India Budget 2023 Highlights: The Union Budget 2023-24 put forth several proposals for the benefit of taxpayers which came as a huge relief to the middle-class, salaried people of India. Finance Minister Nirmala Sitharaman on February 1 presented the budget for this fiscal beginning April 1, 2023 in which one of the major takeaways was the announcement of simplified tax slabs and tax rebate hike.
The simplified tax slabs, however, fall under the new tax regime, which the FM said has been intentionally designed that way so that more and more people opt for it. Although people have been rejoicing over the decision, many are yet to navigate their way through the new regime. And since it will be the default tax regime, one has to be prepared well in advance. This budget also focused on raising capital expenditure, fiscal consolidation, and green growth.
The capital investment outlay has been increased by 33 per cent to Rs 10 lakh crore, which will account for 3.3 per cent of the GDP, the FM said in her budget speech. She added that the government remains committed to bringing the fiscal deficit down to 4.5 per cent of the GDP by 2025-26. The Budget also focussed on seven priorities, which Sitharaman called the “Saptrishis guiding us through Amrit Kaal”. Stay tuned with financialexpress.com as we bring you all the updates on Budget speech 2023.
Watch FM Sitharaman’s Budget 2023 speech from Parliament
Union Budget 2023 Highlights Live News: FM Nirmala Sitharaman Budget 2023 Top Announcements Live Updates
The Union Budget 2023-24 comes embedded with a strong sense of fiscal discipline and an aversion to profligacy and bankruptcy, noted industrialist Anand Mahindra said on Thursday. Taking to Twitter to share his views on the Budget, which was presented by finance minister Nirmala Sitharaman on Wednesday, Mahindra Group Chairman Anand Mahindra said: “First, the context is that India's the only major economy in good shape & the budget's task was to preserve that status. So I was gratified to see the higher capex. That's all about investing for higher growth.” He lauded the finance ministry for maintaining discipline and not giving up to profligacy. – PTI
The best part of the Budget presented by the finance minister was that it did not contain 'surprises', but took a dramatic bet on capex, while continuing the path of fiscal consolidation, NITI Aayog vice chairman Suman Bery said on Thursday. Describing the Budget for 2023-24 as 'responsible', Bery further said that it has maintained the focus on social sector schemes, especially on those related to women and tribal welfare. “The prime minister's stress on fiscal caution continued to guide the finance.” – PTI
Goa Chief Minister Pramod Sawant on Thursday hailed the Union Budget and said his government will pitch for the setting up of various centrally-sponsored projects in the state. Speaking to reporters, Sawant said his government will seek the establishment of the Artificial Intelligence Centre of Excellence, the Skill India Centre in Goa, among other initiatives. The Goa government will establish the National Hydrogen Mission here with the help of the Union government, as well as an organic farming centre in each district, he added. – PTI
'The roll-out of 5G services in October 2022 was a major disruption in the telecom sector, essentially since it opened the doorway to internet connectivity and dependent industries to register enormous growth. However, the service has so far remained limited to select regions in the country, which deterred it from fulfilling its purpose of accelerating digital growth. We are happy that the government has taken cognizance of this issue in Union Budget by announcing 100 dedicated labs to effectively develop 5G services in India. This move will expand the reach of the 5G network from an existing 50 cities to even the remotest corners of the country, which is a welcome step towards propelling the government’s vision of creating a ‘Digital India’,' says Sandesh Sarang, Revenue Director- India, Nepal, Bangladesh & Sri Lanka, Infobip.
