2023-24 Union budget announced for the diverse industries

Prittle Prattle News surveyed opinions from Industry Tycoons. Union Budget reactions and views from Industry Tycoons

Agri Accelerator Fund will inspire many young entrepreneurs in the Agriculture sector to bring in innovations by supporting them financially and makingng this space more organized. Additional provision of Marketing linkages should be considered for millet-growing farmers and startups producing millet-based products as it will give a massive boost to the sales of millet-based products in the domestic and international market.

Mohit Rathod, Co-Founder, Truly Desi – Start-up, FMCG, Agriculture, and MSME Sector

“The new tax exemptions are going to help the salaried class. Startup tax benefits are welcome but could have been better. But reducing the compliances will also be beneficial for SME’s. This can be a leap for creating a better and friendlier environment for startups and corporates in India. The decision to give more importance to Artificial intelligence by starting courses in top educational institutions is going to rejuvenate young minds. The aim of ‘Make AI in India’ is a game changer for the country and businesses depending on or working with AI are going to see a big leap in terms of operation and will pave a way for witnessing groundbreaking innovations.”

Vikas Jain, Founder, Acviss Technologies – Start-up, MSME and Tech Sector

“It’s great that this budget has a contingency plan for the hospitality sector which was much needed. But, there is still a lack of awareness amongst hospitality startups with respect to how to access this for the larger benefit of the hospitality ecosystem and our economy. We appreciate this step taken by the govt of refunding 95% if the MEME startup fails, but this can also have a lot of unforeseen drawbacks for the last mile startups. Also, MSME is a very vast category to build the budget around. So, I believe it should be bifurcated according to industries so that not only one but all industries benefit from the govt offering.”

Vandita Purohit, Founder, Mauji Cafe – Hospitality and MSME Sector

The budget hits all the right notes for Agritech, Foodtech and the overall startup ecosystem in India.The focus on development of vital infrastructure like railway and highways would help improve the logistics requirements of the Agri and Industrial sector. The particular focus on Green growth as well as on Millets is welcome. India is the largest producer of millets in the world and this particular focus on millets will help both domestic as well exports of millets and value added millet products.

Abhishek Sinha, Co-founder, GoodDot – FMCG and MSME sector

Firstly, great news for the Indian lower and middle-class citizens as per the revised income tax slabs. Secondly, the plan to make the revised tax slabs as the default regimes will make it simpler to understand and implement their personal financial planning for taxpayers. The intention to reduce the fiscal deficit in the coming years is important to make our country and economy even more stronger and resilient going forward.

As a Director of an MSME company, the enhancement of the credit guarantee scheme for the MSMEs will give a further boost to the already pressurized sector as many MSMEs still have a long path to recovery after suffering for a good two years due to covid lockdowns. The idea of a Digilocker is really great and will be welcomed in a big way by Proprietors, Partners, Owners and Directors of Companies. If implemented well, it can save precious time for doing KYC each time for every transaction.

The allocation for huge capital expenditure planned and the innovative plan for the growth of the tourism sector is the best that both the manufacturing and service sectors could ask for. It is a win-win situation for all the sectors after a torrid 2-3 years of slow growth post covid. One of the most important takeaways for us was the inclusion of ‘Green Growth’ in the budget speech. The world already knows the importance of reducing carbon emissions, and it is high time our country considers this an important topic and agenda to address going forward to show the world we can also reduce our carbon intensity whilst showing sustainable growth. 

Jesal Sampat, Executive Director, Pune Gas – Manufacturing, MSME and Oil & Gas

An extremely well-balanced budget focussed on growth driven by capital expenditure while giving an adequate push to rural welfare and agriculture. Government has taken it to a new zone with a well-tuned perfection between growth and stability. The rise in capital expenditure by 33% to Rs 10 lac cr is the shot in the arm heading a multiplier effect on the economy. While high amount of schemes and tax benefits to rural economy and taxpayers will enhance consumption growth in India. Much beyond expectations, a win-win for households and corporates. This budget enables domestic consumption growth while boosting business & investment sentiment for corporates

Mr. Rishabh Siroya, Founder, Siroya Corp & President NAREDCO NextGen – Maharashtra

Highlighting the key focus areas (Youth-skilling, women centric, Rural Development, Sustainable growth), says, “I believe the union budget is pointing in the right direction for harnessing India’s economic potential. The importance given to green growth, inclusive development, and women’s economic empowerment shows that sustainable development is at the heart of India’s economic growth. The budget allocations reflect the significance of these components and the potential that vulnerable sections have to contribute to the economy. I am hopeful for a promising future as I see the current budget being the appropriate step towards a more empowered and equitable India. The focus on skill and capacity building of women and youth will prove to be beneficial for the growth of the economy, especially in rural areas.   However, we were expecting the Hon’ble FM to provide more clarity regarding the CSR expenditure by the corporate for the social sector as there is still some ambiguity regarding the same,”

