Budget Reaction 2023 from Industry Leaders

Budget Reaction 2023 from Industry Leaders

Reaction from Tata Steel CEO & MD's comments on Union Budget 2023-24

The finance minister has presented a high-quality budget that focusses on increasing capital expenditure to build infrastructure while at the same time not compromising on the fiscal discipline that is so essential in an era of rising interest rates.

The finance minister has also taken multiple actions to support the agriculture sector and the rural economy. The focus on health expenditure also assuages concerns of the underprivileged sections of the society about unplanned medical expenditure.

There is also a more holistic focus on logistics with significant investments in the Railways as well as proposed work on coastal shipping.

The budget also assigns resources for the long-term and important transition to a greener future.

The support to the tourism sector and to MSMEs were also much needed as these sectors suffered the most during covid.

Overall, a very comprehensive budget which has something for everyone.

Reaction from Mr. Anil Agarwal, Chairman Vedanta

“This Budget is one of the best budgets ever, truly inclusive and addresses the aspirations of every section of society. It empowers India’s 1.4 billion people as drivers of the India story. I compliment the PM and FM for the long term vision that was laid out in the Budget speech as well as the many progressive announcements, like increased outlay for capital expenditure, incentives for the start-ups and MSMEs, green energy, a lower tax for the middle class and boost to tourism which will create massive jobs and reinforce India’s position as the fastest growing major economy in the world”

Reaction from Mr. Gopichand P. Hinduja, Co-Chairman, Hinduja Group

“When India is the lone shining star in the world facing threats of recession, Ms Nirmala Sitaraman has delivered a perfectly focused growth-oriented budget with massive capital investment outlays @ 4.5% of GDP while staying on track with the fiscal deficit reduction plan.

What is remarkable is 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.

The budget clearly reflects PM 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.”

Reaction from Mr. Dinesh Khara, Chairman, SBI

“The Union Budget is growth accretive, fiscally prudent and consumption supportive. The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth. Reasonable Government borrowing numbers will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption. Overall, the budget is forward looking and will support an inclusive economy.”

Reaction from Mr. Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank

"Budget 2023-24 is a well-rounded progressive & inclusive budget. The focus on important parameters like boosting consumption and inclusion is a welcome measure for our growing economy. The government has laid an important thrust on Capital Investment which will enhance consumption and create employment, both of which have been important areas of attention, especially post the pandemic. Allocation of the Budget to PM Awaas Yojana will further boost the housing sector. Support to MSME sector along with enhancement of credit guarantee scheme will provide much needed relief to the sector. The new slabs of taxes will further help boost economic parameters like consumption, thus providing more impetus to economic growth."

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."

Reaction from Mr. Jeetender Sharma, Managing Director & Founder, Okinawa Autotech

“Okinawa Autotech welcomes the government’s focus on sustainable growth under the spirit of Amrit Kaal. The elaborate focus on capital expenditure, infrastructure development, green growth, rural development health, education and skilling will support the nation to play a dominant role in the new world. We compliment Finance Minister for providing a big boost to green mobility. The exemption on custom duties on the import of capital goods and machinery required for the manufacture of lithium-ion cells will lead to faster adoption of electric vehicles in the country. This will further aid the development of an efficient EV ecosystem. Further, the push for the scrappage policy will support the overall growth of the entire automobile sector. The budget outlays the strong foundation for India’s long-term vision under ‘panchamrit’ and net-zero carbon emission goals for 2070 to usher in a green industrial and economic transition. We also believe that the relief in personal income tax will improve the consumer confidence & purchasing power in the country.”

Reaction from Mr. 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."

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