Budget 2023-24: Unified Skill India Digital platform
Mr. Uttam Malani, Executive Director, Centuary Mattress
Budget 2023 gets the job done by continuing long term initiatives focused on job & infrastructure creation, continuing India’s push towards digitization & green initiatives. Expansion of the capex program, rationalization of income tax & rebate slabs, boost to growth engines such as railways, agriculture, etc. all stand to steer the nation towards short term growth & long term prosperity.
Ms. Aastha Almast, Co-Founder & Chief Business Officer, The New Shop
Entrepreneurship is crucial to a country’s economic prosperity, thus FM Sitharaman’s choice to place a high priority on job creation and youth empowerment is a shrewd decision for the 2023 budget; it will foster the development of young entrepreneurs. Launching a unified Skill India Digital platform would indeed be helpful in shifting focus on digital learning and creating demand-based formal skilling people, which will help with engaging with businesses, particularly in MSMEs.
Mr. Sudip Ghose, Founder and CEO, uppercase
We are elated with the Union Budget 2023 and seeing the center’s focus on the green economy, a lot of focus is given to the economy transitioning towards net zero and reducing carbon emissions. Honorable FM has mentioned the launch of Rs 2200 Crore for the Atmanibhar Clean Planet Programme. The initiatives in the sector will surely help businesses dealing in sustainability and working towards reducing their carbon footprints.
While speaking for benefits to the MSME sector, the center has guaranteed the credit for MSME, the revamped scheme will take effect from April 1, 2023, with an infusion of ₹9,000 crore corpus. We are looking forward to these initiatives and benefits being effective for the coming fiscal year.
Mr. Sharad Jain, Co-founder, Nutrabay
As the Finance minister said “Entrepreneurship is vital for a country’s economic development” India now has the third-largest startup ecosystem in the world. The government has supported startups with policies that have paid off. The government has announced to extend the benefit of carry forward of losses on changes in shareholding of start-ups from seven years of incorporation to ten years along with the extension of the date of incorporation for income tax benefits to start-ups from 31.03.23 to 31.3.24 which will benefit the startup ecosystem.
Mr. Vijay Yalamanchili, CEO of Keka – Leading HR tech platform for SMEs
“The budget for 2023 includes an exceptional people-focused agenda for addressing global challenges and fostering the economy. It is a well-balanced budget that also places a strong emphasis on capital formation and increases middle-class tax refunds. If we speak from the individual employee`s standpoint, the decision to raise the income tax slab from 5 lakh to 7 lakh is an excellent initiative. The government also made a significant declaration regarding startups in the industry. On a practical level, the tax holiday extension and permitting the carry forward of losses from 7 to 10 years on change of shareholding structure is a welcome initiative. Entrepreneurs were guaranteed transparency and support even though the main focus was on the key industries of agriculture, infrastructure, manufacturing, and transportation. Another welcome change is MSME to be allowed to make deduction on payment when it is actually made. It is a huge boost to the startup community.”
Tarun Arora, Director of Single Family Office at IG International
Agriculture credit target will be increased by Rs 20 lakh crore, an initiative that will benefit many of our country’s farmers. It will assist them in adopting modern farming techniques. This should help to increase agricultural demand. The government intends to invest Rs 2200 crore in high-value horticulture. This will aid in the growth of the horticulture sector by utilizing technologically advanced methods that result in high-quality produce. Also, Agri-production in India will be improved through the Agriculture Accelerator Fund’s introduction of contemporary technology.
Dr. Vibha Tripathi, founder of Boon
The 2023 Budget focused on a “green growth” plan which prioritizes using green building, energy, and fuel practices to lower carbon intensity and produces new green job prospects. Various startups coming up with innovative ideas will also be a part of the Indian government’s initiative of creating a healthier and wealthier future for all Indians. The government’s focus on promoting environmentally friendly and sustainable economic growth is quite appreciative. This is in line with India’s desire to take the lead in addressing the global climate catastrophe.