Table of Contents
Parry Singh, Founder and CEO, Red Fort Capital
The finance minister has focused on growth and digitalization, which is the need of the hour. Capital Investment outlay has been increased by 33% to Rs 10 lakh crore, which would have a multiplier effect on the economy. The government has continued its support to MSMEs by announcing 9000 crores for the MSME credit scheme and returning 95% of the forfeited amount for contract failure during Covid-19. Furthermore, the enhancement in DigiLocker will increase the efficiency and reduce TAT for financial institutions and FinTech.
Pranay Aggarwal, Sociology faculty, IAS Gurukul
“While the budget will give the much needed push to the education sector, it could have done so much more. Teachers’ training is something previous governments have ignored. This budget expresses the intent to bring about innovations in pedagogy and curriculum. There is also a belated but welcome emphasis on tribal education. The National digital library will help promote reading culture in the country. Upskilling the youth in new age courses like robotics, AI and drones under PM Kaushal Vikaas Yoajna 4.0 and industry partnership will ensure greater employability.One urgent reform the education system needs is to address the digital divide. The budget, unfortunately, doesn’t emphasize much on it. The budget speech has ignored another recurrent demand from the education sector, which is to remove or at least reduce GST on education services. I also wish that the government had allocated more funds for education. We are yet to touch the target of spending 6% of the GDP on education which the National Education Policy 2020 had envisaged.”
Pritika Singh, CEO Of Prayag Hospitals Group
“We welcome FM Nirmala Sitharaman’s announcement regarding establishing 157 new nursing colleges in core locations. In addition, the proposal for a multidisciplinary course for medical devices for skilled manpower is also praiseworthy. The dedicated multidisciplinary course for medical devices will be supported in existing institutions to ensure the availability of skilled manpower for futuristic medical technologies and high-end manufacturing and research. The health budget has been increasing yearly, especially after the Covid-19 pandemic. In Union Budget 2022-23, 86,200 crore rupees were allocated to the Union Ministry of Health & Family Welfare, a 16.5 percent increase over the previous year. Apart from that, we also laud the new program for pharma research proposed by the FM. The program will be formulated and the industry will be encouraged to invest in research. The pharmaceutical industry has been asking for incentives to promote R&D investments.”
Ramesh Jhajharia, Co-Founder and CEO of Tradexa,
“The 2023-24 budget has laid clear emphasis on prioritizing economic growth with focus on capital spending to generate growth and employment. The announcement relating to MSMEs and thrust on digital banking will further go a long way in supporting the economy. It is good to see the government’s focus on facilitating the growth of the MSME sector in this year’s budget. MSMEs to get 95% of forfeited amount for contract failure during Covid-19 which is a highly appreciative move. Another much-needed move by the government is the credit guarantee for MSMEs where the revamped scheme will take effect from April 1, 2023 with infusion of ₹9,000 crore corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs. A much-required move for MSME’s recovering from the effects of the pandemic”
Sarvagya Mishra, Co-founder & Director, SuperBot (PinnacleWorks)
This Budget is notable for its renewed emphasis on the development of digital infrastructure. The Indian government’s intention to establish three “Centers of Excellence for Artificial Intelligence” in prestigious educational institutions to make “AI Work for India” is a dose of encouragement for entrepreneurs who have been working in the field, hoping to give a new face to sectors and services. These centers will undoubtedly serve as a bridge between educational institutions and leading industries, with the goal of researching and developing practical AI applications across different verticals including agriculture, health, and sustainable cities. Furthermore, the focus on building a strong AI ecosystem in India and training skilled AI professionals will assist new businesses in acquiring the right talent. This also puts a lot of responsibility on education institutes to strengthen the curriculum in the field.
Ashwani Rawat, Co Founder & Director Transerve Technologies.
The Budget presented by FM Nirmala Sitharaman builds on the excellent Budget last year, continuing the trend towards more productive expenditure. Like the rest of India, we welcome Budget 2023 with open arms. The Union budget has correctly highlighted the imperative for greater emphasis on innovation, research, and development, which are crucial to helping India reach the aspirational goal of becoming a $5 trillion economy. Focusing on the amplification of emerging technologies can help create a world-class technology ecosystem.
Budget 2023 provided wings to India’s Growth story by focusing on investment, increased expenditure, employment, ease of doing business.& rebate in income tax limit to 7 lakh in new tax regime.
The Budget is consistent with our PM Narendra Modi’s vision of making India Atmanirbhar: a digital superpower, a sustainability leader and a healthy nation. This statement of intent is clearly supported by a plan for the future, and backed by allocations — specifically in the areas of infrastructure, digital transition, planet resilience, education and health — to support Indian ambitions.
Kaushal Sampat, Founder of Rubix Data sciences
“The Union Budget 2023-24 has given a big boost to KYC. By recommending a risk-based approach instead of the current one-size-fits-all process, the government has paved the way for better compliance in customer and counterparty onboarding, as it adjusts verification levels depending on the risk. It will also help in cutting costs, saving time, and improving customer experience by a huge margin. eKYC has also got a big push in this Union Budget. The introduction of DigiLocker for MSMEs, Trusts, and other entities will vastly ease the eKYC process, as verification of statutory documents will be simplified.”
