A very comprehensive budget that has something for everyone: T.V. Narendran, MD and CEO, Tata Steel
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.
The best budget ever, truly inclusive for every section: 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”
The budget is forward looking and will support an inclusive economy.” : 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.”
Budget 2023 will have negligible impact those who are making gold jewellery in India itself: 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.”
A well-rounded progressive & inclusive budget: Mr. Chandra Shekhar Ghosh, MD and 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.”
