Mr. Haresh Awatramani, Founder & CEO, of Beehive HR Solution –
“In a significant relief to the common man, the Modi government made five major announcements in the personal income tax space in the Union Budget. The tax breaks are clearly aimed at the hardworking middle class. According to current income tax slabs, a salaried employee earning up to Rs 5 lakh does not have to pay income tax under either the old or new tax regimes. The new tax regime has reduced this rebate limit to Rs 7 lakh. A new personal tax regime with six income tax slabs beginning at Rs 2.5 lakh was implemented in 2020. It is now proposed to reduce the number of tax brackets to five and raise the tax exemption limit to Rs 3 lakh. Income between 12 and 15 L is taxed at 20% under the new regime. The standard deduction benefit is proposed to be extended to the new tax regime. Under the new tax regime, the highest surcharge rate on income above Rs 5 crore will be reduced from 37% to 25%. The final significant change in personal income tax is the increase in the leave encashment exemption limit for non-government salaried employees from Rs 3L to Rs 25L upon retirement.
This will put more money in the hands of individuals for investments. The additional liquidity will also help to improve the economic scenario by increasing overall spending power. The youth have been given a considerable impetus to make strategic investments, and insurance will also significantly boost. The money saved by tax breaks is expected to be invested in health and life insurance. Overall, this budget has been very encouraging for Real Bharat.”
Saiyam Mehra -Chairman-All India Gem and Jewellery Domestic Council (GJC)
“We thank Honourable FM Shri Nirmala Sitharaman ji for presenting a well-balanced Union Budget 2023-24, focused on the spirit of Amrit Kaal. Key announcements such as Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime, increase in outlay of PM Awaas Yojana is a big relief for the middle-income group. However, the Gems & Jewellery Industry’s critical concerns are not addressed in the Union Budget 2023-24. While the Research and Development grant will be provided to one of the IITs for the development of Lab Grown Diamond seeds and machines, the other sectors of the industry have been ignored. The reduction in Gold Custom Duty in this Budget was our big expectation, which has severely hampered the industry and encouraged smuggling and grey market. GJC has been actively representing the reduction in customs duty of Gold over past many years. However, the Silver Dore Bars Custom Duty has been brought at par with Gold and platinum in this budget. This move will adversely affect the masses. GJC will continue to represent this important issue of the Industry. We are having a meeting with Honourable FM on 4th February at Mumbai, in which we shall once again stress upon the important concerns such as reduction in custom duty, EMI on Jewellery, Relief in Capital Gain tax and Gold Monetisation Scheme etc.”
Today, our FM Nirmala Sitharaman presented the Union Budget which according to many has the potential to sustain & grow the Indian economy in the times when the world is facing recession.
Prominent changes will be proposed with respect to startup development in the country, here is a take from the Founder & CEO of QuackQuack, Mr. Ravi Mittal on the Union Budget, “The Budget 2023-2024 comes bearing good news; it shows the economy to grow at 7% this year, which is the highest among all major economies, and we couldn’t be more optimistic. The focus on Startups in this year’s budget is certainly encouraging. As a young company with 22 million users, we are hopeful that the announcement regarding Startups will only take us further ahead. It is exciting to see that India will have more Centres of Excellence for the development of Artificial Intelligence to help make AI work for India. We understand that the Data Governance Policy will be brought out to unleash innovation and research and is expected to encourage startups, but it is still too early to say how and on what this will be implemented”
The finance minister also emphasized on growing the usage of renewable energy and use of EV products in the Indian market, on the same Mr. Pritesh Mahajan, Co-founder and CEO of Revamp Moto commented, “In the recently announced budget, GOI has taken key initiatives in boosting the Green economy. Specifically in the EV sector, reduction in custom duty on lithium-ion cells will help in incentivizing the product cost to end consumers. Thus, resulting in boosting the sales of EV’s. This will be further catalyzed by the government’s initiative of strict scrapping policy. We look at increased CAGR of EV sector in the FY 22-23”
The budget also holds the vision of empowering India as a manufacturing powerhouse of the world and the 33% in capex is a prior indication of the same. Sharing his views on budget implications Mr. Rajesh Shah, MD & Chairman of Eurobond comments, “We express our strong support for the visionary budget presented by Finance Minister Nirmala Sitharaman. This budget places an emphasis on the comprehensive development of the economy through targeted investments in infrastructure, micro and small businesses, and affordable housing. The allocation of 10 lakh crore rupees for capital expenditures will bring the Capex/GDP ratio to a historic high of 3.3%. Despite the potential for a slowdown in the global market, it is amazing to see how this budget supports India’s continued growth through the encouragement of investments in the manufacturing and export sectors, which will further lead to the creation of substantial employment opportunities. Overall, this budget masterfully balances the imperative need for growth and sustainability, keeping de-carbonization as a central consideration”
