Industry Leaders Speak on Budget 2023-24 with Prittle Prattle News

The FM's decision to continue a 50-year interest-free loan to States for one more year will spur investment and infrastructure developments.

Prittle Prattle News converged statements from diverse industry leaders

Smt Nirmala Sitharaman, Finance Minister, India, has structured the total expenditures in Budget 2023-24 of the modified estimations for 2022-23. Budget estimations for 2023-24 show development, and Prittle Prattle News, we would like to demonstrate some noticeable statements.

Mr. Rama Raju, CEO, IKF Finance, conveys India’s Finance Minister, Nirmala Sitharaman, presented the Union budget 2023-24 with an equal emphasis on Investment in Infrastructure, Green Growth, and Financial Sectors. Investments in Infrastructure and Capex building will have a significant multiplier impact on growth and employment. The FM’s decision to continue a 50-year interest-free loan to States for one more year will spur investment and infrastructure developments. The creation of 100 critical transport infrastructure projects, 50 new airports, and heliports are appreciated moves. This will open up financing opportunities directly in Infrastructure and Transportation Sectors and indirectly in Cement, Steel, and other allied Sectors. It’s a Green Budget for the Automobile Sector. More funds are allocated to scraping old vehicles, including central and state government ambulances. The new development will benefit auto manufacturers in the country by replacing aging cars. The viability gap funding for battery energy storage systems is also likely to create critical infrastructure, while custom duty reduction on capital goods for Lithium batteries manufacturing will facilitate faster adoption of EVs.
For the Financial Sector, the adoption of a risk-based simplified KYC process of individuals maintained by various government agencies and a Common business identifier for business establishments through PAN Number to bring in ease of evaluation and faster decisions by NBFCs. Expanding storage and sharing of KYC and critical documents in Digilocker for individuals, MSMEs, and extensive business is a welcome move.

Mr. Aryendra Kumar, Executive Director and Chief Executive Officer, says IKF Home Finance is welcoming the Union Budget presented by Hon’ble Finance Minister Smt Nirmala Sitharaman, announcing the hike by 66 percent for the PM Awas Yojana which is outlay to ₹79,000 crores in Budget 2023-24. Finance Minister has increased FY24 capital investment outlay by 33 percent to ₹10 lakh crore, establishing 3.3 percent of GDP. This will not only increase economic growth but also result in increased employment opportunities, assisting rural India with higher consumption too. This move would certainly give a significant boost to capital goods and infra companies as well.

The PM Awas Yojana, with a mission of ‘Housing for All, IKF Home Finance recommends Government of India consider some taxation incentives to Housing finance Companies – at least in the next budget, as they are providing support in developing housing in smaller towns  Housing  Finance companies have a great potential in fulfilling the mission of ‘Housing for All.

Anand. K, CEO, SRL Diagnostics, expresses, “It is a relief to see the government’s intent to screen and eliminate a condition like sickle cell anemia. We hope that just like the ‘Anemia Mukt Bharat’ initiative, this program also gets the required impetus from the central government. 

Along with establishment of nursing colleges, a provision for para medical workers and ancillary workers should also be considered.  The focus on collaboration with private sector on R&D and innovations is a great move and hope it marks a new beginning for healthcare and pharma innovations in India.

It would have been great if the union budget also focused on funding to strengthen India’s health infrastructure system and R&D capacity.”

“The offerings of the Union Budget for 2023–24 are aimed at encouraging inclusive and sustainable growth across all crucial sectors, including healthcare and MSMEs. The government has allocated Rs 89,155 crores to the Ministry of Health and Family Welfare to strengthen the healthcare sector. Also, the revamping of the credit guarantee scheme, which was mooted last year, will go into action on April 1, 2023, thanks to an investment of Rs. 9,000 crores into the corpus. It allows an additional Rs. 2 lakh crore of collateral-free guaranteed loans. Since MSMEs are also the main drivers of economic growth in our country and contribute significantly to the healthcare sector, the enhanced limits of 3 crores for micro firms and 75 lakhs for certain professionals to avail the benefit of presumptive taxation will simplify tax filing more and relax all the MSMEs. The Finance Minister also proposes that the maximum surcharge rate be revised from 37 per cent to 25 per cent, which will undoubtedly relieve businesses from having to pay extra tax and be profitable for their firm. The government also plans to launch a brand-new pharmaceutical research and development programme. The programme will encourage the pharmaceutical industry to adopt novel technologies. All the ideas confirm that this year’s budget is balanced and can positively contribute to the nation’s overall growth.” says Mr. Param Bhargava, Founder, The Ayurveda Co. T.A.C.