Ms. Rupa Bohra, Managing Director, TNS India Foundation 

According to Mr. Vijay Soni, Director, Mahabir Danwar Jewellers, “The Gems & Jewellery Industry’s critical concerns are not addressed in the Union Budget 2023-24. The jewellery items are going to get costlier as customs duty on gold, silver and diamond has been increased in the Union Budget 2023. While the Research and Development grant will be provided for the development of Lab Grown Diamonds, 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. However, the exemption of Capital gains on the conversion of physical gold to digital form is a very good step. It would a good progressive step towards gold monetization.”

“It’s a forward-thinking budget with a focus on creating a blueprint to make India the third-largest economy. This budget has kept all constituents of the economy in mind, be it infrastructure building, creating manufacturing jobs, marching towards green energy, middle-class taxpayers, rural welfare and poor citizens. Bridging the infrastructure deficit is the top priority for this decade and the increase in capital expenditure by 33% along with the highest-ever allocation to railways is a big step in this direction. The announcement of several favourable indirect tax proposals, such as a reduction in the highest surcharge rate to 25% from 37%, a reduction in customs duties, etc. should boost domestic manufacturing creating much-needed employment opportunities. The government continues to emphasize on the transition to green and India’s commitment to reach a zero net carbon emission status. The 66% increase in allocation to PM Awas Yojna and the increase in tax exemption limit to INR 7 lakhs should result in an increase in consumption spending. The government has skilfully walked the tightrope between job creation and controlling the fiscal deficit, with the target of getting it below 6% of GDP. overall, I believe this budget has hit all the right notes and provided the right impetus to propel India as a leading economic powerhouse”,.

Mohit Ralhan – Chief Executive Officer, TIW Capital

“While the markets haven’t taken too kindly to the #budget2023, it is quite satisfying to see the Fin min laying emphasis on Green Growth as one of the 7 priorities of the budget.

This will have a positive Impact on not only the environment, but also the economy and the larger population, as below:

– reduction in carbon intensity

– Large scale job creation

– Initiatives related to green fuel, green farming, green mobility, green buildings and green equipment will be on the rise.

All in all, this will be a significant move towards attaining net carbon zero emissions by 2070.“

Mr. Anil Chowta, Founder & CEO, Ecosac

“Excited to see the budget’s focus on green growth and the pro-EV initiatives, particularly the reduction of customs duties on lithium batteries and extension of subsidies for EV batteries. These actions will drive demand for electric vehicles and align with the budget’s goal of promoting eco-conscious lifestyles. The policy to replace old, polluting vehicles will further accelerate the transition to EVs. Overall, a well-rounded, progressive budget that will encourage investments in the EV sector.”

Lalit Singh – Chief Growth Officer- TelioEV- EV Charging Management Solutions provider company

India’s largest EV superstore chain, says, “Green Growth” features among the Top-7 priorities in the Union Budget. Full marks to the Finance Minister for announcing some much-needed initiatives to boost the Electric Mobility (EV) sector, giving out a clear indication that the Government loved the potential of the EV industry towards green growth, environmental sustainability, and employment generation. 

1. Customs duty reduction on capital goods for Lithium battery manufacturing from 21% to 13% will help faster adoption of EVs as the cost of EVs will go down
2. Extension on subsidies on EV batteries for one more year
3. To push ‘Make in India’, increase import duty on SKD and CBU vehicles
4. Policy on the replacement of old polluting vehicles will also help EV transition
5. Announcement of Green Credit program
6. Outlay of 19,700 Crores for Green Hydrogen will reduce dependence on fossil fuel imports
7. Viability gap funding for Battery energy storage systems”  

Dhiraj Tripathi-Co Founder and COO- of Electric One Mobility Pvt Ltd 

“The much-needed focus on the MSME sector, coupled with efforts of mobilizing resources, and facilitating access to government schemes, will help create entrepreneurship opportunities and better livelihoods, especially for women from the marginalised communities. Furthermore, the focus on building a strong AI ecosystem in India and training skilled AI professionals will assist new businesses in acquiring the right talent. Thus, with the continued support and investment of the government, especially in tech-enabled skilling of youth in industry 4.0 technologies, will empower and inspire the youth, particularly from tier 2 and 3 cities, to become future-ready and employable. Such initiatives are a step in the right direction to boost economic growth in India”.,

Nidhi Bhasin, CEO, Nasscom Foundation
This article is contributed to Prittle Prattle News as opinions and curated by the editor.
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