Union Budget – Prittle Prattle News gathered opinions from various industry leaders
Finance Minister Nirmala Sitharaman has structured the comprehensive expenses in Budget 2023-24 of the modified estimations for 2022-23. Budget estimations for 2023-24 exhibits growth, and Prittle Prattle News, we would like to showcase a few opinions
Mr. Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Limited, expresses, “The proposal in the Union Budget 2023 to increase the rate of TCS from 5 to 20 percent for purchasing overseas tours & remittances other than education will significantly increase the upfront cash outflow for end customers. It will drive more of these customers to use alternate channels outside the domestic tax net. We urge the Government to reconsider this.
Mr. Menon adds the positive side:
Income tax rebates announced in the budget will increase disposable incomes, which is welcome.
Tourism promotion being taken up on a “mission mode”- with the active participation of states, public-private partnerships, and convergence of government programs will drive domestic tourism growth.
Infrastructural solid focus in the announcement of 50 new airports, heliports, water aerodromes, and the revival of advanced landing grounds will enhance regional access and connectivity.
Financial support via loans to be provided to states for developing enhanced road and rail connectivity will help uplift the domestic tourism sector.
The selection of 50 destinations to be developed as holistic tourism packages – combined with the focus on local level tourism & the promotion and sale of GI products & handicrafts will boost local arts and artisans.”
“The budget is pragmatic and has taken the right steps towards advancing green mobility adoption in the country. Extension of customs duty exemption on Li-ion cells and removal of customs duty on imported machinery used for manufacturing Li-ion cells will bring down the cost of EV batteries, thereby promoting EV adoption. Going forward, we are certain that the Government will also look at bringing a PLI scheme for battery pack manufacturers and also reduce GST on batteries to benefit the many MSMEs operating in the EV sector.” says Mr. Samrath Kochar, Founder & CEO of Trontek, India’s largest Li-ion battery manufacturer.
Dr. Rashmi Saluja, the Executive Chairperson of Religare Enterprises, states, “MSMEs are growth engines of our economy. The Finance Minister has done a fantastic job in proposing revamping the existing credit guarantee schemes for MSMEs through a fresh allocation of Rs9,000 crore to enable relief for smaller entrepreneurs. It will reduce the cost of credit & encourage other flow of credit into this stressed sector. The ‘Vivad Se Vishwas’ plan for MSMEs will provide much-needed relief. Also, reducing compliance and relaxation of regulatory provisions is a welcome move from an ease-of-doing-business perspective. Many such measures proposed in the Union Budget will fuel the MSME segment – the potential engine of growth for India’s economy.”
Dr. Rashmi adds, “Affordable & green housing will now get their rightful due in India’s real estate firmament. Creating an Urban Infrastructure Development Fund (UIDF) to be managed by the National Housing Bank will help make essential housing infrastructure in Tier 2 and 3 cities. In addition, it is a tremendous initiative by the Government to increase outlay by 66% to Rs 79,000 crore. This will improve the sentiments of all the relevant stakeholders. The FY24 Union Budget pushes forward India’s Atmanirbhar vision. We are confident it will herald a truly glorious Amrit Kaal for the country.”
Ms. Harini Ramachandran, Co-Creator of Excellence Installations Technology and Co-founder of Antano & Harini, Legacy Accelerators, mentions, “The Union Budget 2023 is positively addressing the rural & economic weaker sections and also the aspirational businesses of India. Furthermore, empowering women entrepreneurs, primarily through skill development and investments in branding & marketing, is a favorable move meant to promote niche and driven businesses in India. As the Government continues to invest in mental health and skill development, I believe it’s also time to prioritize Capability Building for India’s burgeoning entrepreneurs and workforce. Capabilities like being able to model and learn from the geniuses around, disassociate and bring creative, out-of-the-box ideas, abilities of emotional resilience, and mastery. Because capabilities are for life and naturally grow and evolve, an individual’s current capacity to accelerate their success, launch a unique legacy and create a BIG Impact in the world. After this year’s budget announcement, I hope that the people will leverage the increased tax exemption and ease of compliance to invest in themselves, building superior capabilities of world leaders that will enable them to create a big impact in the world.”
Mr. R. Udayan Lahiry, Co-founder & Managing Director of Medica Group of Hospitals Pvt Ltd, remarked, “We welcome the Government’s emphasis on establishing new nursing colleges, as this will improve the nurse-patient ratio and be a positive step toward Universal Health Coverage. Furthermore, making medical research facilities in select ICMR Labs available for research by public and private medical colleges, as well as by the private sector R&D teams for collaborative research and innovation, is also a welcome step towards the growth and development of the Indian healthcare sector. It is also encouraging for healthcare service providers to know that the Government has emphasized strengthening the multidisciplinary courses for medical devices in existing institutions since we feel that this will secure the supply of skilled manpower of the future to drive technological advancements in the healthcare sector. Also, the renewed focus of the Government to eliminate Sickle Cell Anemia by 2047 through collaborative efforts of central ministries and state governments is extremely relevant today as it coincides with our country’s firm motto of eliminating infectious diseases like lymphatic filariasis by 2027,.tuberculosis by 2025 and Kala Azar by this year itself. Overall, the union budget has captured a lot of pertinent areas of the healthcare sector, and it would have been even more beneficial for the sector if the Government would have addressed the mechanism to avail GST input credit.”
Mr. Nandivardhan Jain, CEO & Founder of Noesis Capital Advisors, reports, The Union budget has shown positive signs for the Hospitality, Travel, and Tourism industries; the Union Finance Minister Nirmala Sitharaman has encouraged the states to set up a ‘Unity Mall’ in the state capital or at an attractive tourist destination in the state for the promotion and sale of ‘One District, One product’ (ODOP) and Geographical Indication (GI) products along with other handicrafts.
FM Sitharaman stated, “Dekho Apna Desh’ initiative was launched by the Prime Minister to the middle class to prefer domestic tourism over international tourism whereas ‘Swadesh Darshan Scheme’ was launched for integrated development of theme-based tourist circuits.” While the Minister announced that 50 tourist destinations would be selected and developed as a package for domestic and international tourism, the overall development with this vision is an impetus to the sector. Moving towards emboldening the active participation of states, the convergence of government programmes and public-private partnerships. The future seems bright and exciting, with 50 additional airports and helipads to be revived to increase connectivity with the budget of 3,114 crores to the union civil aviation ministry. This will further increase the passenger movement and boost the hotel room inventory across the region, increasing employment opportunities and, uplifting the community, promoting sustainable tourism.