Gautam Chopra, Founder and CEO of BeatO, states, “Even though the Budget this year focuses on strengthening the healthcare infrastructure, it is prudent to point out that the growing demands on our healthcare system cannot be met only by increasing the physical infrastructure. The setting up of 157 new nursing colleges suit a huge step towards meeting the ever-growing demand for providing care through paramedical staff. However, for care to reach those who really need it, it is imperative that they can leverage simple and affordable digital technology, which will help them reach the masses and serve them more efficiently.  Integrating this initiative with the Ayushman Bharat Digital Mission will be key to delivering services to the last mile. 

Indian pharmaceuticals are known across the world for giving us cost-effective drugs, but we still lack innovation in new drugs, molecules, and therapies. Opening up of Indian Council of Medical Research (ICMR) laboratories for research by public and private medical college faculty members and private sector research and development teams to encourage collaborative work will produce great results in providing a sustainable ecosystem for research and development.

The dedicated multidisciplinary courses for medical devices, fueled by skilled and technically equipped manpower, will make India the hub for creating new-age affordable medical devices like wearables and drive trust in digital health. 

More support and allocation of resources for health-tech start-ups to become effective would have been appreciated, as well as integration of digital solutions by such startups within the public health system would help them take their products and services further and reduce the burden on the system. In last year’s Budget, the government proposed providing up to Rs 2,000 crore as venture capital to create an ecosystem for health-tech start-ups to help them access capital and develop innovative products and services but we haven’t seen concrete steps followed in the deployment.”

Mr. Satish Kannan, Co-founder & CEO, MediBuddy, mentions, “There is a direct correlation between high-quality healthcare and the progress of the nation at large. Therefore, it is a welcome step that this year too, there is a steady increase in fund allocation for the Ministry of Health and Family Welfare of 2.1% in this budget as compared to 1.4% pre-pandemic. The allocated fund is expected to be utilised for planning better facilities for preventive healthcare, research & development, technology & innovation, and training of medical professionals. An additional access to CSR Funds to enhance these initiatives would have balanced the current budget allocated. As a leading digital healthcare platform that promotes preventive health check-ups, the inclusion of universal screening for Sickle Cell Amenia eradication, especially in the tribal area, is a thoughtful consideration. Investment in three centres of Artificial Intelligence could prove beneficial for the healthcare industry too, especially for digital platforms like us, as it gives a deeper push to the mission of making healthcare accessible in Tier II & III cities. While the current budget covers the health sector and all the allied verticals, what is going to drive optimum results is the accurate implementation.”

