Pune Inc Reaction On Budget 2023
Pune, 1st February 2023:
Prakash Chhabria, Executive Chairman – Finolex Industries Ltd: “We appreciate the budget’s emphasis on promoting consumption and reviving the economy. The augmented focus on the agriculture sector will facilitate the farmers in smoothening of their operations , get more funds for inclusive rural development. The creation of agriculture infrastructure funds along with separate allocation for high-value horticulture will give the industry a much-needed boost. The industry would also gain from the 11% increase in the agriculture credit objective from Rs 18 lakh Cr to Rs 20 lakh Cr. We eagerly await the implementation of these measures and their impact on agriculture and farmer profitability. This budget also highlights separate focus on providing water connections & toilet facility to households. This will spur demand in the plumbing and sanitation segment. Additionally, a hike in capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development and the allocation of Rs. 79000 Cr to affordable housing will act as a catalyst for building, construction materials and allied sectors.”
Abhay Bhutada, MD, Poonawalla Fincorp, said, “The 2023-2024 Union Budget presented by FM Nirmala Sitharaman showcases the government’s commitment to putting people first and uplifting the nation’s financial status. With a focus on ‘janbhagidari’ through ‘sabka saath, sabka prayaas’ and seven pillars, including green growth, youthpower, and infrastructure investment, this budget sets the foundation for a technology-driven and knowledge-based economy. The new tax slabs, with a reduced maximum marginal rate of 39% and an income rebate limit of Rs 7 lakh, empowers the middle class with more spending power, thereby elevating the country’s economy. The government’s continued support and commitment to the MSME sector are commendable, as it is crucial in driving the nation’s economic growth. The improved credit guarantee scheme, along with reducing compliances will significantly help alleviate stress in the MSME sector. The digitization and expanded Digilocker services, along with The National Financial Information Registry, will enhance transparency in financial security and the sector at large. The budget paves the way for a brighter future for the citizens of India. We look forward to seeing its successful implementation and playing our role in helping the nation become a global leader in the financial industry.”
“The F&B industry is crucial from a strategic standpoint because it contributes to almost 3% of India’s GDP while providing work opportunities to more than 7.5 milliom people. We welcome the new budget and trust the government to provide the same support they gave us to bounce-back after the pandemic”, shares Prashant Issar, COO, Bellona Hospitality.
Mahesh Viswanathan, CFO – Finolex Cables Ltd : “The Union Budget 2023-24 is forward-looking and positive. It reflects continuity in capital expenditure, which will mean increased growth potential and job creation. The government’s focus on the completion of the rollout of 5G services will increase application possibilities in several fields and this will create a high impact on the demand for communication cables and provide opportunities for companies operating in this sector. Additionally, the government’s focus on the electronics manufacturing sector, through incentives and tax benefits, is expected to boost the production of electronic devices, further increasing demand for communication cables. The budget also focuses on enhancing the ease of doing business where more than 39,000 compliances have been reduced. This is a welcome move for all the operating businesses. The revision of income tax slabs will leave more disposable incomes in hand which will boost the consumer durables sector. Overall, the Union Budget 2023 presents opportunities for the communication cables industry, but the ultimate impact will depend on various factors, such as the implementation of the budget’s proposals and market conditions.”
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.”
Sandeep Menon – Founder, Managing Director & Chief Executive Officer, Vastu Housing Finance: “The budget 2023 is largely focused on improving the social-economic conditions of the country. Improved infrastructure in Tier 2 & 3 cities will lead to residential cluster development in the coming years. With the announcement of enhanced capital expenditure by 33% and increment in the outlay for PM Awas Yojana (PMAY) by 66% to over Rs 79,000 crore, the government has provided much-needed support to the affordable housing sector. Also, the relaxation in income tax slabs provides additional disposable income in the hands of the common man which can directly lead to growth in the affordable homes segment”.
Dr. Pramod Chaudhari Founder – Chairman of Praj Industries – “The Finance Minister has done a commendable job of presenting an all inclusive budget without losing focus on growth and development. MSME sector, regarded as the backbone of the Indian economy, will be one of the major beneficiaries from this budget. While laying strong emphasis on energy transition, Hon. Finance minister has made several provisions that will bolster the nation’s bioeconomy and agritech sector in particular. The 5% CBG mandate for entities marketing natural gas in India and Rs. 10,000 crore provision for setting up 200 CBG plants will accelerate India’s Net Zero journey while creating jobs in rural India.”
