Mumbai: India Inc. has hailed the Union Budget 2023-2024 presented by Finance Minister Nirmala Sitharaman here on Wednesday.
Hinduja Group Co-Chairman Gopichand P. Hinduja said that when “India is the lone shining star in the world facing threats of recession”, the Finance Minister has delivered a perfectly focused growth-oriented budget with massive capital investment outlays at 4.5 per cent of GDP while staying on track with the fiscal deficit reduction plan.
Hinduja lauded the holistic, sustainable and inclusive approach taken covering every element of infrastructure and capability building and making the best use of the world-class digital public infrastructure, and “clearly reflects Prime Minister Narendra Modi’s long-term vision for India and it aims to engage with and carry every section of society towards the goal of a self-reliant and strong India”.
Tata Capital Ltd. MD & CEO Rajiv Sabharwal said that the Budget includes several measures for inclusive socio-economic development, its 7 priorities plus a greater sector in the financial sector and infrastructure and investment are steps in the right direction.
“The Capex increase of 33 per cent and a capital outlay of Rs 2.40 lakh crore for Railways is a bold move to create jobs and improve the infrastructure development. Strong agricultural credit outlay, support measures, ease of doing business, and digitisation drive across various sectors will improve multiple clusters within the economy,” said Sabharwal.
Godrej & Boyce Executive Director & CEO Anil G. Verma termed it as a ‘balanced and inclusive budget’ which will further push growth, and the renewed thrust on investments in infrastructure will drive the productivity of the economy and generate employment.
“Measures to improve rural incomes and reduce personal income tax rates will deliver more disposable income in the hands of people, driving consumption. This will likely generate a virtuous cycle of fresh investments leading to higher employment, incomes and productivity, further spurring consumption. The key to the realisation of the planned outcomes is effective implementation,” said Verma.
Realtor Lodha Group’s Managing Director & CEO Abhishek Lodha said “the Budget has unleashed the forces of growth in the country” while continuing to support India’s middle-class in improving their prospects and realise dreams of a better life.
“The government has not only focused on creative, productive capital expenditure and growing our infrastructure. But, it also puts money in the hands of the hardworking Indian consumer. With both these steps together, it will unleash and sustain India’s growth trajectory and help it overcome the challenging global conditions,” feels Lodha.