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Union Budget Reaction opinions by Industry Tycoons

Prittle Prattle News polled views from Industry Tycoons. Union Budget responses and sentiments from Industry Tycoons

Ms. Arpita Doshi, CEO & Founder, Nutrition Dynamic Foods, says, ‘The Millets Institute’s government funding will attract many startups to benefit from food processing research, where few innovative startups struggle to scale up. Millets are the most energetic, low-GI foods that are rich in natural proteins and dietary fibers and help reduce the global diabetes burden that 70% of the population faces. For decades, the Hyderabad-based Institute of Millets has been researching nutrition security in processed foods, and it will play an important role in the millet segment in India and around the world. Millets are widely consumed as a nutritious food all over the world. India is at the forefront of global leadership in the millets segment.”

Mr. Prabhat Chaturvedi, CEO, Netafim Agricultural Financing Agency Pvt. Ltd. (NAFA), says, “Today’s union budget announcement is a testimony to policymaker’s intent of touching every aspect of the economy. Formation of National Financial Information Registry to serve as a central repository of financial and ancillary information is an excellent decision. It is a smart step and will aid in solving the problem of lending, foster financial stability and encourage financial inclusion in the country by aggregated data. It will support smaller NBFCS to bring cost-effective credit underwritings, particularly focused on MSMEs. It will also help to conclude End-to-end digital processing efficiently with standard checks and balances within prompt turnaround time. The Vivad Se Vishwas initiative will boost the confidence of entities dealing with MSMEs as it covers the performance risk. The announced measure will have a butterfly effect on the credit sector as well as will provide cushion to create an engine of growth.

Mr. Rajesh Sharma, Managing Director, Capri Global Capital Ltd, says, “In the backdrop of a slowing global economy, budget’s strong emphasis on capital expenditure as well as social sector spending seeks to strengthen foundations for growth continuity over medium term without ignoring short term social welfare needs. The collateral-free credit limit under the revamped credit-guarantee scheme for MSMEs should inject the right booster shot for a sector that has begun to emerge very strongly after the pandemic. The expansion of the digital ecosystem for skilling, especially through linkages with employers including MSMEs augurs well for the growth of new businesses and employment. The direct tax proposals fulfil much anticipated expectations of the tax-paying middle class. Overall budget estimates are pragmatic and based on reasonable assumptions of nominal GDP growth. It has once again provided a good anchor to all stakeholders for the year ahead. The likelihood of outperforming the estimates seems higher. The budget has sounded a positive note for the economy to guide itself over the next 25 years on the path to becoming a developed nation.”

Mr. Vishal Suri, Managing Director, SOTC Travel Limited, says, “The travel & tourism industry supports one in 10 jobs and provides livelihoods for a significant number of people, therefore the Government’s support on prioritizing tourism with active participation from local authorities, sustainable practices and encouraging public-private partnerships is a positive pivot towards revival/road to recovery.   

However this Union Budget did not provide the travel & tourism industry the respite we anticipated with respect to rationalization of taxes. Instead the proposals increased TCS on outbound travel and other LRS transactions from 5% to 20% without any threshold exemption. In our view, such high rates of taxation are an added liability to outbound travelers and negatively impacts tour operators recovering from the pandemic. We request the Government to reconsider this proposal.  

We also hoped this budget would offer elimination of the 5 crore capping for the SEIS benefit and incentives to Corporates for organizing meetings and conference in India through partial or full tax exemptions. 

Mr. Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory, says, The union budget presented by the honourable finance minister, Smt Niramala Sitharaman emphasizes growth and comprehensive development with a view to enhancing citizen welfare. The government in this year’s budget has made allocations to expand infrastructure, healthcare, education, skilling, rural welfare, and digitalization. The government is investing heavily in capital expenditure to invigorate the Indian economy and create new job opportunities. The central government has reduced taxes across all tax brackets, enabling the middle class to save more of their income. The increase in the income tax exemption rebate from Rs 5 lakhs to Rs 7 lakhs will benefit thousands of people by providing more disposable income in their hands. Lowering personal taxes will provide prospective homeowners with additional funds that they can put towards acquiring a home, which is a solid and reliable investment. The government has reinforced its commitment to providing housing for all by substantially increasing the funding for the Pradhan Mantri Awas Yojana, from Rs 47,500 crores last year to Rs 79,000 crores in 2021-22. Through this initiative, the government aims to fill the gap between those without decent housing and those who do, by providing a better housing subsidy. This extra funding will help ensure that both urban and rural homes are built quickly and up to the required standards. The government has also increased the total capital expenditure on infrastructure development by 33%, accounting for 3.3 percent of our GDP at Rs10 lakh crore. This will have a positive impact on the Indian industry and create employment opportunities. The Centre has offered 50-year interest-free loans to state governments for another year, with a total expense of ₹1.3 lakh crore. This initiative will stimulate infrastructure development in each of the states and also help promote local industries.

Mr. Anshuman Singh, Chairman & Managing Director, Stellar Value Chain Solutions, says, The budget attempts to pave the way for a long-term and sustainable economic growth for the country. The expected economic growth is expected around 7% by maintaining macro-economic stability amid geopolitical developments and facilitating employment generation. New age technology adoption right down to the grassroot level, green energy transition along with infrastructure focus are some of the highlights of the budget. Infrastructure is the foundation of any economic growth as it facilitates trade and commerce and the government’s commitments towards this are clearly evident. This is the third consecutive year of the government’s investment in infrastructure. INR 10 lac crore has been earmarked which is up by 33%. The government is also offering interest free loans to states for infrastructure development. The proposal to develop transport infrastructure will develop critical linkages to facilitate multi-modal transportation, which is extremely critical. Green initiatives coupled with EV infrastructure development working towards net zero emissions have a favourable impact on the logistics and supply chain industry as it helps the industry expand while still saving cost and most importantly keeping the environment green. The proposal to set up centres of excellence for artificial intelligence and introduce Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0 will not only help the economy leverage the power of youth but also set the stage for a large-scale rollout of smart logistics equipped with data-driven technologies.With all the infrastructure investment,  technology enablement initiatives, environment friendly focus and employment generation and consumption, India is poised for the next phase of growth in its endeavour to be a strong force to reckon with globally.’
Union budget of 2023 – 24 underpins a fitting way forward for the Indian startups, amidst looming global macro-economic uncertainties. We acclaim the government’s take on the vitality that entrepreneurship holds for our country’s economic development. The announced taxation benefits, credit allowances, and other MSME-centric measures will further simplify the business environment, thus fostering an ‘Amrit-Kaal’ of Bharatpreneur-led innovation. On the other hand, MSMEs will be able to imbibe the talent spree incoming from the government’s welcome move of skilling lakhs of youths in the next 3 years under Pradhan Mantri Kaushal Vikas Yojna 4.0. At Akrivia HCM, we look forward to contributing to the ecosystem with a made in India, AI-enabled, all-comprehensive talent lifecycle management for these growth engines and large industry players for and beyond India.” – Rahul Varma Kalidindi, CEO, Akrivia HCM.
This article is contributed to Prittle Prattle News as opinions and curated by the editor.
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