CII welcomes the Union budget 2023-24 that focuses on Inclusive development, with major emphasis on infrastructure development, current and future green energy-based growth and enabling financial stability with overall plans under the Atma Nirbhar Bharat umbrella. The focus areas of this year’s budget will build the foundation and the blueprint for the Amrit Kaal eventually helping India achieve the ambitious target of India at 100. Just like the previous year, this year too, numerous suggestions from CII’s budget expectations list found their way into the Union Budget 2023-24. A lot of emphasis has been put on ease of doing business where more than 39,000 compliance have been reduced. The budget overall has delivered on expectations leading before the general election next year year. With this we hope the economy and equity markets to move higher on the back of pro-growth measures announced today, moreover the balance between managing the fiscal deficit and giving some relief to citizens from high inflation has been well thought off.
Mr. Anand Desai, Chairman – CII Gujarat State Council and Managing Director – Anupam Rasayan India Ltd
Being the last full budget before the Lok Sabha elections in 2024, a lot of pressure on fiscal resources will have to be balanced with maintaining a feel-good factor among the people. The worst affected group by the recession in the West would be women and the youth with diminishing job opportunities and exports. It will be a challenge to orchestrate and promote opportunities for the youth, women, artisans, the working middle class, the rural and the unorganized sectors. All in all, an enormous responsibility lies on the government’s shoulders to make the economy robust.
Aashisha Chakraborty, Author, Columnist, Poet
It is encouraging and timely that the Government of India has included sustainable cities of tomorrow and developing key infrastructure in Tier 2 & Tier 3 cities as an important part in the 2023-24 Union Budget. In the backdrop of India’s presidency of the G-20 summit this year, and our crucial role in negotiations around climate change and adaptation funding for developing economies at COP 27 last year, we see incredible opportunities for inclusive and integrated approach to building climate resilient and sustainable green cities.
Sandhya Naidu Janardhan, Founder & MD – Community Design Agency
The Union Budget 2023-2024 announced by Finance Minister Nirmala Sitharaman is progressive, prudent and growth-led, with an eye to provide impetus on the savings of the public. It is a ‘green budget’ for the automotive and mobility sectors. The sustainability measures taken through announcements on green hydrogen and other energy sectors will help in furthering the government’s target of carbon neutrality by 2070. The increased Capex outlay on energy transition is likely to spur investments and skill development in a green economy. The viability gap funding for battery energy storage systems is also likely to create critical infrastructure, while custom duty reduction on capital goods for Lithium batteries manufacturing will facilitate faster adoption of EVs.
Banwari Lal Sharma, CEO, Consumer Business, CarTrade Tech Ltd
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 as it would help accelerate the country’s production capacity and also gives the much-needed momentum to the country’s vision to become self-sufficient in its EV needs.
Pankaj Sharma, Co-Founder and Director, Log9 Materials
Considering the prevalent domestic and international scenarios and keeping up with the growth achieved so far, the budget is holistic and growth oriented. Increased tax rebates will definitely pump in more liquidity in the markets which will provide more disposable income to the lower end of the income spectrum. It may motivate individuals to purchase homes which would further enhance the growth of the real estate sector.
Devanshu Bansal, Director, UK Realty
The budget 2023 is oriented to economic growth of the country. I am sure that 33% growth in capital expenditure will result in balanced development. This is a smart move since it will help the country achieve its goal of becoming a 5 trillion-dollar economy and a global powerhouse. I believe that the announcement of setting up 100 labs to effectively develop 5G services and the vision to promote Artificial Intelligence in overall industries is a strong step by the government. This will further lead to automation in the industries which will help in propelling India’s growth and promoting smart cities. The union budget 2023 has come up with positive announcements for different sectors to support the Make In India initiative and can result in balanced growth in the near future.
Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India Pvt. Ltd
The 66% increase in the allocation to Prime Minister Awaas Yojana to INR 79,000 crores is a sure boost for affordable housing. This is another step towards the government’s ‘Housing for All’ mandate. The Budget lays much emphasis on building the infrastructure of the country, with emphasis on last-mile connectivity. The unwavering focus on infrastructure will indirectly drive real estate growth over the next one year.
Samir Jasuja – Founder & CEO – PropEquity
This is the first Budget of Amrit Kaal, and we believe that this is a budget aimed at fostering growth. We are sure that the huge rise in capital expenditure by 33% will have an incremental effect on the overall growth of the economy. Infrastructure sector is the backbone of any economy, and the government has been pushing for the sector’s growth for its multiplier effect and linkage effects in terms of job creation. Infrastructure and development are among the seven priorities of the Budget 2023. The newly announced one hundred critical transport infrastructure projects will help the country to ensure energy and food security as these are critical for India as it targets to become the third largest economy in the world in the next 6-8 years. The government has also decided to inject 2.40 lakh crore in railways in order to derive the positive outcome on environment sustainability. As Budget 2023 focuses on promoting coastal shipping, it will play a critical role in the economy’s competitiveness, expansion, and long-term sustainability, which is an under tapped sector at the moment. Also, the announcement of 100 Labs for developing applications using 5G services will bring in changes across the transport sector including increasingly smart and efficient logistics and improved urban transportation with the implementation of Mobility as a Service (MaaS) platforms. The Budget 2023 has demonstrated a good balance between today’s needs and the future’s demand
Nikhil Agarwal, President-CJ – Darcl Logistics