Susheel Tejuja, Founder & MD of, mentions, “The budget is indicative of the continued economic growth resolve that the Government has underlined via a slew of reforms, rebates, and announcements all aimed at turning India into a consumption economy. Increased infra push of 10 lac Cr will boost trade and transit economies, resulting in rapid growth corridors fueled by public infrastructure spending. Announcements regarding Tax Reforms and rebates for companies, incl. tax implications, unified filing, ease, and transparency in data access and governance, with a focus on MSMEs, underline continued government efforts in ensuring ease of doing business and boosting entrepreneurship across industries. Direct Tax reforms with revised tax slabs under the new Tax Regime will benefit the masses and yield higher take-home salaries. Simplified tax filing will further boost individual taxpayer confidence. From an insurance perspective, the announcement revision of tax exemption limit from proceeds of high-value insurance policies is noteworthy as insurance companies typically receive 12-15% of their overall premiums with individual premiums of ₹ 1 Cr and above. As further details emerge, one will get more clarity on exact specifics. Increased infra push augurs well for general insurance companies as new project insurance-related opportunities will get created. Revising the limit to 30 lac will help get better reruns on the higher saving amounts for senior citizens. This is a positive development for LIC and Post Office. This budget is forward-looking and progressive, with the common man benefiting from Ease in Access to Quality Education, Housing, and Skill Development & Enhancement while boosting economic growth and spurring entrepreneurship.”
Rushabh Gandhi, Deputy CEO IndiaFirst Life Insurance Company Ltd., mentions, “Rationalization of the Income tax slabs and the peak tax rate will result in higher disposable income in the hand of the individuals. This will help boost financial savings and directly benefit insurance sales. The insurance regulator’s mission of “Insurance for all by 2047” will get a further boost because of the exemption of stamp duty on PMJJBY. This exemption will reduce the burden on life insurers sourcing PMJJBY policies and prompt them to procure incremental business. Finally, it has been proposed that effective 01st April 2023, if the premium on a non-ULIP policy exceeds Rs. 5 Lakh, it will be taxable under “Income from Other Sources.” For IndiaFirst Life, non-ULIP policies exceeding Rs. 5 Lakh of premium has a single-digit contribution to our overall business, and the impact is expected to be muted.”
Mr. Aayush Rai, Co-Founder and CEO of Inito, mentioned, “The Government’s announcement of launching multidisciplinary centers for medical devices shows the progressive thinking and commitment towards improving the healthcare sector. They recognize the fundamentally interdisciplinary nature of medical devices by encouraging collaboration between hardware and software engineers, physicians, and clinicians, which will pave the way for developing novel and efficient solutions.
Surajit Chakrabartty, CFO MedGenome Labs, a market leader in genetic research and diagnosis, mentions, “The Union Budget 2023-24 is extremely comprehensive from the perspective of the healthcare sector promoting inclusion and accessibility of healthcare in a way that proves to have a far-reaching impact. Our Government’s emphasis on innovation, digitization, and R&D has always been evident and has stimulated growth over time. A nation’s stability and resilience can be enhanced by applying science and technology, which are important catalysts for change. This is evidenced in India’s leap of 41 spots (to 40th) in the Global Innovation Index in just seven years. Laying greater impetus on building a culture of research in the healthcare sector, enhancing ICMR facilities, upgrading the primary and secondary healthcare delivery eco-system, and encouraging digitization will further enhance India’s healthcare infrastructure and delivery. While the importance and benefits of genomics have been well recognized in precision diagnosis, the world witnessed its potential impact in diagnosing, preventing and managing infectious diseases during the pandemic. We, as a science-focused HealthTech organization strongly rooted in genomics, can play an effective role in bridging the demand-access gap, especially in supporting Central and State governments to manage their healthcare burden through a variety of programs, such as the screening program for diseases like Sickle Cell Disease and others.
“With the Union Budget 2023-24, focusing on accessible, affordable, and inclusive health care for all along with an emphasis on health infrastructure and better R&D for innovations and developments in healthcare, Budget 2023-24 is going to accelerate India’s progression towards SDG’s while ensuring that no one is left behind, thus facilitating the building of a Swasth and Ayushman Bharat, says Mr. Kamal Narayan Omer, CEO, IHW Council
Government’s commitment to ‘green growth’ approach is a step towards building a cleaner India. The government has clearly sent across a strong message that sustainability has to be central to economic and social growth. As per Economic Survey, agriculture has performed well but the sector needs “re-orientation” to overcome challenges like adverse impacts of climate change, rising input cost, etc. India’s G20 presidency gives a unique opportunity to strengthen India’s role in the world economic. The budget presented a slew of initiatives that reflected our motive to take Indian agriculture to the world. To maintain this growth momentum the total allocation for the Ministry of Agriculture and Farmers’ Welfare in the 2022-23 Budget was Rs 1.32 lakh crore, which was 4.3 percent higher than the revised estimates of the 2021-22 Budget. Backed by the financial allocation, the move to create Agriculture Accelerator Fund will act as a catalyst to not only encourage agripreneurship but also unlock value in the agribusiness value chain that will boost profitability for the farmers.  Digitization is the future and with government announcing building robust Digital Public Infrastructure, the growers stand a chance to get a huge benefits. This move is expected to improve access to farm inputs, market intelligence, and boost agricultural businesses. The agricultural credit target will be increased to Rs 20 lakh crores to enhance coverage of small and marginal farmers in the formal credit system will open business opportunities for local farmers, leading to doubling their income.  Encouraging farmers to adopt natural farming, the government plans to set up 10,000 bio inputs resource centres. Besides, the centre plans to develop 100 labs for developing using 5G services. These labs will enable facilities like precision farming, intelligent transports systems and others. Overall, a future-forward budget that keep nature and nation and nature at., says Neeraj Choudhary, Group head finance, Absolote, a plant bioscience company.
This article is contributed to Prittle Prattle News as opinions and curated by the editor.
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