Industry reactions on Union Budget (Part-7)

Dr Rajendra K Sinha, Professor & Chairperson, Centre of Excellence in Banking, Jagdish Sheth School of Management, Bengaluru
“The Union Budget 2023 is futuristic and entails progressive initiatives for the Education Sector, which are aligned with Industry 4.0 requirements.
Considering the education sector's needs and with its overall financial prudence, the Government allocation to the Education Ministry is at Rs 1.12 lakh crore for the FY 2023-24, of which the Department of School Education will receive Rs 68,804 crore (up by Rs 9752 crore), and the Department of Higher Education Rs 44,094 crore (up by Rs 3266 crore). Though this is the highest-ever allocation for the education budget, it is still behind the recommendation of the National Policy on Education to 6 percent of GDP.
The commendable initiatives in Budget 2023 are relating to setting up of (i) three Centres of Excellence in Artificial Intelligence in top educational institutions, wherein leading industry players will be partnering in conducting interdisciplinary research, (ii) 100 labs for developing apps using 5G services in engineering institutions, covering among others, apps like Smart Classrooms, (iii) a National Digital Library for children and adolescents for facilitating quality books across geographies, languages, genres and levels, and (iv) facilities in select ICMR labs making available for research by public and private medical college faculty & private sector research teams for encouraging collaborative research and innovation.
Other ongoing focus areas relate to teacher training which is envisioned through innovative pedagogy, continuous professional development, curriculum updating, and ICT implementation, besides upscaling teachers & support staff recruitments.”

Prof Manoshi Roychowdhury, Co-Chairperson, Techno India Group
“The Union Budget should also provide assistance to all the private schools to implement NEP-2020 for extensive training and orientation to the teachers in line of NCF 2022 ( Foundational) and  NCF for Other Classes upto XII. I feel that the government should also focus on to run skill education successfully by the Pvt Schools to support Resource utilization and employability skills.”

 
Tushar Choudhury Founder & CEO, Motovolt Mobility Pvt. Ltd
“The Union Budget for 2023-2024 has a strong focus on green growth and sustainability. The "Green Growth" priority sector is a step towards India's resolve to achieve Net Zero by 2070. The government has granted infrastructure status to the EV sector, paving the way for easier access to credit for companies making EV components. This will reduce production costs and help expand India’s manufacturing capabilities in this sector. The scheme announced to scrap old vehicles and replace the old polluting vehicles will encourage more people to switch over from petrol/diesel cars to electric ones. The Indian Government is committed towards introducing green mobility solutions such as e-rickshaws, e-bicycles and other clean energy transport systems in cities across the country with an emphasis on green growth with focus on green fuel. We are delighted to see such initiatives included in the Union Budget 2023.”

 
Nakul Himatsingka, Managing Director, Ideal Group
“It is an excellent budget that will boost the economy and give more in the hands of the salaried. The increase in the allocation for the PMAY scheme is also a welcome move that should help further strengthen the affordable housing sector.”

Meghdut RoyChowdhury, Founder Offbeat & The Biryani Canteen 
“The 2023 Union Budget has been applauded for its focus on hospitality, education and innovation. It is a much-needed step to help the country move forward in terms of economic growth.
 
The budget has allocated funds for the hospitality industry which will help create more jobs and boost the economy. Similarly, it has also provided funds for education reforms that will improve access to quality education across India. Moreover, it has also encouraged innovation by providing incentives to startups and entrepreneurs.
 
Overall, this budget is a welcome step in the right direction and will be beneficial to all sections of society in the long run.
 
The 2023 Union Budget is a welcome move for the hospitality and education sectors. It has provided a much-needed boost to innovation in these industries, which will help create jobs and attract more investments. With increased spending on research and development, we can expect to see new technologies being developed that will improve the quality of life for many people. Furthermore, the budget has also allocated funds for improving access to quality education and providing better job opportunities in the hospitality sector. All in all, this budget is a great step forward towards achieving a brighter future for India.”
 
 

Abishek Bhardwaj, Chief Marketing Officer, Shristi Infrastructure Development Corporation Limited
“In the current budget, the Government has given special focus on infrastructure development. The creation of the Urban Infrastructure Development Fund (UIDF), the proceeds  of which will be used to create urban infrastructure in Tier 2 and Tier 3 cities, will boost the real estate sector. The outlay for PM Awas Yojana in which affordable housing will be provided to the urban poor, has been hiked by 66 per cent which will amplify scope of the industry. The increase in Income Tax exemption limit will leave more disposable income in the hand of the potential home buyer.On a whole, it is a people-friendly budget.”
 

Arya Sumant ,Managing Director, Eden Realty
“We welcome the Union Budget 2023, it is both futuristic and inclusive. While no direct benefit has been provided to the real estate sector we believe the revised income tax rates and slabs will generate more disposable income for investment and purchase of residential property. Although additional fund has been allocated to PM Awas yojana but many other demands of the real estate sector to boost the sale and development of affordable housing has not been considered.”

