NE BUSINESS BUREAU
CHENNAI, FEB 2
This is a growth-oriented budget, one of the best in years, with a focus on both infrastructure and job creation, while reducing income tax for pretty much everyone, and lots of money to states, commented Ashish Kumar Chauhan, MD& CEO, NSE while taking stock of Union Budget 2023 sectoral and broad industry impact.
Here are some of the reactions from veterans from the capital market, finance, industry.
Ashish Kumar Chauhan, MD& CEO, NSE
“This is a growth-oriented budget, one of the best in years, with a focus on both infrastructure and job creation, while reducing income tax for pretty much everyone, and lots of money to states. The fiscal deficit has been reduced from 6.4% to 5.9% of GDP, with a clear path to reach 4.5% in next three years. The focus on infrastructure, as seen in the rising capex outlay from Rs7.5lakh crore to Rs10 lakh crore, combined with PM Gati Shakti and this Government’s ability to execute, would be visible through roads, railways, ports and airports and would translate into demand for basic materials like cement and steel on one hand, and consumption goods from all sections of the society, jobs on the other. The Budget would support growth and the Indian consumption story, keep us in good stead, given global headwinds in China and developed markets, and until the rest of the world eases. Before the budget was presented, investors worried about a rise in capital gains. No change there, has also created a positive reaction. Overall this is a very positive budget for the markets, with something for everyone. I give the Budget 10/10.”
Sundararaman Ramamurthy, MD & CEO, BSE
“The Budget of 2023 continues from the earlier budgets which successfully guided India during one of the toughest periods for mankind, with a continued focus on Aatmanirbhar Bharat and Amrit Kaal. As a result of a consultative and inclusive process, suggestions and feedback received from various stakeholders, have been factored in, wherever possible. Various areas of national importance have received their due focus – MSME sector, Infrastructure building which fuels economic development, Ease of doing business which attracts foreign participation and domestic capital creation, Green energy, Tourism, export orientation using custom duty rationalisations, harnessing the power of youth, etc. ‘Shri Anna’ brings a novel concept to food safety, nutrition and self-sufficiency. Personal taxation has received its well-deserved attention too, bringing a smile on the face of the common man. To top it all, strict adherence to prudent fiscal management while keeping the pedal on the accelerator for long-term structural growth initiatives, which in our view, is the hallmark of this Budget.”
N Chandrasekaran, Chairman, Tata Sons
“Given the challenging macro backdrop of slowing global growth and tightened financial conditions, the Finance Minister has aptly prioritized growth.
I welcome the move to more productive expenditure, budgeting capital spending of Rs 10 lakh crore—a 33 per cent increase over the previous year and the highest in the past two decades as a share of GDP. At the same time, the revision of income tax slabs under the new tax regime should increase purchasing power for many. Loan guarantees and other assistance toward MSMEs, a focus on tourism, and measures announced for the care economy (like new nursing colleges) will boost job creation.
The budget also remains committed to shared prosperity by extending the free food scheme for one more year.”
Ramesh Kalyanaraman, Executive Director – Kalyan Jewellers
“We applaud the government’s efforts to boost India’s economy through a structured policy and regulatory-driven framework. The Union Budget 2023 is progressive setting the stage for a more equitable and sustainable future, paving way for rapid digitisation to ensure Indian businesses emerge as a dominant force on the global stage. We are confident that increased disposable income due to changes in the tax slab will improve spending power, thus benefiting the overall consumer sector, including the organised jewellery retail industry. Initiatives such as PM Vishwa Karma Kaushal Samman programme are a pioneering step towards empowering traditional artisans and craftspeople – the backbone of our industry. This newly-conceptualised assistance package will be a welcome relief to the community and will enable them to equip and upgrade themselves with changing times. The government’s innovation-led and technology-driven approach reflects in its investment towards research on lab-grown diamonds, which will generate new employment opportunities, while resonating with the export as well as urban Indian market. The increase in the import duty of silver will not have a significant impact for us (Kalyan Jewellers), as our primary focus is on gold, diamond and other precious stone studded jewellery.”
