Given below are reactions we have received from leaders in trade & Industry to the Union Budget presented by Union Finance Minister Nirmala Sitharaman in Parliament today.
Post-budget Reaction from Ranjan Kumar, Founder & CEO, Entropik
It is exciting to see that the Union Budget 2023 recommends a greater emphasis on artificial intelligence research, as well as employability, e-skilling, and job creation in the startup sector. With India currently having the third largest ecosystem for start-ups in the world and ranking second in innovation quality among middle-income nations, it is encouraging to see the implementation of innovative policies and initiatives to support the growth of startups and frontier technologies in the country.
The proposed three Centers of Excellence for Artificial Intelligence to realize the vision of Make AI (Artificial Intelligence) in India and Make AI Work for India aimed at developing the country’s AI ecosystem is a decisive step towards promoting AI and allied technologies in India. Additionally, the launch of the National Data Governance Policy to enable access to anonymized data will be instrumental in unleashing innovation and research by startups and academia. As stated during the budget, this initial step in catalyzing the era of digital government will also offer greater opportunity for better, more informed decision-making while adhering to the highest data protection standards and dedication to data privacy.
Given the emphasis on research, entrepreneurship, and startups, it is certain that startups will play an important role in job creation, providing employment, and innovations. The Union Budget will unleash our nation’s and economy’s full potential. Furthermore, implementing policies that aid in boosting private sector involvement in frontier technology and artificial intelligence (AI), as well as focusing on the academic and skilling environment, would undoubtedly attract and grow highly trained digital talent in the country.
We applaud the government’s planned tax holiday for start-ups; this is an excellent move for improving the country’s start-up ecosystem. This growth-focused budget considers all variables and challenges, and we congratulate Finance Minister Smt. Nirmala Sitharaman for presenting a budget that addresses all issues and puts India on a higher growth trajectory.”
KCCI (Kanara Chamber of Commerce & Industry) keenly observed the budget announcements on the Saptha Rishi theme which will positively impact the Economy of our region. The budget speech looked like an excellent blueprint despite poll year pressures to give a good road map for the future of our country.
The following initiatives have been shortlisted by KCCI of immediate interest to the region:-
- The budget has made a provision for Rs 6000 crores under a new sub-scheme- PM Matsya Sampada Yojana.
- The Capex in Infrastructure development has been increased by 33 per cent over the last year’s budget which is 3.3 per cent of GDP aggregating to Rs 10 Lakh crores. KCCI urges that this outlay should address Mangalore’s connectivity issues, especially with Bengaluru.
- Coastal shipping for Passengers and Transport being considered a priority under the Budget is a welcome move.
- KCCI appreciates tourism development initiatives like the promotion of Indian Domestic Tourism and also promoting the same through Tourism Experience Apps.
- Ease of doing business has also been addressed by reducing 39000 compliance procedures, and 4300 Legal provisions are de-criminalised.
- KCCI welcomes the move in the reduction of customs duty on Marine products and Shrimp feeds.
- KCCI appreciates relief provided to MSMEs through two schemes of Vivad Se Vishwas on Covid-related MSME Disputes and Contractual disputes with Govt undertakings.
- KCCI appreciates the funding of Rs 9,000 crores for the MSME Credit Guarantee scheme which will contribute to the additional collateral-free credit to the extent of Rs 2 Lakhs crores.
- KCCI appreciates the focus on Start Ups, Youth Power and Women Entrepreneurship by launching various schemes for the empowerment of this sector.
- KCCI welcomes the move to incentivize the MSME Sector. Now expenditure will be allowed as a deduction on actual payment to the MSME units.
While the budget document looks well thought out with good focus areas and ideas initiatives for future development, the final test will be in its implementation and benefits reaching the grassroots. KCCI will keenly work on involving in the implementation of these ideas and initiatives and benefits reaching our Dakshina Kannada district.
Post-budget Reaction from Suvankar Sen, MD & CEO, Senco Gold & Diamonds
“The impact of budget 2023 will have negligible impact those who are making gold jewellery in India itself. As custom duties on bars of gold and platinum were increased earlier this fiscal. So there will be no new impact of budget on price of gold bars. Import of dore are a smaller percentage of total gold imports so only dore duty got increased by 2.5% , that may impact on business of local refineries. Tax on jewellery import has been increased which will again have no impact on our business as Senco Gold & Diamonds and most of the jewelery industry members doesn’t import gold jewellery. We buy gold bars from banks and all our jewellery are made in India. Import duty on silver bars, dore has been increased by 2.5 % which may have some negligible impact on silver utensils and jewellery industry.”
