renewable energy, among many others. In a nutshell, the Budget has something for almost every sector of the economy to ensure sustainable long-term economic growth.
