Post Budget Reaction by Archisman Misra, Founder, StudioBackdrops.com
It is a progressive and forward-looking budget as the finance minister made changes for all the major sectors to grow and contribute to economic recovery. Her proposal to extend the period of incorporation of eligible startups by one more year for providing tax incentives will benefit the startup ecosystem. This budget comes amid a funding winter and extending the deadline for incorporation will bring many more startups under the tax incentive schemes and increase their runway.
FM’s announcement on extending the benefit of carrying forward losses on a change of shareholding from 7 years to 10 years is also a very progressive step. This will allow the startups to maintain a healthy financial picture and not interfere with seeking out other government benefits like loans under the Startup India scheme. This move will further encourage budding entrepreneurs in the country to come up with innovative ideas to launch new businesses and boost the startup ecosystem.
Ms Eshita Surana Poddar & Ms Priyanka Surana Bardia, Directors, Aakash Aath
“The 2023 Budget presented by the Union Government is Youth Centric and is wholeheartedly committed to make India a self-reliant and an environment friendly country. Rendering recognition and economic assistance to the traditional artisans and craftsmen of India will undoubtedly contribute towards an inclusive development. Post the phase of prolonged pandemic the Central Government’s special emphasis on accelerating the influence of high level Artificial Intelligence in all the important areas is a radical approach. It is going to involve minimum resource utilisation with a fast, maximum and an effective output. Lastly, the lowering of income tax rates provided would significantly benefit the people at large.”
Mr Nandan Mall, Chairman & Managing Director, Hulladek Recycling Pvt Ltd
“Very happy to see the focus on the solid waste management treatment and processing facility. Also happy to know about the initiatives taken in the waste 2 energy sector”.
“We welcome this robust support from the Government in this #AmritKaalBudget. The entity wise Digi-locker will help in easing the process of digital applications. The infusion of ₹9,000 crore in the revamped Credit Guarantee Scheme is enabling MSMEs with an additional collateral-free credit of ₹2 lakh crore thereby plugging working capital gaps for small businesses”.–Sarosh Amaria, Managing Director, Tata Capital Financial Services Limited.
Girish Singhania, CEO, EduBridge -The Union Budget of 2023 echoes the attributes of an emergent circular economy that will benefit the nation, giving citizens the impetus of putting India on global charts. The budget spurs a pro-growth movement encouraging widespread digitization and skilling in every walk of life.
1. The government has thoughtfully galvanized the importance of financial literacy. They have allocated a budget to formal academic institutions to educate the youth on the fundamentals of finance.
2. Communication is key to growth, and the ability to communicate stems from being informed and aware of what is happening around us. To make up for the lost education during the pandemic, the government has announced the commencement of Digital Libraries, which will give readers access to age-appropriate content for curricular and non-curricular spheres. The youth get access to age-appropriate content that will enable mental growth and empower them with knowledge outside of textbooks.
3. The digital divide has limited faculty in many ways. By allocating a sum to train instructors to equip themselves for a digital academic environment, we are a step closer to minimizing the divide.
4. Skilling is an attribute recognized as crucial to progressive advancements made by the nation. Since the government has furthered the development of the digital infrastructure, there is an enhanced requirement for the youth to be digitally literate by upskilling themselves in spheres of Programming, AI, Robotics, IoT, and more. This also means that the government is promoting education in a digital environment and aligning India with international academic processes. Our youth also need to be aligned with the global workforce requirements.
5. AI has been a topical subject in recent times. The emergence of three AI Excellence Centres has been set up in prominent universities to enhance the educational experience and research of other areas of development. The government has made a future-forward move by inducting AI into the academic environment.
6. By relaxing the norms on educational loans and revoking the importance of skilling, the Pradhan Mantri Kushal Yoga Fund 0.4, comes with a renewed policy encouraging learners to fulfill their skilling ambition.
7. International Central Unified Skill India Program gives the skilling impetus an international flavor that will encourage quality skilling initiatives across sectors.
8. Up-skilling and re-skilling are also encouraged in governmental departments.
9. The government offers support and encouragement to workforce development platforms as they skill youth and align them to favorable job opportunities. This is a must-have in times when lay-offs are making headlines. Workforce Development platforms have the ability to change the narrative.
10. By equipping Engineering College with 5G centers, we are all set to enhance the educational experience in a digital environment.
In a nutshell, the Indian Union Budget of 2023-24 jeers towards sustainable development and furthers digital and financial literacy in an effort to uplift the nation’s GDP.
“The increase in basic Duty on Toys and parts of Toys (other than parts of electronic toys) to 70% is a boost to Domestic Manufacturers and will help in India developing into a manufacturing hub for toys, as envisaged by our Prime Minister”, said Mr. R Jeswant, CEO of Funskool India Ltd.– Mr. R Jeswant, CEO, Funskool India Ltd.