Our FM Nirmala Sitharaman also recognized the importance of technology, skill development and new innovations for the youth of the country in the Union Budget, all these initiatives will form the cornerstone for India’s success. Sharing his views on the same, Mr. Rishabh Khanna, Founder and CEO of Suraasa says, “The budget reflects the government’s commitment to improve access to quality education and to promote the use of technology. The establishment of three centers of excellence for AI will help advance ‘Make AI for India’ & ‘Make AI work for India’, fostering innovation and providing opportunities for students to learn the latest technology. The re-envisioning of teacher training programmes through innovative pedagogy, curriculum transaction, and continuous professional development will help address the challenges such as the shortage of qualified teachers and the lack of teachers’ career growth. The budget provides teachers with the resources they need to grow and succeed. This commitment to teacher growth will help ensure teachers are equipped with the latest knowledge and skills. The plan to set up 30 Skill India International Centers highlights the importance of skill development. These centers would also increase their chances of finding employment opportunities abroad. Moreover, the launch of PMKVY 4.0 under NEP 2020 would enable the youth to compete in the global job market and grow”
Adding to it, Ms. Ritika Kumar, Founder & CEO of STEM Metaverse says, “The emphasis of the government on past mile access is extremely encouraging for the edtech sector. This involves digitization of content and training and skill development becoming part of every sector. Coming to the k12 school education bit, “We are thrilled to see the government’s commitment to empowering students through innovative and futuristic learning solutions. The establishment of a National Digital Library for children and adolescents, physical libraries at panchayat levels, and a focus on teacher training are all steps in the right direction. As a company dedicated to providing cutting-edge edtech solutions, we are particularly excited about the plan to set up Centers of Excellence in Artificial Intelligence in top educational institutions. Additionally, the allocation for providing age-appropriate reading materials to inculcate reading habits is a step towards promoting literacy and lifelong learning. The commitment to establishing 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools over the next three years is a major boost for tribal students who will now have access to quality education and opportunities. With this budget, we see a promising future for education in India and look forward to supporting the government in its efforts to provide a brighter future for all students in the country”
Rajesh Rokde – Vice Chairman -All India Gem and Jewellery Domestic Council (GJC)
“While the Honourable FM has presented a well-balanced budget and revision in Income tax is a welcome move. The Gems & Jewellery Industry is deprived of their key budget recommendations such as Reduction in Gold Custom Duty, EMI on Gold Jewellery, Reduction in credit card commission levied by banks and many more issues are not highlighted in the Union Budget 2023-24. Gems & jewellery industry plays a very pivotal role in our nation’s GDP and we shall continue approaching the Ministry as this industry needs special attention towards our concerns and provide reliefs for the progress of the Industry.
Saiyam Mehra
Chairman -All India Gem and Jewellery Domestic Council (GJC)
“We thank Honourable FM Shri Nirmala Sitharaman ji for presenting a well-balanced Union Budget 2023-24, focused on the spirit of Amrit Kaal. Key announcements such as Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime, increase in outlay of PM Awaas Yojana is a big relief for the middle-income group. However, the Gems & Jewellery Industry’s critical concerns are not addressed in the Union Budget 2023-24. While the Research and Development grant will be provided to one of the IITs for the development of Lab Grown Diamond seeds and machines, the other sectors of the industry have been ignored. The reduction in Gold Custom Duty in this Budget was our big expectation, which has severely hampered the industry and encouraged smuggling and grey market. GJC has been actively representing the reduction in customs duty of Gold over past many years. However, the Silver Dore Bars Custom Duty has been brought at par with Gold and platinum in this budget. This move will adversely affect the masses. GJC will continue to represent this important issue of the Industry. We are having a meeting with Honourable FM on 4th February at Mumbai, in which we shall once again stress upon the important concerns such as reduction in custom duty, EMI on Jewellery, Relief in Capital Gain tax and Gold Monetisation Scheme etc.”
Rajesh Rokde Vice Chairman -All India Gem and Jewellery Domestic Council (GJC)
“While the Honourable FM has presented a well-balanced budget and revision in Income tax is a welcome move. The Gems & Jewellery Industry is deprived of their key budget recommendations such as Reduction in Gold Custom Duty, EMI on Gold Jewellery, Reduction in credit card commission levied by banks and many more issues are not highlighted in the Union Budget 2023-24. Gems & jewellery industry plays a very pivotal role in our nation’s GDP and we shall continue approaching the Ministry as this industry needs special attention towards our concerns and provide reliefs for the progress of the Industry.”
Ketan Kulkarni, Chief Commercial Officer, Blue Dart said, “This Union Budget is an extremely balanced and progressive one with an emphasis on inclusive development. It has a focus on urbanisation and digitalisation. We are delighted to see government’s responsiveness on adoption of green energy, equipment and mobility, which will push the sustainability agenda further. The budget features investments in identified one hundred critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors, these will boost the logistics industry. The INR 75,000 crore investment, including INR 15,000 crore from private sources is a welcome move in this direction. The budget also announced an increase of 33% on Infrastructure development, and a INR 10,000 crore fund allocation to urban infrastructure development. There is also an addition of 50 new airports planned to improve regional connectivity. The Budget also features the highest ever railway outlay of INR 2.40 lakh crore along with proposed Public Private Partnership (PPP) for coastal shipping and transportation needs, to enhance rural connectivity, thus addressing the needs of a rapidly growing economy.”
";
