Union budget earns more Bouquets

Industry bigwigs hail Budget's infra push

The budget strongly focuses on sustainability and strengthening green initiatives, which is welcome as we are aiming at becoming net zero by 2070 such prioritisation is very important. As India is moving towards becoming one of the largest economies in the next 10 years, a strong emphasis on infrastructure with an allocation of Rs. 10 lakh crores is a good one. As we await more details, he mentioned that, hopefully, our Telangana state could benefit from this strong focus. He also appreciated the union minister for accepting many recommendations submitted by CII. He also mentioned that giving utmost importance to digitalisation in every area of functioning, including in agriculture, is much needed. Allowing Indian Council for Medical Research (ICMR) labs for R&D by private sector will strengthen the public and private sector collaboration and is a much-needed reform.

- Vagish Dixit, Chairman, Confederation of Indian Industry (CII) Telangana

Entrepreneurs should react positively to the recent Indian union budget announcements by the Finance Minister. The allocation of Rs 283.5 crore funds for the Startup India Seed Fund Scheme and Rs 1,000 crores for Fund of Funds for Startups, promotion of AgriTech startups, and facilitation of new-age companies through drone-as-a-service are commendable moves that will boost the startup sector's growth and bring relief to entrepreneurs. The creation of an expert committee to monitor the mobilisation of funds through venture capitalists and private equity will provide additional support, making it easier for startups to secure the capital they need to grow. Overall, these measures demonstrate a commitment to supporting the startup sector and are likely to have a positive impact on the entrepreneurial ecosystem.

- Deepthi Ravula, CEO, WE Hub

The Union budget's elaborate focus on building a digital economy and technology-enabled development is extremely encouraging. As mentioned in the budget, start-ups have emerged as growth drivers for our economy showcasing the immense potential of India's start-up ecosystem. It's evident from the government's decision to extend the date of incorporation for income tax benefits from March 31, 2023 to March 31 , 2024, which will empower the start-up sector, foster entrepreneurship significantly, and give rise to a new generation of founders. We thank the Govt. for extending the benefit of carrying forward losses on change of shareholding to ten years of incorporation from seven years, this will help start-ups adjust initial losses.

- Mahankali Srinivas Rao (MSR), CEO, T-Hub, India's leading innovation ecosystem of the Government of Telangana

The budget for 2023 includes an exceptional people-focused agenda for addressing global challenges and fostering the economy. It is a well-balanced budget that also places a strong emphasis on capital formation and increases middle-class tax refunds. If we speak from the individual employee`s standpoint, the decision to raise the income tax slab from five lakh to seven lakhs is an excellent initiative. The government also made a significant declaration regarding startups in the industry. On a practical level, the tax holiday extension and permitting the carry forward of losses from seven to ten years on a change of shareholding structure is a welcome initiative. Entrepreneurs were guaranteed transparency and support even though the main focus was on the key industries of agriculture, infrastructure, manufacturing, and transportation. Another welcome change is Micro, Small and Medium Enterprises (MSME) to be allowed to make deduction on payment when it is actually made. It is a huge boost to the startup community."

- Vijay Yalamanchili, founder & CEO, Keka

It is a progressive budget

Basic focus of the budget is Atmanirbhar and inclusive development. The tax was reduced not only for a common man but everyone with income tax, it may apparently seem to have given Rs 15,000 for an annual income of Rs 9 lakh and for Rs 12 lakh he may have received Rs 25,000 tax rebate.

A common man is much more benefitted the containment of inflation of 5 to 5.5 per cent. Post Ukraine war many global economies are having inflation of 20 per cent to 25 per cent. Whole Europe is in high inflation mess. Some countries like Pakistan have collapsed. In this situation the budget not only contains inflation at 5.5 per cent but also gives a great relief to common man.

If the Petroleum products imports and fertilizer imports are contained, the country can grow much faster from the present 6 per cent. One crore farmers will be brought under natural farming and allocation of Rs 10,000 crore for bio fertilizer project. With the increase in natural farming it will also help in reducing fertilizer consumption and give better quality food for Indians.Intention of the government is to make India as millet capital is a positive step in the positive direction. Another major step increasing capital expenditure allocation to Rs 10 lakh Crore, this is the highest in the history of India and also Rs 2.5 lakh crore for railways was highest in history. When we review last two three years performance, so many economies suffering, we have done well mainly because of infrastructure projects and government focus on PLI schemes.

At a time of global exports coming down due to recession, we have the problem in export for the next couple of years. Increased capex expenditure in India will help India to ensure consumption and internal demand is maintained. Whole focus of the budget is what is the needs of the society. Tourism sector will help create more and more employment. Overall budget can be rated 8 to 9 out of 10.

- K Narasimha Murthy, Director National Stock Exchange (NSE)

The Budget seems to be growth oriented with focus on all sectors. The Budget provides balance and stability to the economy. The Government tried to appease every sector of society to consolidate its grip on power. From major industries to MSMEs, salaried classes to farmers and education to healthcare, everyone has got some relief from this Budget.

Finance Minister increased contribution in Capital Investments which means Investment in Education, healthcare and infrastructure. Budget Focused on Job creation, economic growth and promotion of entrepreneurship. FM has paid Attention on Go Green Policy for environmental substantiality and reducing carbon emulsion. Few Modification and Implementation of various statutory reforms to improve ease of doing Business for start-ups. FM has increased the limits of tax audit from Rs 2 Crore to Rs 3 Crore. There is a Substantial change in income tax slab rates and increase the limit of tax exemption from Rs 5 Lakhs to Rs 7 Lakhs in new tax regime and also gave major relief to tax payers in old tax regime but it seems FM was encouraging people to opt for new tax regime. I welcome this budget for nation's prosperity and growth.

- Vinod Kumar Agarwal, Chartered Accountant

This as an all-inclusive budget, which provides a glimpse of Narendra Modi ji's mantra of 'Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas', which can be seen in the General Budget. By changing the tax slab relief has been provided to middle class businessman and taxpayers. Lakhs of middle class taxpayers will be benefitted by increasing the Income tax limit from Rs 5 Lakhs to Rs 7 Lakhs. This Amrut Kaal Budget will play an important role in the all-round development of India.

- Avinash Devda, General Secretary, Hyderabad Kirana Merchants Association