Prof Manoshi Roychowdhury, Co-Chairperson, Techno India Group
The Union Budget should also provide assistance to all the private schools to implement NEP-2020 for extensive training and orientation to the teachers in line of NCF 2022 ( Foundational) and NCF for Other Classes upto XII. I feel that the government should also focus on to run skill education successfully by the Pvt Schools to support Resource utilization and employability skills.
Mr. Tushar Choudhury Founder & CEO, Motovolt Mobility Pvt. Ltd
The Union Budget for 2023-2024 has a strong focus on green growth and sustainability. The “Green Growth” priority sector is a step towards India’s resolve to achieve Net Zero by 2070. The government has granted infrastructure status to the EV sector, paving the way for easier access to credit for companies making EV components. This will reduce production costs and help expand India’s manufacturing capabilities in this sector. The scheme announced to scrap old vehicles and replace the old polluting vehicles will encourage more people to switch over from petrol/diesel cars to electric ones. The Indian Government is committed towards introducing green mobility solutions such as e-rickshaws, e-bicycles and other clean energy transport systems in cities across the country with an emphasis on green growth with focus on green fuel. We are delighted to see such initiatives included in the Union Budget 2023.
Mr Nakul Himatsingka, Managing Director, Ideal Group
It is an excellent budget that will boost the economy and give more in the hands of the salaried. The increase in the allocation for the PMAY scheme is also a welcome move that should help further strengthen the affordable housing sector.
Mr Meghdut RoyChowdhury, Founder Offbeat & The Biryani Canteen
The 2023 Union Budget has been applauded for its focus on hospitality, education and innovation. It is a much-needed step to help the country move forward in terms of economic growth.
The budget has allocated funds for the hospitality industry which will help create more jobs and boost the economy. Similarly, it has also provided funds for education reforms that will improve access to quality education across India. Moreover, it has also encouraged innovation by providing incentives to startups and entrepreneurs.
Overall, this budget is a welcome step in the right direction and will be beneficial to all sections of society in the long run.
The 2023 Union Budget is a welcome move for the hospitality and education sectors. It has provided a much-needed boost to innovation in these industries, which will help create jobs and attract more investments. With increased spending on research and development, we can expect to see new technologies being developed that will improve the quality of life for many people. Furthermore, the budget has also allocated funds for improving access to quality education and providing better job opportunities in the hospitality sector. All in all, this budget is a great step forward towards achieving a brighter future for India.
Mr Abishek Bhardwaj, Chief Marketing Officer, Shristi Infrastructure Development Corporation Limited
In the current budget, the Government has given special focus on infrastructure development. The creation of the Urban Infrastructure Development Fund (UIDF), the proceeds of which will be used to create urban infrastructure in Tier 2 and Tier 3 cities, will boost the real estate sector. The outlay for PM Awas Yojana in which affordable housing will be provided to the urban poor, has been hiked by 66 per cent which will amplify scope of the industry. The increase in Income Tax exemption limit will leave more disposable income in the hand of the potential home buyer.On a whole, it is a people-friendly budget.
Mr Arya Sumant ,Managing Director, Eden Realty
We welcome the Union Budget 2023, it is both futuristic and inclusive. While no direct benefit has been provided to the real estate sector we believe the revised income tax rates and slabs will generate more disposable income for investment and purchase of residential property. Although additional fund has been allocated to PM Awas yojana but many other demands of the real estate sector to boost the sale and development of affordable housing has not been considered.
Ms Alison Barrett MBE, Director India, British Council
“The Union Budget 2023 focuses on education and skilling as key growth drivers for inclusive development; this is being addressed not only through the deployment of R&D and tech but crucially through teacher recruitment and training, and increased access to books and material to all corners of the country through the National Digital Library. Foundational literacy and access to education provided through skilled teachers has been highlighted as a priority in the NEP 2020, for India to effectively prepare its growing young population for the future. We are confident that these developments will accelerate the implementation of the NEP 2020, and we remain committed to partnering the government and education sector in India to enable young Indians.”
Mr. Debasish Dhar Group Vice President, Business Development, ILS Hospitals (GPT Healthcare Limited)
Overall good budget for the common man. Wish it benefits in the long run. Good to know about the thrust on medical education, research and education, but there should have been a deserved attention towards healthcare & health insurance including lowering taxes/GST, which was missed.
Mr. Rishi Jain, Managing Director, Jain Group
“Today’s national budget presentation showcases a positive approach towards the growth and development of India.
The budget has been structured with a focus on rationalisation and reforms, nothing surprising or Big Bang announcements are there, Rather, a careful calibration of a larger master plan seems to be in motion. Sustainable progress after all is more important that sporadic big reforms that shakes the financial infrastructure of the country.
The emphasis on taking on-ground feedback into consideration is commendable. MSME payment recovery and added priority to PMAY and 2nd house direct tax announcements are the largest announcements of this budget for the housing industry.
The budget caters to the common housing needs of the people and addresses their concerns effectively. The financial boost given to the real estate and infrastructure sector will significantly contribute to the overall development of the country and provide ample opportunities for growth and job creation.
Overall, this budget can be considered a well planned and thoughtfully calibrated step towards a brighter future for India.”
