NE BUSINESS BUREAU
CHENNAI, FEB 2
Majority of the industry leaders hailed the Union Budget 2023-24 presented by Finance Minister Nirmala Sitharaman on Wednesday, calling it inclusive and meeting the growth aspirations of the country.
- navjeevanexpress.com received Post-Budget Quotes from the chiefs of ICICI Securities, Axis Securities, Godrej & Boyce, Hinduja Group Ltd, Vayana Network, TradeIndia, Mahindra Logistics, Upstox.
- The Union Budget is a testament to the government’s vision of achieving a technology-driven and knowledge-based economy, with strong public finances: Vijay Chandok, MD & CEO – ICICI Securities
- An extremely well-balanced budget focussed on growth driven by capital expenditure while giving an adequate push to rural welfare and agriculture: B Gopkumar, MD & CEO, Axis Securities
- The budget clearly reflects PM Modi’s long-term vision for India and it aims to engage with and carry every section of society towards the goal of a self-reliant and strong India: Gopichand P Hinduja, Co-Chairman, Hinduja Group Limited
Here are the excerpts:
Vijay Chandok, MD & CEO – ICICI Securities
“The Union Budget is a testament to the government’s vision of achieving a technology-driven and knowledge-based economy, with strong public finances.
The government’s focus on capital allocation is a clear indicator of its intention of bolstering growth and employment in the country. We believe the increment in capital investment outlay for the third year in a row by 33 per cent to 10 lakh crore will empower the government to create an efficient ecosystem that renders extensive growth and prosperity in the country.
The new proposed tax regime will provide major relief to all taxpayers, especially middle class people, providing higher disposable income in their hands. This will enable them to explore more investment avenues and leverage the increasing prowess of the Indian economy. Further, the government’s decision of allowing SEBI to develop, maintain and implement norms and standards for education in the National Institute of Securities Markets (NISM) will enhance the competencies of functionaries and professionals in the securities market”.
B Gopkumar, MD & CEO, Axis Securities
“An extremely well-balanced budget focussed on growth driven by capital expenditure while giving an adequate push to rural welfare and agriculture. Government borrowing is well-calibrated, and it is a significant positive. The fiscal deficit target of 5.9% indicates a considerable degree of prudence. On top of this, relief to the middle class on the income tax front is the cherry on the cake. At this point, it is difficult to find any shortcomings. The budget has delivered on the expectations of all very well. In the short term, we expect the markets to move higher on the back of pro-growth measures announced in the budget and less fear of the government crowding out private investments due to fiscal prudence shown by the government.”
Anil G Verma, Executive Director and CEO, Godrej & Boyce
“This is a balanced and inclusive budget which will provide further impetus to growth. The renewed thrust on investment in infrastructure will drive the productivity of our economy and generate employment.
Our competitiveness in the global economy will also be improved through the thrust on research in fields like 5G services, AI and agriculture.
Together with the initiatives to reduce the compliance burden and de-criminalise several regulatory provisions, it will improve the ease of doing business in India and attract fresh investments. The key to realization of the planned outcomes is effective implementation.”
Gopichand P Hinduja, Co-Chairman, Hinduja Group Limited
“When India is the lone shining star in the world facing threats of recession, Nirmala Sitaraman has delivered a perfectly focused growth-oriented budget with massive capital investment outlays @ 4.5% of GDP while staying on track with the fiscal deficit reduction plan.
What is remarkable is the holistic, sustainable and inclusive approach taken covering every element of infrastructure and capability building and making the best use of the world-class digital public infrastructure.
The budget clearly reflects PM Modi’s long-term vision for India and it aims to engage with and carry every section of society towards the goal of a self-reliant and strong India.”
Ram Iyer, Founder and CEO, Vayana Network
“The union budget of 2023 has been exceptionally consistent over the years in focus areas across Infrastructure, Agriculture, MSMEs and ease of doing business. The capital expenditure has been increased by 33% to a historic high of INR10 lakh crores, showing government’s commitment to creating jobs and stimulating expenditure resulting in a multiplier effect pegging GDP growth at 7%. Investments in development of public digital infrastructure for agriculture, facilitating data embassies in GIFT City, expanding the use of Digi Locker and setting up National Financial Information repository signal towards the continued focus on digitisation and broadening its access to the public. Overall, it is a promising budget that continues to build on the groundwork laid during the previous budgets.”
Sandip Chhettri, CEO Tradeindia.com
“The Union Budget for the fiscal year presents a positive outlook for the MSME sector in India. The allocation of funds for credit support will help MSMEs access finance at lower interest rates and improve their ability to invest in growth. The government’s push towards digitization is also commendable, with a new scheme to provide financial assistance for the adoption of technology and automation. The measures to ease the process of doing business, such as simplifying the tax regime and reducing compliance burdens, will help MSMEs operate more efficiently and effectively. Additionally, the budget focus on skill development and entrepreneurship, with the announcement of new incubation centres and training programs for young entrepreneurs, is a welcome step. The outlook is optimistic for the big picture and the success will now hinge on effective implementation.”
Rampraveen Swaminathan, MD and CEO, Mahindra Logistics Ltd
“We welcome this budget as it focuses on sustainable growth and infrastructure development. The announcement of setting up Urban Investment development fund (UIDF) for Tier 2 and Tier 3 cities will provide a much needed boost for smoother and faster logistics transportation and will further ensure greater connectivity in tier-2 and tier-3 cities. Identifying 100 critical transport infrastructure projects will have a positive impact on nation’s last and first mile connectivity. Additionally, the announcement of 50 new airports, helipads, and aerodromes will enhance the regional air connectivity across the country whereas the highest ever allocated capital outlay to Indian Railways will add to the smooth connectivity between different points of country and easy and faster freight movement.”
Ravi Kumar, Founder & CEO, Upstox
“We are thrilled to see this budget’s well-balanced and forward looking approach.
From basic infrastructure to environment, from fintech to education and upskilling, the budget covers it all and accelerates efforts to achieve inclusive and sustainable development. Initiatives for start-ups, technology, upskilling and financial literacy, will undoubtedly catalyse India’s growth.
This is India’s moment on the global stage and our government is doing a fantastic job seizing this opportunity and realising our country’s potential.”
