Budget 2023 Highlights: The best part of the Budget is….- What Niti Aayog VC has to say

– We welcome the government’s decision to allocate Rs 35,000 Cr for energy transition, & viability gap funding for battery storage. The steps will enable growth in renewable energy capacity additions & grid stability. Viability gap funding for a battery storage capacity of 4000 MWh can bring about a capex of around Rs 15,000 Cr leading to lower tariffs for storage-linked project bids. We also look forward to FM’s announcement for formulating a detailed framework for pumped storage projects which will prove a catalyst to the whole process : V G Anil, Head of Operations, ARENQ, battery manufacturer and distributor (for EV)

– The Budget presented is positive and growth focussed. The focus on Green Energy adoption through the Green Credit programme will be a welcome move. If this program is able to assist EV financing, we see this as being a significant boost to accessibility in Electric vehicles for a variety of mobility solutions. The increase in Capex budgets by 33% along with Rs. 35000 crore proposal for Energy transition are both welcome steps for the mobility space enabling greater scope for innovation and growth : Sakshi Vij, Founder and CEO of Myles Cars

The automobile industry has termed this Budget as growth-oriented, saying the proposed measures will drive sustainable yet inclusive growth at a rapid pace, reported PTI. Automobile industry body Society of Indian Automobile Manufacturers President Vinod Aggarwal told PTI that a 33 per cent increase in capital outlay with an effective provision of Rs 13.7 lakh crore will spur growth in the economy, resulting in a positive impact on the domestic automobile industry.

India Inc today described this budget as a road map for nation- building, growth-centric and fiscally prudent with continued focus on capex and inclusion, reported PTI. The report further quoted industry leaders saying that with vision, structure, and discipline it puts India on the path to become “the world champion”.

“The Union Budget 2023 maintains the country's robust growth engine with healthy growth predicted on all key metrics. It’s a positive and favorable budget, with the Government's emphasis on infrastructure, technology, and entrepreneurship boosting economic growth. On the other hand, farmer-centric programs, last-mile connectivity, and digitization will further contribute to the FMCG sector's multiplier effect.”

– Ahmed ElSheikh, President, PepsiCo India

Earlier Punjab was missing from Republic Day, now Punjab is missing from the budget. As a border state, we demanded Rs 1000 cr for BSF's upgradation, modernisation, anti-drone system, but nothing has been talked about in the budget: Punjab CM Bhagwant Mann

Finance Minister Nirmala Sitharaman's press conference has come to an end. The conference was held to clarify any doubts regarding the Union Budget 2023-24.

All central govt vehicles that are beyind 15 years of age will be scrapped. What needs to be replaced will be replaced. For states, if they need to replace state govt vehicles, those will come under the scheme. The aim is to get rid of the old vehicles purely for environmental purposes: TV Somanathan

TDS on online gaming was till now applicable on every winning game. But now that the TDS will be implemented, the Taxation will be applicable on net winnings and not on every win.

Revenue estimates in this budget conservatively assume tax buoyancy of only 1, that the commitment to 4.5% fiscal deficit was reiterated in this Budget shows that we believe we have the means and the ability to reach that target by 2025-26: Union Finance Secretary TV Somanathan

What reasons do they think this budget is not good enough? : Sitharaman asked this rhetorical question on Opposition calling the budget 'not good enough', and then casually chose not to respond.

In the last year's budget for sustaining livelihoods, we came up with a specific programe called PM Divine, and that was executed through the northeast council. That programme continues and it will take care of it. For handloom sector, the state govt will have to tag along either through a handicraft programme or they can either use it or they can ask for a dispensation from textile industries. It can be worked out: FM Sitharaman

There is no direct subsidy on any petroleum product. The petrol price would have an impact only if there is a major change in the tax system. The assumption in this budget is that there will be no subsidies on these products: FM

Private capital investment has been improving every year for the last three years. When you look at RBI surveys, there is a clear sign that many pvt companies are looking to enhance their capital investment. There are very clear signs of revival: CEA V Anantha Nageswaran

This budget gives a big leg-up to capital investment, it also attends to MSMEs as they are the engine of growth, it sustains capital investment and also gives a push to the private sector while also giving tax reliefs to individuals and middle class: Union Finance Minister

Wheat prices will get lowered which we shouldn't forget. The government has decided to release wheat into the market due to which the price of wheat will come down. Before the budget, we had already taken action to ease wheat prices. Income tax slabs that have been simplified are also a benefit for women: FM Sitharaman

The expenditure targets for Railways, highways and states are high because a lot of projects are lined up that will require that kind of amount: TV Somnathan

The Finance Minister further stated that the new taxation regime has fresh incentives, and attractions so that people are attracted to move from the old tax regime to the new tax regime. “We are not compelling anyone. But the new one is now attractive as it gives greater rebates,” she said.

