Industry leaders, business chambers hail Union Budget as ‘progressive’ with focus on investment and infrastructure

In a statement, Goenka said, “This vision is reflected in the Budget. The Finance Minister’s focus on capital investment to Rs 10 lakh crore, 3.3 % of GDP will spur growth. Trust-based governance, simplification of laws and a thrust on green energy are laudable. The fiscal deficit is estimated to go down to 4.5% of the GDP is a welcome move. Kudos to the Finance Minister (Nirmala Sitharaman) for an outstanding Budget with a focus on encouraging entrepreneurship. This will propel investment by the private sector.”

Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank, described the Budget as “well-rounded, progressive and inclusive”.

“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 these have been important areas of attention, especially the post-pandemic (Covid-19). Allocation of the Budget to the PM Awaas Yojana will further boost the housing sector. Support to the MSME sector, along with the enhancement of the 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,” said Ghosh in a statement.

Sanjay Budhia, chairman of CII National Committee on Exports and Imports and MD of PATTON Group, said the Budget is inclusive, with a much-needed focus on investment and infrastructure.

“An increase in capital investment outlay by 33% to Rs 10 lakh crore, 50 years interest-free loan to the states to incentivise infrastructure investment, highest ever capital outlay for Railways, several infrastructure projects in port, coal, steel, fertiliser and urban infrastructure in tier-II and III cities through Urban Infrastructure Development Fund will have a multiplier effect on the economy and employment. Emphasis on digitisation and ‘Ease of Doing business’ will integrate India with global thinking,” said Budhia in a statement.

Sanjiv Bajaj, president of the Confederation of Indian Industry (CII), in a statement, said, “CII welcomes the Budget for new India, which addresses the growth imperatives without compromising on the fiscal prudence path. Through a slew of measures in forward-looking areas encompassing green growth, digital infra, and urban rejuvenation among others, we are happy to note that the Budget lays the roadmap for preparing India for the Amrit Kaal, the next 25 years up to India@100,” said Bajaj reacting to the Budget proposals.

“It is encouraging to note that the Budget has made a bold attempt to invigorate the critical demand drivers of consumption and investment. The move to rationalise personal income tax rates will go a long way in increasing disposable incomes, thus giving consumption a leg-up, which will in turn have a salutary impact on India Inc’s investments. The sharp 33% rise in capital spending budgeted for 2023-24 is in line with CII’s suggestion and lends credence to the government’s vision of improving the economy’s growth potential through a push to the overall productivity of the economy and creation of jobs.”

The Bengal Chamber of Commerce and Industry (BCC&I) hailed the Budget as “a move towards impact economy”.

“The last full Budget before the parliamentary elections is ambitious in its tenets and stands on the twin pillars of wholesomeness and inclusivity. Reduction in customs duties and rationalisation of direct tax rates are expected to support the ‘Aam Admi’ and MSMEs, the latter having been allotted an additional collateral-free credit guarantee of Rs 2 lakh crore. The new Millet Mission is of importance in the context of India’s nutrition and water security,” said Subir Chakraborty, president of BCC&I and managing director & CEO, Exide Industries Limited.

The Indian Chamber of Commerce (ICC) also lauded the Budget. President of ICC and MD & Group CEO Tega Industries Ltd, Mehul Mohanka said: “The Union Budget 2023-24 can be hailed as a balanced and futuristic Budget, which strives to attain the objective of boosting a labour-intensive growth and domestic manufacturing while attempting in tune with ‘Make in India’ vision to reign in fiscal deficit at a reasonable 5.9 per cent of the GDP for FY 24.”

The ICC also welcomed the announcement for individual tax-payers as it would enhance disposable income and lead to consumption or savings.

NG Khaitan, president, Bharat Chamber of Commerce, in a statement said, “I congratulate the Finance Minister for presenting the Central Budget 2023-24 as a forward-looking, pragmatic and remarkable Budget with growth as its mission. Integration of the four pillars of growth of the Central Budget of the last year with priorities on ‘Saptarishis’ demonstrates the urge of the government on continuity to achieve inclusive growth.”

“Direct tax rationalisation and encouragement on capital growth are the primary encouragements to boost consumption and encourage supply chains that will create jobs,” added Khaitan.