Shri Ashish Kumar Chauhan, MD& CEO, NSE
“This is a growth-oriented budget, one of the best in years, with a focus on both infrastructure and job creation, while reducing income tax for pretty much everyone, and lots of money to states. The fiscal deficit has been reduced from 6.4% to 5.9% of GDP, with a clear path to reach 4.5% in the next three years. The focus on infrastructure, as seen in the rising capex outlay from Rs7.5lakh crore to Rs10 lakh crore, combined with PM Gati Shakti and this Government’s ability to execute, would be visible through roads, railways, ports, and airports and would translate into demand for basic materials like cement and steel on one hand, and consumer goods from all sections of the society, jobs on the other.
The Budget would support growth and the Indian consumption story, keep us in good stead, given global headwinds in China and developed markets, and until the rest of the world eases.
Before the budget was presented, investors worried about a rise in capital gains. No change there has also created a positive reaction. Overall this is a very positive budget for the markets, with something for everyone. I give the Budget 10/10.”
Mr. Vijay Chandok, MD & CEO – ICICI Securities
The Union Budget is a testament to the government’s vision of achieving a technology-driven and knowledge-based economy, with strong public finances.
The government’s focus on capital allocation is a clear indicator of its intention of bolstering growth and employment in the country. We believe the increment in capital investment outlay for the third year in a row by 33 percent to 10 lakh crore will empower the government to create an efficient ecosystem that renders extensive growth and prosperity in the country.
The new proposed tax regime will provide major relief to all taxpayers, especially middle-class people, providing higher disposable income in their hands. This will enable them to explore more investment avenues and leverage the increasing prowess of the Indian economy. Further, the government’s decision of allowing SEBI to develop, maintain and implement norms and standards for education in the National Institute of Securities Markets (NISM) will enhance the competencies of functionaries and professionals in the securities market.
Mr. B Gopkumar, MD & CEO, Axis Securities
An extremely well-balanced budget focussed on growth driven by capital expenditure while giving an adequate push to rural welfare and agriculture. Government borrowing is well-calibrated, and it is a significant positive. The fiscal deficit target of 5.9% indicates a considerable degree of prudence. On top of this, relief to the middle class on the income tax front is the cherry on the cake. At this point, it is difficult to find any shortcomings. The budget has delivered on all the expectations very well. In the short term, we expect the markets to move higher on the back of pro-growth measures announced in the budget and less fear of the government crowding out private investments due to fiscal prudence shown by the government.
Mr. Anil G Verma, Executive Director, and CEO, Godrej & Boyce
“This is a balanced and inclusive budget that will provide further impetus to growth. The renewed thrust on investment in infrastructure will drive the productivity of our economy and generate employment. Our competitiveness in the global economy will also be improved through the thrust on research in fields like 5G services, AI and agriculture. Together with the initiatives to reduce the compliance burden and de-criminalize several regulatory provisions, it will improve the ease of doing business in India and attract fresh investments.
Measures to improve rural incomes and reduce personal income tax rates will deliver more disposable income in the hands of people, driving consumption. This will likely generate a virtuous cycle of fresh investments leading to higher employment, incomes, and productivity, further spurring consumption. The Green growth focus will orient the entire economy towards adopting sustainable practices in all areas and put us in a good position to play our role in the efforts to improve the future of our planet.
The key to the realization of the planned outcomes is effective implementation.” – Anil G Verma, Executive Director and CEO, Godrej & Boyce
Mr. Gopichand P. Hinduja, Co-Chairman, Hinduja Group Limited
“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.”
Ram Iyer, Founder and CEO, Vayana Network
Consistency is the key theme of Union Budget 2023
“The union budget of 2023 has been exceptionally consistent over the years in focus areas across Infrastructure, Agriculture, MSMEs, and ease of doing business.
The capital expenditure has been increased by 33% to a historic high of INR10 lakh crores, showing the government’s commitment to creating jobs and stimulating expenditure resulting in a multiplier effect pegging GDP growth at 7%.
Investments in the development of public digital infrastructure for agriculture, facilitating data embassies in GIFT City, expanding the use of Digi Locker, and setting up a National Financial Information repository signal towards the continued focus on digitization and broadening its access to the public.
Revamped Credit Guarantee Scheme for MSMEs is a significant move to support MSMEs’ who have been battered by Covid-related disruptions, the infusion of Rs 9000 crore into the corpus would undoubtedly benefit small business owners.
Concrete actionable towards ease of doing business in the form of PAN being a single identifier, reducing compliances, and decriminalizing provisions are legislative steps ensuring ease of doing business.
Overall, it is a promising budget that continues to build on the groundwork laid during the previous budgets.”
Mr. Sandip Chhettri, CEO Tradeindia.com
The Union Budget for the fiscal year presents a positive outlook for the MSME sector in India. The allocation of funds for credit support will help MSMEs access finance at lower interest rates and improve their ability to invest in growth. The government’s push towards digitization is also commendable, with a new scheme to provide financial assistance for the adoption of technology and automation. The measures to ease the process of doing business, such as simplifying the tax regime and reducing compliance burdens, will help MSMEs operate more efficiently and effectively. Additionally, the budget focus on skill development and entrepreneurship, with the announcement of new incubation centers and training programs for young entrepreneurs, is a welcome step. The outlook is optimistic for the big picture and the success will now hinge on effective implementation.
Mr. Rampraveen Swaminathan, MD, and CEO, of Mahindra Logistics Ltd
“We welcome this budget as it focuses on sustainable growth and infrastructure development. The announcement of setting up an Urban Investment development fund (UIDF) for Tier 2 and Tier 3 cities will provide a much-needed boost for smoother and faster logistics transportation and will further ensure greater connectivity in tier-2 and tier-3 cities. Identifying 100 critical transport infrastructure projects will have a positive impact on the nation’s last and first-mile connectivity. Additionally, the announcement of 50 new airports, helipads, and aerodromes will enhance the regional air connectivity across the country whereas the highest ever allocated capital outlay to Indian Railways will add to the smooth connectivity between different points of the country and easy and faster freight movement.”
Ravi Kumar, Founder & CEO, Upstox
“We are thrilled to see this budget’s well-balanced and forward-looking approach. From basic infrastructure to the environment, from fintech to education and upskilling, the budget covers it all and accelerates efforts to achieve inclusive and sustainable development.
In line with the government’s vision to strengthen financial inclusion, the establishment of the National Financial Information Registry is a welcome move. PAN as a common identifier will simplify the KYC process and also enhance the ease of doing business. For individuals, the increase in the income tax rebate from ₹ 5 lacks to ₹ 7 lacks under the new tax regime will leave more disposable income in the hands of individuals, and thus higher investment potential.
To encourage more retail investing and insurance adoption, we wish that the honorable FM would increase tax savings for investments and reconsider the proposal to discontinue the tax SOPs on mutual funds and insurance.
Initiatives for start-ups, technology, upskilling and financial literacy, will undoubtedly catalyze India’s growth. This is India’s moment on the global stage and our government is doing a fantastic job seizing this opportunity and realizing our country’s potential.”