Highlightintg the effort to create jobs, FM Sitharaman said, “when projects are undertaken and money is utilised, how can these be completed without manpower? or jobs? Obviously, jobs are happening on the ground.”

MSMEs are engines of growth. We have given them back their securities, 95% of it even if they fail to deliver on contractual prromises during pandemic. Simultaneously we have given lot of push for MSMEs in private sector.

We have brought fresh changes to the new taxation regime that will compel people to opt for it. We have simplified it and nicely broken down the tax slabs: FM Sitharaman

FM opens press conference by stating four emphasis points from the budget including empowerment of women, more attention to rural areas, emphasis on tourism and training of youth, and green growth.

The Aam Aadmi Party on Wednesday questioned Union Finance Minister Nirmala Sitharaman's claim about doubling of per capita income since 2014, saying it is ‘Amrit Kaal' for Prime Minister Narendra Modi, not for the common people of the country, reported PTI. “Neither did the MSP of crops increase nor did the youth get employment. But this is Amrit Kaal for Modi ji. Nirmala ji is saying per capita income has doubled,” AAP's Rajya Sabha MP Sanjay Singh said via tweets in Hindi.

All-rounder budget from the FM – prudent and growth-oriented – with practically all segments receiving a positive touch! FM has managed to focus strongly on capex/investment and spur domestic consumption and still managed to bring down fiscal deficit to 5.9%. And all of this without bunging in any unreal numbers across govt. borrowings and govt. expenses/subsidies OR on tax revenues, divestment target, etc. I believe this budget is likely to create a multiplier impact on the economy. Specific focus on the Infrastructure sector through a massive outlay of INR 10L crore will have a positive impact across segments. Significant measures taken towards “ease of doing business”, including sweeping reforms through the National Data Governance Policy & skilling of our Youth, will aid businesses (across Micro, Small, Medium or Large) in improving their cost-competitiveness. Rural incomes will see a boost with the support provided through technology, value-added crop cultivation & increase in credit to agriculture & allied activities. Large-scale inclusion as well as efficiencies will come from digital initiatives announced across the board. And, job creation through all these measures, aided by reduction in personal tax will strongly aid domestic consumption and create a positive cycle for investments : Manish Kothari, President and Head –Commercial Banking, Kotak Mahindra Bank Ltd

Finance Minister Nirmala Sitharman will shortly hold a press conference to give clarity on the Union Budget 2023-24. Stay tuned with financialexpress.com for further updates

– Travel and tourism sector which is projected to hit 9.9% of the country’s GDP before the end of this decade, has suffered a lot during the pandemic so we were expecting more relief from the government for accelerated revival. The 4% hike in ATF price will increase the burden on airlines, impacting the end consumer. However, on the brighter side, the announcement of highest ever railway outlay at Rs 2.4 lakh crore will help boost affordable regional connectivity and logistics of cargo freights. Further, 50 tourist destinations being developed as a whole package for domestic and international tourism should attract more foreign tourists in the country. Overall, very encouraging to see intense focus on our sector : Sabina Chopra, Co-Founder & COO, Corporate Travel & Head Industry Relations at Yatra Online Limited

– We applaud Nirmala Sitharaman, Union Finance Minister, for presenting the Union Budget 2023, as it provides energy for India's economic growth. Although the world is in a recession, India is growing, and this is reflected in the budget. In a move that we hope will result in creative and affordable solutions for farmers' problems, it was announced by the finance minister that an agriculture accelerator fund would be established to support agri-tech startups in rural areas.This might encourage business owners and startups to turn ideas into chances for the agri-sector as a whole to expand, as well as enable accelerators to spend more money in the industry. The Finance Minister also recommended to extend the period of incorporation for income tax benefits to eligible start-ups by one more year, until March 31, 2024, in order to emphasize the importance of entrepreneurship for the nation's economic development : Ashish Bhatia, Founder, India Accelerator

HNIs impacted by the high surcharge have reasons to be happy. Mid income groups too. Essentially, income up to Rs. 7.5 lakh a year is now tax-free. This will boost sentiment of taxpayers at those income levels. Taxes may marginally reduce between Rs. 7 and 15 lakh on the new regime. Taxpayers now need to evaluate if they still need to be in the old regime. The new regime is going to be the way forward as the default option. The old regime with its brackets frozen in 2013 may not be enhanced anytime soon and hence are becoming increasingly tougher to stick to. Taxpayers can use an online tax calculator to understand which regime serves them the best. The new regime has no deductions barring standard deduction which has now been added. The old regime still allows deductions such as home loan, insurance, provident fund etc. but its 'real' rates are too high when adjusted for inflation, with the 30% slab essentially acting like a 40% one without bracket enhancements: Adhil Shetty, CEO, BankBazaar.com

Congress president Mallikarjun Kharge told ANI that the budget was presented by the Modi govt keeping in view the upcoming Assembly polls in 3-4 states. He said that there's nothing in the budget for poor people or to control inflation, and no steps for jobs and to fill govt vacancies.