It is a progressive and forward-looking budget as the Finance Minister made the announcement for all the major sectors to pave the path of economic recovery and growth. Her recommendations to promote digitization in education sector shows a futuristic approach towards teaching and learning to make world- class quality education available for all the students. Also skilling, upskilling and reskilling programmes will help boosting entrepreneurship in the youth of the country : Nirvaan Birla Founder of Birla Brainiacs
In Budget 2023, to realize the vision of “Make AI in India and Make AI work for India”, three centers of excellence for Artificial Intelligence will be set up in top educational institutions. This will provide large incremental values to several sectors like edtech, healthcare, agriculture, etc. It has great potential in various fields and creates an effective AI ecosystem. As a matter of fact, the more companies implement AI, the more job opportunities open up. The decision taken in Budget 2023 of setting up one hundred labs for developing applications using 5G services in engineering institutions is a very thoughtful one. The new generation of wireless is the new upgraded education and 5G Labs in universities will immensely contribute to the emerging and changing tech innovations. 5G peddling in many progressions such as EdTech, AR, VR XR, and Metaverse, can redefine classroom education, making it more interesting and meaningful by demonstrating complex theoretical concepts practically. This step will create new opportunities in research and experimentation that will drive economic growth and improve people’s lives : Vipin Vindal, CEO, Quarks Technosoft
The budget announcement on education by our Finance Minister today is a great initiative for the improvement in the sector. In today's announcement, Sitaraman ji has mentioned various new initiatives, especially setting up the artificial intelligence labs in the institution and opening of 100 labs on the 5G services across the country which is a primary necessity. When India intends to be the superpower of the world, it is required to invest in new technologies. 5G services and AI are the new technologies that the world is talking about and the government putting money into training the youth would give out a positive outcome. The new initiative named “Kaushal Vikas Yojana 4.0” is going to not only provide the basic skills required by the youth of India, but also to the entire Industry. Adding on to the announcement regarding the online training platform, which is also another remarkable move as it will help train a number of youth in a unique and faster way. Although the result orientation and the parts of skills improvement is yet to be seen, surely it's going to provide the impetus that is required by the education sector : Aman Mittal, Vice- President, LPU
Overall it is an excellent budget that will accelerate India growth as we start Amrit Kaal. The increase of capital investment outlay by 33% to ₹10 lakh crore for 2023-24 is a bold step. The doubling of spend on Railways, which is all electric now, is heartening to see. The cascading effect of infra spend coupled with reduced individual tax rates, will give a strong boost to consumption, especially for the Electrical & Electronics sector. The extra leeway given to States to encourage their capex, while maintaining link to Power Reforms, is also a great step. The allocation to Green Hydrogen, Ladakh RE infrastructure and Green Economy will accelerate our net zero and Energy self-reliance journey. There was no specific mention on acceleration of the T&D infrastructure, which will also be critical. All in all, an excellent budget that will position India as the fastest growing economy : Rohit Pathak, President, IEEMA and CEO, Birla Copper (Hindalco Industries Ltd)
The Budget presented by FM Nirmala Sitharaman builds on the excellent Budget from last year, continuing the trend towards more productive expenditure. Like the rest of India, we welcome Budget 2023 with open arms. With easing capital gain taxation and carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years, the country could become an innovation hub to many more startups this year. Entrepreneurship is vital for a country’s economic development. India is now the third largest ecosystem for start-ups globally, and ranks second in innovation quality among middle-income countries. The several supportive policies for startups in Budget 2023 by the Finance Minister will help to scale up the operations to a greater extent and create a boom for the startup ecosystem across the country : Yulia Aslamova, Head of Asia, DRIM Global
We believe that the latest budget presented by the government strikes a balance between fiscal prudence and supporting growth. The allocation of INR 1.97 trillion for infrastructure development, including highways, ports, and airports, is a positive step toward job creation and stimulation of demand in various sectors. The allocation of INR 15,700 crore for the MSME sector is also a welcome move as it provides much-needed support to this critical sector that has been hit hard by the pandemic : Avinash G Singh, Senior Vice President – Investment Research, Aranca
The Union Budget 2023 has undertaken a series of steps to strengthen the fundamental pillars of the economy, including the financial sector. The Union budget has correctly highlighted the imperative for greater emphasis on innovation, research, and development, which are crucial to helping India reach the aspirational goal of becoming a $5 trillion economy. Focusing on the amplification of emerging technologies that can help create a world-class technology ecosystem : Kanav Kalia, Chief Sales & Marketing Officer at Oxane Partners