Vasu Naren, Managing Director & CEO, Sona Machinery
Speaking ahead of the post-budget, Mr Vasu Naren, Managing Director & CEO, Sona Machinery, said: “With the agri budget being increased by 20 lakh crore, it calls for a massively positive step for the growth of the sector. Additionally, the Agri Accelerator Fund is a good step, it will help enable businesses to navigate government regulations and connect all stakeholders in the farm supply chain and network. This will be a game changer in terms of enhancing the agri value chain. Additionally, the focus on Amrit Kal which lies in a tech-enabled economy will only aid in the development of advanced machinery and infrastructure in all fields. Moreover, the focus on digital agri-infrastructure development will also aid in the development of a global workforce that will accelerate the agricultural economy and make it stand at par with global agri-infrastructure.”
Ganesh Nikam, Managing Director and CEO of Biojobz- An Industry leader in “Executive Search” & recruitment for the Biotech & Pharmaceutical industry.
“We had bucketed our expectations before the budget into several categories, and it is encouraging to see that the government checked at least some of them. The pharmaceutical industry’s request to incentivise and encourage R&D investments has finally been granted. The new Centers of Excellence programme, aimed to promote pharmaceutical research and innovation, will encourage investment opportunities that will directly fuel the sector expansion and jobs. It will begin to unleash the high innovation potential of rich Indian scientific talent. Also on the direct taxes, the increase in the Income tax rebate limit is a very welcoming step. Overall budget has met a lot of expectations.”
S Durgaprasad, Co-Founder, Director, and Group CEO, Bahwan CyberTek.
“Budget 2023: Doubling down on digital, knowledge-based inclusive development for future well-being”
“The political will to invest in people and research for technology-driven growth is clear. The announcement of three centers of Artificial Intelligence and 100 labs for 5G apps to nurture R&D in India with the vision to Make AI in India and Make AI work for India will further strengthen India’s position vis-à-vis global counterparts. The 30 Skill India international centers focused on emerging technologies, with a strong focus on, on-the-job training, will contribute to the country’s expanding knowledge capital, positioning India as a strong digital contender.
The reduction of compliances to improve ease of doing business, the 33% hike in capital expenditure, along with the continuation of interest-free loans to state government will catalyse economic growth providing job opportunities. Budget 2023 is a progressive step towards building a stronger digital and green India.”
Bhavesh Talreja, Founder & CEO, Globale Media
“The Government has put a lot of emphasis on establishing AI centres in some of the top Indian institutions to ensure AI creates a stronghold in India. And with the setup of 100 5G application labs, the gaming and fintech industry will witness a massive boost in demand.
These introductions will pose a crucial growth factor for AI and 5G in the coming time. The international market will also shift its focus on India for developing advanced tech, across sectors such as education, agriculture, healthcare, and transportation.”
SATISH KATARIA, Founder –FANDORA.APP
“It seems that the government has not given heed to potential demand of rationalising taxation on the virtual digital assets in this budget. I would like to reiterate that while Crypto Currencies as such could be speculative instruments, and hence demanding a higher taxation perspective – not all digital assets should be made part of this category. Again, while the government has issued its clarity of digital tokens underlying real time assets – but then, Non Fungible Tokens (NFTs) representing underlying art and content IP – are still dappling under the uncertain regime. I hope that the government realises that such NFTs and Web3 assets can actually help our content industry multifold – through adding additional monetisation layers to their existing content and enabling audiences to engage with their favourite creators in a more active, significant manner. I believe that the government should encourage Content based NFTs and bring them under the category of real asset based tokens – thus providing essential incentivisation for Indian content creators to create even a better global impact.”
Ambarish Parekh (CEO PayCraft )
Today’s Union Budget presented by Finance Minister Smt. Nirmala Sitharaman focuses on nurturing business & encourage digitalization across sectors. The Ministry of Finance has presented a balanced budget for 2023. It is prudent as well as growth oriented to propel the digital economy and boost the MSME sector.
This year’s Union Budget was more focused on offering the much-needed relaxation for MSMEs and start-ups and it’s been a relief for employee with new tax benefits introduced. Credit guarantee for MSME, revamped scheme will take effect from April 1, 2023, with infusion of ₹9,000 crore corpus. Cost of Credit to be reduced by 1%. Additionally, 95% of the forfeited amount will be returned to them by govt undertakings for contract failure during Covid and ₹10,000 cr per year to be invested on Urban Infra Development fund.
