Industry reactions on Union Budget (Part-11)

Vinod Aggarwal, President, SIAM and MD & CEO, VECV
"33 % increase in capital outlay with an effective provision of Rs 13.7 lakh crores will spur growth in the economy resulting in positive impact on the Auto sector.”
 
Adding further, he stated, “The Auto industry is fully aligned with the initiatives on Sustainability and Decarbonisation and increased focus on Hydrogen, Ethanol Blending, Bio Gas, Electric Vehicles and Battery Storage.
 
Announcement for funding various Government Departments for replacement of old vehicles is also commended.
 
Another appreciable feature of the budget is putting more money in the hands of the individuals by some lowering of effective personal income tax rates that should increase consumption and consequently lead to more demand.
 
All in all, this is a growth-oriented budget with positive impact on the Auto Sector.”
 
 
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.”
 

Nadir Godrej, Chairman and MD, Godrej Industries Ltd.
“The Union Budget 2023-2024, the first of the Amrit Kaal, strikes a good balance between the country's growth ambitions and need for fiscal prudence. The sharp increase in capital spending combined with a focus on reining in the fiscal deficit, will not only spur infrastructure development and job creation for our country's youth, but do so responsibly.  Capital expenditure will further increase the growth of the economy and even if the deficit rises debt to GDP will fall.
 
At the same time, the budget's commitment to sustainability must be commended. It successfully combines  conservation principles by way of the MISHTI mangrove plantation scheme with steps to speed up the transition to clean energy, underscored by a Rs. 35,000 crore high-priority capital outlay aimed at helping the country meet its 2070 net-zero goal. At the same time, reduced compliance red tape and loosened regulations promise to further fuel our nation's start-up culture. Lastly, I agree with the Finance Minister that India will be in a unique position to improve its standing in the global economic system while leading the G-20.” It is a wonderful opportunity for India to spread the message of sustainability and inclusive growth.”
 
 
 
 
Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd
“We welcome the forward-looking budget presented by our Hon’ble Finance Minister. The budget has rightly been referred to as the vision of Amrit Kaal. This year’s budget brings a big boost to the India's economy by covering all the verticals for the holistic development of the nation. The sanctioning of Rs. 35,000 crores for energy transition is a significant step toward India's net zero goals and will undoubtedly provide a much-needed push to a sustainable tomorrow. Tax exemptions on capital goods, lithium-ion batteries, and further reduction of customs duty will accelerate green mobility and rapid transition towards electric vehicles, making the sector stronger than before. We are eagerly looking forward to the government’s ambitious vision for upgrading the EV infrastructure ecosystem. Further relaxation on personal taxes and push for the job creation will bring sustainability in the market and increase purchasing power. Domestic consumption is a prime driving force for the economy.  With the infrastructure boost and effective capital expenditure, the industry is optimistic that this budget will definitely augur well for the economic recovery and overall growth of the country."
 
 
Krishna Kumar, Founder & CEO, Simplilearn
“The 2023 Union Budget highlights various initiatives by the Government of India to promote new age frontier technologies as well as youth upskilling across sectors. With India now the third largest ecosystem for start-ups globally, and ranking second in innovation quality among middle-income countries, it is promising to see measures taken by the Government for startups bear fruit. To this front, it is a considerate decision to extend the date of incorporation of income tax benefits for startups showcasing the focus of the Government towards the growth and expansion of India’s startup ecosystem.
 
In terms of education and skilling, the proposals to bolster student education as well as professional skilling, if fostered well throughout the year will contribute to India’s growth and development. The Government’s decision of formulating the National Education Policy is a testament of its efforts in recognizing and unleashing the potential of the youth through skilling. With three centres of excellence for Artificial Intelligence to be set-up in top educational institutions in line with the vision of “Make AI in India and Make AI work for India”, we can look forward to the growth of new-age technologies such as AI, robotics and more.
 
Further, the introduction of the Pradhan Mantri Kaushal Vikas Yojana 4.0 would benefit the youth of the country to scale and find suitable job opportunities. The Government’s decision to set up 30 Skill India International Centres across different states is a notable initiative undertaken in the 2023 budget as it would extend youth skills globally and also put Indian youth on the international skill map. The initiatives announced as a part of the Union Budget today are signs of building a new, strong, digital India focused on sustainability and growth."
 
 
Sumeet Mehta, Cofounder & CEO of LEAD
“The first Amrit Kaal Budget’s focus on quality of education for all is progressive and encouraging. I welcome the focus on teacher training and upskilling students with Industry 4.O skills.  However, while initiatives such as a National Digital Library and support for Eklavya Model Residential Schools are steps in the right direction to address the massive learning loss from the pandemic, well-designed PPPs are the need of the hour to create innovation at scale for millions of school going students in India. This will make high-quality learning more accessible and affordable, especially for students in small towns who lack resources; and will result in long-lasting impact at scale.  GST rebates on printing of books, assessment material and educational hardware can further enable affordability and access to high-quality, multimodal education in schools.  Going forward, I look forward to policy support in this direction.”
 
 
 
Shaina Ganapathy, Head of Community Outreach, Embassy Group
"We, at Embassy, are happy to see the fields of education and healthcare, the cornerstones of our outreach, significantly addressed in the Union Budget 2023.
 
After nearly three years of disruptions caused by the COVID-19 pandemic, the education budget crossed Rs. 1 lakh crores last year. With the shift towards digital learning, an expansion of digital infrastructure that is inclusive in nature is much needed in the upcoming year. Therefore, it’s great to hear our Honorable Finance Minister share that a National Digital Library for children and adolescents will be set up, which makes available books across geographies, languages, learning-levels, and more. States will also be encouraged to set up physical libraries and provide technology to access the National Digital Library Resources. Additionally, to bridge pandemic-induced learning gaps, as well as build a culture of reading, the National Book Trust, the Children's Book Trust, and other sources will be encouraged to provide noncurricular titles in regional languages and English to these physical libraries.
 
Considering the drastic shortage of teachers in government and rural tribal schools across the nation, we are pleased to note that in the next 3 years, the Centre will recruit 38,800 teachers and support staff for the 740 Ekalavya schools serving 3.5 lakh tribal students. EMRS has had their budget increase by a significant Rs. 581.96 crore to Rs. 2,000 crores for the 2022–23 financial year. Supporting residential schools run for tribal students, this scheme will go a long way towards enabling a holistic tribal education system in the country. Teachers will be vital towards recognising tribal cultures, languages, curriculums and unleashing their inherent learning ability.
 
Teacher training will also gain further prominence across the country and be reimagined through integrated curriculum transactions, continuous professional development, dipstick service, and ICT implementation.
 
Supplementing the policies to develop the state of education, upskilling has been identified by experts in the field as another crucial area for development. To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different states. With over 4 million people joining the Indian workforce annually, these measures will strengthen the next generation of blue- and white-collar employees and contribute to the growth of the Indian economy through an upskilled workforce.
 
Taking this a step further, a National Education Policy has been framed that focuses on skilling youth by adopting economic policies that assist in job creation. Embassy has partnered with the Karnataka Skill Development Centre (KSDC) to conceptualise and build a state-of-the-art skill enhancement campus in Bangalore. The centre aims to train over 60,000 people in 32 sectors and 300 job roles.
 
Many of the students across government schools in the country suffer from common illnesses and diseases that they lack awareness of and the resources to manage. It is heartening to hear that a mission to eliminate sickle cell anaemia by 2047 will be launched, which includes creating awareness and screening 7 crore people in the largely affected tribal areas.
 
We look forward to seeing our country reach greater heights with the aid of these provisions that the 2023 Budget provides."