Starting next year, those with an annual income up to Rs 7 Lakhs will not have to pay any tax. Anyone earning Rs 7 Lakhs or less will be eligible for no tax deductions. So, the Rs 5 Lakhs limit earlier is now Rs 7 Lakhs in the new regime: TV Somanathan, Union Finance Secretary pic.twitter.com/Jlk6jTrXUa
— ANI (@ANI) February 2, 2023
For Budget we had 3 things in mind-1) India's GDP growth remains high, if global recession comes growth rate remains high2) While it's done,nothing should happen in our economy causing instability3) Govt do something for people who aren't taken care of by market economy: Fin Secy pic.twitter.com/pVOhU3S5Hy— ANI (@ANI) February 2, 2023
It is a progressive and forward looking budget as the Finance Minister made announcement for all the major sectors to pave the path of economic recovery and growth. Her recommendations to promote digitization in education sector shows a futuristic approach towards teaching and learning to make world- class quality education available for all the students. Also skilling, upskilling and reskilling programmes will help boosting entrepreneurship in the youth of the country : Nirvaan Birla Founder of Birla Brainiacs
The budget has a lot of right ideas, which make this quite opportune for sustained growth of the economy. With global headwinds, it is heartening that the focus is on modernizing the economy, and while the long-term investments have not been ignored. Thrust on digital, AI, and formalization of commerce would bear fruit as new business models and entrepreneurship would evolve and take benefits from the same–fueling overall growth. From the perspective of tech and consulting, we believe it will unlock many opportunities to transform Indian businesses and the governance transformation would only propel this further. With slowing down global markets, this should allow the Indian IT industry to pivot in a significant manner, with capabilities, innovation and IP becoming drivers of growth rather than cost arbitrage : Manish Godha, Founder & CEO, Advaiya Solutions
The Union Budget 2023-24 presented by the Finance Minister reiterated the importance of Entrepreneurship for a country’s Economic Development. India still proudly holds the position of the ‘3rd largest ecosystem for startups’ globally and ranks ‘2nd in innovation quality’ among middle income countries. And I positively believe that the ranking for innovation is going to go up in the next few years – thanks to the Pradhan Mantri Kaushal Vikas Yojana 4.0 which seeks to further entrepreneurship in the country by focusing on skilling lakhs of youth in new age courses like Coding, AI, Robotics, Mechatronics, IOT, 3D Printing and Drone technology : Mr. Vittal Ramakrishna, CEO and Founder, POD World, A full stack fundraising platform
Finance Minister Nirmala Sitharaman will hold a meeting with the BJP MPs on Friday to brief them about the budget ahead of the 2024 Lok Sabha elections. The briefing, as per ANI, will be held at 9 am at the Balayogi Auditorium in Parliament Library Building. All the MPs have been informed.
As per PM Modi's vision, when nation celebrates 100 years of freedom, every Indian would be able to proudly say that they're citizens of India – the biggest economic power. The most important aspect is that it (Budget) has a vision for the next 25 years: UP CM told ANI
It is encouraging to see the Indian Government's strong and rounded commitment towards promoting research and innovation, education, literacy, skilling, employability and job creation in the Union Budget 2023. This will truly help leverage India's demographic dividend and build a strong, competitive, and future-ready youth. We are particularly excited to see the special focus laid on setting up facilities for research and centers of excellence. The establishment of National Digital Library along with availing non-curricular books in regional languages is another step in the right direction. It will improve literacy among children and adolescents. Aligned with the Government’s vision of ‘Atmanirbhar Bharat’, we are happy to see the government’s continued and strong impetus on skilling, employability, and job creation. It will help our youth unlock their full potential : Ritesh Kumar, Country Lead for Wiley in India
Interestingly, the Finance Minister has made annual income up to Rs 7 lakh tax-free by increasing the rebate limit. But what about those earning Rs 7.5 lakh or Rs 8.5 lakh per year?
Read More: New Tax Regime Calculator FY 2023-24
Karnataka CM Basavaraj Bommai told ANI, “It's a growth-oriented budget. Rs 10 lakh crore investment in the capital sector will generate employment and 5 trillion dollar economy can be achieved through this budget. There is a huge benefit for Karnataka in this budget.”
#unionbudget | Nothing is being done in the interest of people. Nothing has been done for poor states like Bihar.There was a provision of Rs 73,000 Cr in MNREGA in 22-23 but it has been reduced to Rs 60,000 Cr. Budget of PM Kisan Samman Nidhi also decreased: Bihar CM Nitish Kumar pic.twitter.com/0wpk88NQHJ— ANI (@ANI) February 2, 2023
It is really great to see how environmental sustainability has been one of the top 7 priorities in this budget. The Pro-EV budget focuses on much-needed initiatives such as Customs Duty reduction from 21% to 13% on capital goods and machinery required for Lithium Batteries and an extension of the subsidies on EV batteries for one more year. This will certainly encourage each EV manufacturer to contribute to Government initiatives to achieve mass EV adoption by 2030. This will also encourage investments in the EV sector which help new players to continue with innovation: Anmol Bohre, Co-founder & Managing Director of Enigma
The announcements for tweaking customs duties in certain sectors and measures to support MSMEs will help in boosting domestic manufacturing and the country's outbound shipments, said exporters, reported PTI.