H. P. Srivastava, Vice Chairman, Deccan Chamber of Commerce Industries and Agriculture, Pune – “Overall a very good budget which has focused on increasing the disposable income & consumption which are the need of the hour. The newly announced concessions on the Income Tax front will give a boost to Co operatives & Start ups. Hon FM has finally provided some succor to Senior Citizens & middle income salaried class which was overdue”
Akhilesh Joshi, Managing Director, Girikand Travels Pvt. Ltd. – “I am Happy that the Finance Minister has given importance to Tourism. Mention about Promoting Domestic and Inbound Tourism by setting up Unity Malls and developing 50 Cities for Tourism on mission mode is a welcome sign. A lot of job opportunities will be created, which is a need of the hour.
Rahul Rao, Director, Infinite Journeys Pvt Ltd, Pune – After the tough two years of the pandemic, It’s heartening to see tourism is finally getting recognized as an industry at first. Any step towards supporting the industry is welcome! Measures announced by FM in the budget for tourism will help boost tourism in the country.
Mahesh Wagle, Founder & CEO, Cybernetik : “We are pleased with the government’s sustained backing for ‘Make In India’, its flagship initiative aimed at turning the country into a manufacturing hub. To that end, the Finance Minister’s announcement slashing customs duty on machinery and components for the sector is a reflection of the government’s commitment to this vision. The reduction in duty is a step towards enabling the sector to explore the numerous possibilities that recent technological advancements have unveiled. Changes to the indirect tax regime reducing compliance burden on firms too will help the manufacturing sector in the long haul. As a firm with Robotic automation at the very centre of its operations, Cybernetik is equally pleased with some of the policy decisions announced in the budget to ensure the trajectory of the sector’s growth continues to spiral upward. The decision to set up laboratories in engineering institutions to help drive innovations in advanced technologies bodes well for this sector, which will benefit from the influx of bold and new ideas.”
Dipak Sanghavi, Managing Director, Nilon’s: The 2023-24 Union Budget appears to be well-balanced and forward-thinking. The Finance Minister has successfully managed to increase capital expenditure by 33% while lowering the fiscal deficit from 6.4% to 5.9%. This action will further improve the stability of the Indian economy. The investment in Capital Expenditure will enhance productivity in the long run and reduce inflation. The food processing industry plays a crucial role in enhancing agricultural efficiency and generating income. The emphasis on promoting millet cultivation, consumption, and exports, combined with increased investment in fisheries and support for natural farming, is beneficial for crop diversification, sustainability, and nutritional improvement. As a consumer brand, we are happy to welcome the much-needed revision in the tax slab. The revised tax slab under the new regime is a positive change as it allows more money to be in the hands of people, which can boost the economy and increase consumption in the FMCG sector. We also anticipate other policies and reforms that will enhance the industry, such as tax incentives, streamlined clearance processes, and simplification of the GST for raw materials. All in all, this has been an inclusive budget.”
Siddharth Agarwal, Managing Director, Mobicule: “The budget increase in agriculture target (Rs. 20 lakh crore) is step in the right direction and will give impetus to growth in rural economy widening the base of the pyramid and access to credit to the under-served. The new tax regime will provide major relief to tax payers which will hopefully encourage spending in the FMCG, white goods and auto sector thereby giving boost to retail lending.”
Dr. Sudhir Mehta, Founder & Chairman, Pinnacle Industries & EKA Mobility : “Congratulations to the Hon’ble Finance Minister for presenting a holistic & growth-oriented budget. The focus on capital expenditure with promising prospects for the commercial vehicle, green mobility, and railway sector is indeed encouraging. One of the most progressive announcements is the custom duty removal on capital goods imported for manufacturing Li-ion batteries, for electric vehicles built locally in India, which will ensure the cost rationalization for electric vehicles substantially. This will not only help us achieve our sustainability goals but also promote ‘Made in India’ products & technology. The government is consistent in its focus on green mobility, and budget allocation toward the National Hydrogen Mission will bring new opportunities for growth & innovation for the country. The automotive sector is also encouraged by the new scrappage policy, which will positively impact the entire value chain by creating more demand in the sector and giving a boost to the economy. Adequate funding to scrap old government vehicles and ambulances will create additional demand for small & medium commercial vehicles, which will also lead to more job opportunities in the sector. The Government’s biggest-ever allocation for Indian Railways will ensure a more efficient, safe, and sustainable transportation system, it will also trigger new opportunities and growth in the railway component manufacturing, maintenance, and operations systems. The Government’s achievements so far and plans to strengthen the economic empowerment of women and tourism are highly admirable. Opportunities created by such liberal initiatives will provide a strong impetus to job creation & strengthening macroeconomic stability.”