 
Alison Barrett MBE, Director India, British Council
“The Union Budget 2023 focuses on education and skilling as key growth drivers for inclusive development; this is being addressed not only through the deployment of R&D and tech but crucially through teacher recruitment and training, and increased access to books and material to all corners of the country through the National Digital Library. Foundational literacy and access to education provided through skilled teachers has been highlighted as a priority in the NEP 2020, for India to effectively prepare its growing young population for the future. We are confident that these developments will accelerate the implementation of the NEP 2020, and we remain committed to partnering the government and education sector in India to enable young Indians.” 
 
Debasish Dhar Group Vice President, Business Development, ILS Hospitals (GPT Healthcare Limited)
“Overall good budget for the common man. Wish it benefits in the long run. Good to know about the thrust on medical education, research and education, but there should have been a deserved attention towards healthcare & health insurance including lowering taxes/GST, which was missed.”

Rishi Jain, Managing Director, Jain Group
"Today’s national budget presentation showcases a positive approach towards the growth and development of India.

The budget has been structured with a focus on rationalisation and reforms, nothing surprising or Big Bang announcements are there, Rather, a careful calibration of a larger master plan seems to be in motion. Sustainable progress after all is more important that sporadic big reforms that shakes the financial infrastructure of the country.
The emphasis on taking on-ground feedback into consideration is commendable. MSME payment recovery and added priority to PMAY and 2nd house direct tax announcements are the largest announcements of this budget for the housing industry.
The budget caters to the common housing needs of the people and addresses their concerns effectively. The financial boost given to the real estate and infrastructure sector will significantly contribute to the overall development of the country and provide ample opportunities for growth and job creation.

Overall, this budget can be considered a well planned and thoughtfully calibrated step towards a brighter future for India."

Baba Kalyani, Chairman and Managing Director, Bharat Forge Ltd.
“Government policy formulation is a consultative process and the successive budgets including todays is a strong reflection of this process, aimed at promoting a virtuous cycle of growth and employment. Significant and sustained push on Infrastructure spend, Railways, Green Technologies and Defence is a welcome measure. Overall direction to take India on the trajectory of a technology-driven and knowledge-based economy coupled with productive capital investments will have long-standing benefits in driving inclusive financial growth and enhancing per-capita income levels.”

Sulajja Firodia Motwani, Founder and CEO, Kinetic Green.
“Today the budget for ‘Amrit Kaal’ was presented. It was a moment of pride to know that India has made significant progress in sustainable development goals and has become 5th largest economy in the world.
I welcome the Budget and as likely said by the Hon’ble Finance Minister, the Budget presented today is the blueprint for India @100. As part of the ‘Sapthrishi’ Green Growth was a focus area for the Budget and the announcements made will surely lead India towards achieving the goal of zero carbon emission by 2070. I am glad that the Government acknowledged EV industry’s appeal and has removed the custom duty on capital goods imported for the manufacturing of Lithium-ion batteries, which will result in making EVs more affordable for the masses. This will also boost the production of electric vehicles and components in India as part of the Make In India campaign.
With an emphasis on the Vehicle Scrappage Policy, reduction on basic custom duty rates for automobiles and focus on hydrogen fuel-powered mobility, the Union Budget is positive for the auto sector and has re-enforced Government’s commitment to accelerating EV and green mobility eco-system in India.”

Karthik Jayaraman, Co-Founder and Managing Director of WayCool
“The Union Budget 2023 has proven to showcase that the future of the Agriculture sector in the country is bright, with its well-researched, and nuanced focus towards the sector. With a highlight on inclusive development for farmers, we welcome the decision of the government to provide Digital public infrastructure for agriculture enabling an open source, open standard, and interoperable public good encompassing farmer-centric solutions. This will definitely help improve access to farm inputs for the farmers whilst also boosting market intelligence, thereby also providing support to Agri-tech and startup growth. The agriculture sector despite being the major contributor to the GDP is still faced with a plethora of challenges,  and the launch of the Agriculture Accelerator fund will provide ample relief to the industry, in terms of encouraging young entrepreneurs towards the sector while also bringing in innovative and affordable solutions to address the challenges faced by the farmers, especially in terms of enhancing profitability and equipping modern technology. Moreover, disease infestation has been a dire problem affecting 35% of total crop productivity, the Atma Nirbhar clean Plant program with a budget allocation of 2200 crore will offer farmer access to the availability of disease-free, clean planting material, benefitting crop yield in large numbers. Last but not the least, decentralized storage capacity for farmers, is the need of the hour, which we industry players have been expecting from the government for a long time. With this aspiration fulfilled, we are confident that farmers will be able to store the produce much more efficiently. Overall, the union budget for 2023 has portrayed a positive outlook for the agriculture sector.”