The Indian government's clear focus on infrastructural development is evident in the Union Budget 2023, in line with Prime Minister Narendra Modi's long-term vision for India@100. With a 33 percent increase in capital spending, the allotted amount of INR 10 lakh crores now represents 3.3% of India's GDP. The highest-ever capital allocation of Rs 2.4 lakh crore for the railway sector and the announcement of 100 crucial transport infrastructure projects will greatly strengthen first and last-mile connectivity and facilitate increased efficiency in logistics and supply chains: Lalit Das , Founder 3SC Solutions
The International Road Federation (IRF) welcomed the increased allocation of Rs 10 lakh crore as capital expenditure in Union Budget, saying it will help boost logistics and connectivity across the nation. IRF in a statement also welcomed the thrust of the Budget on seven growth engines of PM GatiShakti, including roads, railways, airports, ports, mass transport, waterways and logistics.
Various schemes were announced in the Budget this year for the benefit of MSMEs. Apparel Export Promotion Council (AEPC) Chairman Naren Goenka told PTI, “The announcement to cover more sectors under the PLI scheme and support to the MSME sector will help thrust exports and investment in the country. Rs 9,000-crore corpus for a revamped credit guarantee scheme will surely alleviate the stress of small and medium enterprises in India.”
The Swadeshi Jagran Manch has expressed dissatisfaction over lowering of income tax rate applicable on high-net-worth individuals, saying the government should have revoked passports of the super-rich leaving the country citing higher tax rate instead of giving them such a relief, reported PTI.
Congress leader P Chidambaram on Thursday said that in the “hullabaloo” over the old and the new tax regimes, the importance of personal savings in a developing country has been “jettisoned”, reported PTI. The report further said Chidambaram asserted that in the absence of a state-provided safety net for the vast majority of people, personal savings is the only social security.
We are quite pleased with the variety of steps the government has made to support startups. India currently has the third-largest startup ecosystem in the world and is second among middle-income nations in terms of innovation and quality. As a sports venture, we anticipate government-sponsored sports initiatives like Khelo India. This spending plan will undoubtedly support new businesses in the nation : Akhilesh Reddy, chairman & MD at Indian Racing League
At the Union Budget, Nirmala Sitharaman highlighted the importance of amplifying the vision of ‘Make AI in India' and 'Make AI Work for India’. This has garnered a lot of positive reactions from the AI and digital industry.
Read More | Budget 2023: Industry expresses optimism over AI-based developments
The budget focuses on 'green growth,' which includes boosting the use of clean energy, and reducing pollution. This is a crucial step towards a greener and sustainable future for the country and will play a significant role in reducing the carbon footprint. This announcement will accelerate the adoption of EVs in India, boosting the manufacturing of electric vehicles and components, and also supporting the development of charging infrastructure. We are excited to make a difference in our country by promoting green mobility. We aim to make cost-effective EVs while also helping the environment : Setul Shah , Founder at RunR Mobility
The budget is forward-looking, aiming to cater to the next 25 years, and aims to boost economic growth while covering a wide range of sectors, including agriculture, digitalisation, green energy, and catering to all economic classes.The budget aims to focus on infrastructure development, with 50 new airports, helipads, and aerodromes being the government's priority. The budget also caters to the youth, with a plan to launch Vikas Yojana 4.0 that includes setting up 30 skill India International Centers and providing a stipend to 47 lakh youth in three years. The agriculture sector is also given attention, with the allocation of INR 79,000 crore for the Pradhan Mantri Awaas Yojana. In a nutshell, the budget happens to be a comprehensive and well-thought-out strategy for a better India, one catering to all the sectors, assuring collective progress and most importantly it is a people-oriented budget constituting to a better lifestyle for all individuals : Mr Hemant Sood, Founder at FinDoc
#watch | Around Rs 2,35,000 crore have been alloted to Railways. Is this for the employees or for new recruitments or is it just for the modernisation of Railways before selling it to private companies : Chhattisgarh CM Bhupesh Baghel pic.twitter.com/lIF94y1DF8— ANI MP/CG/Rajasthan (@ANI_MP_CG_RJ) February 1, 2023
Customs duty has been exempted on capital goods imported for manufacturing lithium-ion batteries to boost EV domestic production. These steps will go a long way to boost the EV sector in India and the automotive sector at large which is still recuperating from the pandemic losses.
Read More: Budget 2023 – Revving up the engine: Manufacturing sector braces for growth
Karnataka Congress chief DK Shivakumar told ANI that he is not happy with the budget 2023. He said that Nirmala Sitharaman being from Karnataka would give boost to the state but nothing was done.
