Industry experts from various sectors have termed the Union Budget 2023-24 presented by Union Finance Minister Nirmala Sitharaman on Wednesday growth-oriented.
Airing his views on the Union Budget, Saket Dalmia, president, PHD Chamber of Commerce and Industry, said the finance minister deserves all praise for reducing tax slabs and thereby furthering economic growth by increasing the budget for infrastructure.
Dalmia pointed out that the credit for MSMEs sector has shown around 30 per cent growth.
“As the tourism sector holds enough potential to generate revenue for the government and also employment creation for the youth of our economy, establishment of new airports and new schemes in this sector are highly appreciable, he said.
Listing the government’s positive steps, he cited Dekho Apna Desh Scheme and 50 new airports to be built.
Earlier on Wednesday, Sitharaman presented the Union Budget 2023-24 in Lok Sabha. This was the third time in a row that the government presented the budget in a paperless form.
Meanwhile, industry experts have also welcomed the various initiatives announced in the Union Budget 2023-24.
Hailing the Union Budget, Yogesh Mudras, managing director, Informa Markets in India, said the Union finance minister delivered the Budget with a long-term focus and has rightly supported and tabled many enablers for several industries. It has infused new energy in the middle class as the tax structure has been eased under a new tax regime, he said.
“Hence, the budget 2023 is a big boost for domestic manufacturing, job creation and ease of doing business. With a clear focus on inclusive development, infrastructure and investment, green growth, youth power and the financial sector, the government has increased the capital investment outlay by 33 per cent to Rs 10 lakh crore,” he said.
Reacting to the Union Budget, Archit Gupta, managing director, King Koil India said in this budget, the government has taken a wonderful step by increasing the income tax slab and thus empowering the middle class by putting more money in their hand. “This money will only be infused into the economy by creating demand in the market, mostly in the retail sector, ” Gupta said.
Welcoming the initiatives announced in the Budget, Wayne Ferrao, chief strategy officer, Sirius Cleantech Private Ltd said batteries have been a major component that have been inflating the cost of EV’s and the reduction of customs duties on capital goods imported for the manufacture of Lithium-ion batteries is welcome.
“This is a great boost to the manufacture of batteries in the country and will boost the creation of the domestic EV ecosystem taking us towards self-reliance in this area,” he said.
Reacting to the Union Budget, S Sunil Kumar, president, Henkel India, said the Union finance minister has adopted seven priorities in the well-organized Union Budget for FY2023-24, which include inclusive development, green growth, youth power, financial sector, and last mile infrastructure.
Kumar said the simplified tax structure and the raising of the tax exemption slabs are welcome as they put more money in the hands of the consumer. “We also appreciate the reduction in basic custom duty rates on goods other than textiles and agriculture, from 21 per cent to 13 per cent,” he said.
Highlights of the Budget presented by the Union Finance Minister included big incentives under the new income tax regime. The IT rebate limit in the new regime has been increased from Rs 5 lakh to Rs 7 lakh and the new tax regime will be the default tax regime, the Union Finance Minister said. Capital expenditure outlay has been increased by 33 per cent to Rs 10 lakh crore, accounting for 3.3 per cent of the GDP.