Post-budget Reaction from Krishna Kumar, Founder & CEO, Simplilearn : “The 2023 Union Budget highlights various initiatives by the Government of India to promote new age frontier technologies as well as youth upskilling across sectors. With India now the third largest ecosystem for start-ups globally, and ranking second in innovation quality among middle-income countries, it is promising to see measures taken by the Government for startups bear fruit. To this front, it is a considerate decision to extend the date of incorporation of income tax benefits for startups showcasing the focus of the Government towards the growth and expansion of India’s startup ecosystem.
In terms of education and skilling, the proposals to bolster student education as well as professional skilling, if fostered well throughout the year will contribute to India’s growth and development. The Government’s decision of formulating the National Education Policy is a testament of its efforts in
Further, the introduction of the Pradhan Mantri Kaushal Vikas Yojana 4.0 would benefit the youth of the country to scale and find suitable job opportunities. The Government’s decision to set up 30 Skill India International Centres across different states is a notable initiative undertaken in the 2023 budget as it would extend youth skills globally and also put Indian youth on the international skill map. The initiatives announced as a part of the Union Budget today are signs of building a new, strong, digital India focused on sustainability and growth.”
Post-budget Reaction from Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd.
“We welcome the forward-looking budget presented by our Hon’ble Finance Minister. The budget has rightly been referred to as the vision of Amrit Kaal. This year’s budget brings a big boost to the India’s economy by covering all the verticals for the holistic development of the nation. The sanctioning of Rs. 35,000 crores for energy transition is a significant step toward India’s net zero goals and will undoubtedly provide a much-needed push to a sustainable tomorrow. Tax exemptions on capital goods, lithium-ion batteries, and further reduction of customs duty will accelerate green mobility and rapid transition towards electric vehicles, making the sector stronger than before. We are eagerly looking forward to the government’s ambitious vision for upgrading the EV infrastructure ecosystem. Further relaxation on personal taxes and push for the job creation will bring sustainability in the market and increase purchasing power. Domestic consumption is a prime driving force for the economy. With the infrastructure boost and effective capital expenditure, the industry is optimistic that this budget will definitely augur well for the economic recovery and overall growth of the country.”
Post-budget Reaction from Samrath Kochar, Founder & CEO of Trontek, India’s largest Li-ion battery manufacturer
The budget is pragmatic and has taken the right steps towards advancing green mobility adoption in the country. Extension of customs duty exemption on Li-ion cells and removal of customs duty on imported machinery used for manufacturing Li-ion cells will bring down the cost of EV batteries thereby promoting EV adoption. Going forward, we are certain that the Government will also look at bringing a PLI scheme for battery pack manufacturers and also reduce GST on batteries to benefit the many MSMEs operating in the EV sector.”
Post-budget Reaction from Ram Iyer, Founder, CEO, Vayana Network
“The union budget of 2023 is consistent over the years in focus areas across Infrastructure, Agriculture, MSMEs and ease of doing business.”
“Consistency is the key theme of Union Budget 2023.” The union budget of 2023 has been exceptionally consistent over the years in focus areas across Infrastructure, Agriculture, MSMEs and ease of doing business.
The capital expenditure has been increased by 33 per cent to a historic high of INR10 lakh crores, showing government’s commitment to creating jobs and stimulating expenditure resulting in a multiplier effect pegging GDP growth at 7 per cent .
Investments in development of public digital infrastructure for agriculture, facilitating data embassies in GIFT City, expanding the use of Digi Locker and setting up National Financial Information repository signal towards the continued focus on digitisation and broadening its access to the public.
Revamped Credit Guarantee Scheme for MSMEs is a significant move to support MSMEs’ who have been battered by Covid related disruptions, the infusion of Rs 9000 crore into the corpus would undoubtedly benefit small business owners.
Concrete actionables towards ease of doing business in the form of PAN being a single identifier, reducing compliances and decriminalizing provisions are legislative steps ensuring ease of doing business.
Overall, it is a promising budget that continues to build on the groundwork laid during the previous budgets.”
Rahul Shah, Co-Founder & Director, WalkWater Talent Advisors:
“The budget brings back the Government of India’s focus on the common man, the farmer and the MSMEs which are important sections of the society. This combined with the increased thrust in infrastructure (highest ever spend) and the government’s Atmanirbhartha focus gives a signal that India will continue to be the fastest growing economy in the world and the government will continue to spend and put its monies where it matters. No doubt, this is a progressive and balanced budget.
From an industry point of view, what is heartening to note is the continued focus on infrastructure (roads, ports, railways), Manufacturing along with an increasing focus on renewable energy and the green hydrogen economy. This along with more money in the hands of the farmer and common man, will lead to the continued growth of the Indian consumption story.
From a leadership hiring point of view, India Inc will continue its focus on growth and capex, and this will mean renewed demand for CXO and CXO minus 1 talent. The sectors that will continue to see demand for leadership talent will be Consumer, Manufacturing, Energy, Pharmaceuticals and BFSI. “
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