Reacting on the budget, Vikas Gupta, chairman and managing director of Miles Education, said, “I am pleased to see the focus on education and skilling in the Union Budget '23. The government's initiatives, including the setting up of three centres of excellence for Artificial Intelligence in top educational institutions, the launch of Pradhan Mantri Kaushal Vikas Yojana 4.0, and the creation of a unified Skill India Digital platform, will greatly benefit the youth of our nation. These initiatives align with Miles Education's mission to empower and equip the next generation of professionals with the skills and knowledge they need to succeed in their careers. However, despite all the steps taken to promote the digital ecosystem, the GST rate on educational and training services, which includes PG certifications and executive programs from any institution, private or public remains unchanged. This continues to form an entry barrier for the workforce to become future-ready. All in all, we look forward to supporting the government in realizing its vision of “Make AI in India and Make AI work for India” and helping the youth of India reach their full potential.”
Commerce and Industry Minister Piyush Goyal has said that announcements in the Budget like extending the period of incorporation of eligible budding entrepreneurs for providing tax incentives, would provide a lot of support to further strengthen the country's startup ecosystem.
(Opposition) can do discussion on any topic. Constructive suggestions regarding the budget and President's address should be given. I appeal (to Opposition) to let the House function smoothly: Parliamentary Affairs Minister Pralhad Joshi told ANI.
“This optimistic Union Budget of Amrit kaal is groundbreaking in itself, setting a clear ground for reformation by proposing 100 critical infrastructure projects with an investment of 75,000 crores for last and first-mile connectivity for ports, coal, steel, fertilizer, and the food-gain sector. The government has allocated 2.7 lakh crore to the Ministry of Road Transport and Highway, signifying its focus on extensive connectivity which is going to further boost the logistics industry,” says Yash Jain, Co-Founder and CEO at NimbusPost.
The Rs 35,000-crore capex allocation for energy transition announced in the Union Budget will have multiplier effect in areas like green fuel, green energy, green farming, and green mobility, among others, power sector players said. The industry has long been advocating harnessing Ladakh's higher solar potential, and allocating capital to create evacuation infrastructure to boost the industry. The GOBARdhan Scheme for promoting a circular economy with a total investment of Rs 10,000 crore is another landmark step and will give a fillip to greening the economy, he said. – PTI
Union Finance Minister Nirmala Sitharaman on Wednesday announced a Rs 4,692-crore outlay for the Ministry of Information and Broadcasting for 2023-24 as against Rs 4,182 crore in the revised estimates for the last fiscal. The allocation to the government's autonomous body, Prasar Bharati, has been increased to Rs 2,808.36 crore from Rs 2,764.51 crore allotted to it in the last fiscal. – PTI
'The Budget 2023 announcement brings forth a bright opportunity for the innovative minds in India. The government’s initiative to promote pharmaceutical innovation in the country by leveraging centres of excellence is encouraging, and will provide impetus for public-private partnerships to emerge and deliver high-quality products for India and the world. We applaud the government’s efforts to promote education, medical research, and are enthralled by its decision to increase the capital investment outlay for a consecutive third year, which is guaranteed to attract private investments, helping the pharmaceutical and ancillary industries achieve true growth,' Dr. Deepak Birewar, Chairman and MD, Inventys Research Company
'A new chapter in India’s travel and tourism industry is set to begin as the Budget 2023 announcement comes to a close. The positive outlook for the industry displayed by FM Nirmala Sitharaman early on in her speech is highly commendable, taking up the agenda for promoting tourism in the country on “mission mode,” and will play a vital role in reviving the landscape of tourism in India. The initiative to provide additional infrastructural support with fifty new airports, heliports, water aerodromes, and advanced landing zones in India, along with the simplification of registration and overall regulations under the GIFT IFSC will pave the way for new entrants in the aviation industry, which has experienced increasing demand both domestically and internationally. Theme-based tourist circuits and introduction of ‘unity malls’ by states to promote locally manufactured goods is yet another move that will result in revitalising the tourism industry, along with providing multiple opportunities for employment generation and entrepreneurship. Moreover, the introduction of the new Income Tax slabs will avail newer and better opportunities for people to travel and discover India’s rich diversity,' says Nishant Pitti, CEO and Co-founder, EaseMyTrip.
“The 66% increase in the allocation to Prime Minister Awaas Yojana to Rs 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,” says Samir Jasuja- Founder & CEO- PropEquity.
“Changes in income tax rates, including exempting income up to INR 7 lakh under the new tax system and rates, will undoubtedly benefit the middle class. However, it remains to be seen whether the real estate sector will have a collateral boost,” he added.
From Shiv Sena faction headed by Uddhav Thackeray to the DMK, several regional parties called the Union Budget 'disappointing'. They said that the Modi govt of taking away states' resources and shortchanging them in their allocation. Similar views were expressed by the Left.
“We are elated at the government's recognition of skill development and education, as an organisation that strives to encourage these values. Arranging for new Skill India centres as well as a new Skill India platform can make the process accessible to every willing and interested student across the nation, along with providing them the proper avenues for on-field experience. The implementation of a pan-India apprenticeship scheme is another step in the right direction. As time flows, we will see the impact of these moves. The right aid and guidance from the government will surely take our nation's youth ahead,” says Abhishek Mitra, CEO and Founder of Indian Cyber Security Solutions
'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,' says Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India.
Sukhbir Singh Badal, president of Shiromani Akali Dal, calls Union Budget 2023-24 as one against farmers. Nirmala Sitharaman has disappointed rural poor and youth, besides failing to do anything to revive the agricultural and the industrial sector in Punjab, says Badal.
“Union Budget 2023 seeks to build a blueprint for India’s 100th anniversary and has laid the groundwork for growth across several sectors, with a keen focus on upskilling. The government’s steps to skill lakhs of youths in advanced technologies will help in large-scale job creation that will in turn fuel the next chapter of growth for India. The revised tax slabs will also immensely benefit the common man by providing more disposable income, leading to higher spending which will move the wheels of the economy,” says Amit Jain, Co-founder and CEO, CarDekho Group.
'The Union Budget FY23-24 is an extremely progressive and inclusive one with a huge focus on infrastructure and capex growth while maintaining the fiscal consolidation path. With fiscal deficit being reduced to 5.9% whilst providing an extremely bullish capex investment of Rs. 10 lac crs (highest ever); will in effect convert revenue expenditure to capital expenditure which has a higher multiplier effect. It will also mean net borrowing by the Govt being lower than anticipated at Rs. 11.8 lac crs and that augurs well for the bond market and the corporate sector as a whole. Moreover with tax relief at an individual level would mean an additional Rs. 35,000 crs available for consumption. Fuelled by ease of doing business related policies and regulations, this will bolster growth especially in the highly regulated financial services space. For a category like general insurance, these macro-economic indicators would provide the much-needed thrust for bridging the penetration gap in the country.
There are some pertinent developments that will enable growth for the industry in the longer horizon. The focus on tourism will pave the way for not just generating employment and investments but also travel insurance in the long term. We have always been zealot about capacity and capability building in health arena and Govt setting up nursing colleges is a positive development. Infact I believe the CoE on AI being set up could be a game changer with access to right talent pool in India. On the auto front, the old vehicle and ambulance scrapping policy is a step in the right direction. Overall, the budget this year has been growth oriented while also being fiscally responsible which is laudable,' Bhargav Dasgupta, MD & CEO – ICICI Lombard
'The budget has ushered a slew of initiatives by emphasising the National Education Policy's skilling outlook. We welcome the move and expect public-private cooperation to meet the goals of this initiative, accelerating India's transition to an Industry 4.0 economy. The three AI centres of excellence to enable 'Make AI for India' and 'Make AI work for India' will benefit the development of digital infrastructure and skills in India. At a time when skilling and reskilling are critical for India's youth, the government's recognition of the need for skilling is an encouraging move for the Higher Education and H.EdTech sectors. However, we continue to believe that lowering the GST on professional learning programmes would have made modern learning more accessible and affordable, assisting millions of learners in becoming future-ready,' says Anish Srikrishna, CEO, TimesPro.
'The Union Budget 2023 places a strong emphasis on environmental responsibility. The ‘Panchamrit’ initiative is aimed specifically at achieving net zero carbon emissions by 2070, thus contributing to the green growth of the nation. Continuing to provide impetus for EV adoption in India, the government has taken robust steps through exemptions on customs duty levied upon the machinery imported for the manufacture of lithium-ion cells for EV batteries. The budget has also adequately covered infrastructure development by allocating INR 75,000 crore, including private investment, towards improving first- and last-mile delivery. As a part of the logistics sector, we are extremely elated at the announcement of these provisions, since they will help solve the current connectivity issues facing the industry while building a more sustainable future for logistics, where efficiency and environmental responsibility come together to form a sustainable ecosystem,' says Zaiba Sarang, Co-founder, iThink Logistics.