Entrepreneurship is vital for a country’s economic development and India is now the third largest ecosystem for startups globally. The tax benefits on their incorporation is being extended by another year and the carry forward of losses to set off against future profits will now be allowed for 10 years instead of 7 years
To unleash innovation and research by start-ups and academia, a National Data Governance Policy will be introduced. This will enable access to anonymized data. The KYC process will be simplified adopting a ‘risk-based’ instead of ‘one size fits all’ approach. The financial sector regulators will also be encouraged to have a KYC system fully amenable to meet the needs of Digital India. Digi Locker to be used as a one stop solution for reconciliation and updating of identity and address of individuals. This is a much-needed step towards ensuring data security with increase of digital transactions. Fintech services in India have been facilitated by our digital public infrastructure including Aadhaar, PM Jan Dhan Yojana, Video KYC, India Stack and UPI. To enable more Fintech innovative services, the scope of documents available in Digi Locker for individuals will be expanded. The budget 2023-24 supports India’s vision to enhance financial inclusion. This will boost a secure payment ecosystem by enabling easy access to financial products in the country, it will also create room for technological advancements and innovations to offer simplified, user-friendly, and secure financial services and payment solutions.
Anuj Puri, Chairman – ANAROCK Group
The new measures announced in the Union Budget 2023-24 may certainly help unleash Indian economy’s potential. However, from a real estate point of view, there were no major direct announcements that could be seen as immediate booster shots.
The enhanced allocation for PM Awaas Yojana by 66% to over INR 79,000 crores is certainly a boost for affordable housing, which was flagging due to increased input costs and also because the buyers in this segment, mostly from the unorganized sector, were still reeling under the impact of the pandemic. It is another step towards the government’s Housing for All mission.
The Budget lays much emphasis on building the infrastructure of the country, with emphasis on last-mile connectivity. Improved urban infrastructure will provide further impetus to Tier 2 & 3 cities. The unwavering focus on infrastructure will indirectly drive real estate growth over the next one year. The tourism sector also has something to cheer for as the budget aims to boost domestic and international tourism.
As anticipated, the FM also tried to rejuvenate the MSMEs sector which has a multiplier impact on the growth of the overall economy. The revamped credit guarantee for MSMEs and special tax benefits and deductions will provide impetus to overall industrial development, and this can have a rub-off effect on the real estate sector since the pandemic slowed down demand for affordable housing in 2021 and 2022.
Resultantly, new supply in this segment also reduced. As per ANAROCK Research, 2022 saw a trend reversal with the share of new supply in the affordable housing category (<INR 40 lakh) dipping to 20% of total 3.58 lakh units launched in top 7 cities from 40% of 2.37 lakh units launched in 2019.
Changes in the income tax slabs, including exemption for income up to INR 7 lakh under the new tax regime and the new tax slabs, will doubtlessly benefit the middle class. However, whether the housing sector will get a collateral boost remains to be seen. The new tax regime offers no benefits that taxpayers can avail of under any Sections, including Section 80C – the previous home loan tax benefits.
Himani Narula, Developmental and Behavioral Pediatrician, Director & Co-founder of Continua Kids.
The new budget focuses on promoting research in the Parma industry which can give a boost to the same. Where we are promoting research on the prevention of disease, emphasis on the prevention of disability is missed in the latest budget.
Ekalavya Model residential schools of tribal children is a great initiative and will give a boost to better growth and developmental outcomes for children in those sectors, However, the early child development programs still remain untouched. With the increasing neurodevelopment challenges in early childhood, the budget fails to address the emphasis on the execution of early child development programs. Research clearly states that approximately 45% of under five children in our country are at risk of poor development. Return to investment in early child development as per published research is up to 7 to 10 percent. We lose 154% of adult wages in children with some functional disability which can be reduced by promoting early child development. Early identification, early intervention can reduce the burden of disability and increase the percentage of functional adults. Where developmental disorders like autism spectrum disorders having a prevalence of 1 in 100 in the Indian subcontinent the need to create separate policies towards structured support for the developmental needs of individuals with the disorder and modifying and updating the government insurance policies to reduce out-of-pocket health expenditure for the family were some of the areas untouched in the budget.
Khushboo Sachdev, Director – Su-vastika, an EV Inverter
The Green Credit Program that will be notified under the Environment (Protection) Act is a great step towards driving positive behavioural change. This will incentivize companies, local bodies, and individuals to take environmentally sustainable and responsive actions and help mobilise additional resources for such activities. Relief from customs duty on the import of lithium-ion cells for batteries for another year is definitely a big support.
Dr. Tathagato Rai Dastidar, SigTuple, Founder & CEO
Addressing the health care announcements made by the honorable FM today he stated , “The newly announced focus on screening and eradicating sickle cell anaemia in the country is a step in the right direction. Anaemias and other haematological disorders are endemic in tribal populations of the country. Use of advanced digital technologies can help vastly increase the scale of screening than what is possible today.”
He also added “The proposed National Data Governance Policy, which provides access to anonymized data, will go a long way in supporting the stated mission of making AI work in India.” as he addressed the AI focused stated in the budget.
Birma Ram, BabyG App,Founder
“The intent is good, but progress has been slow in making India’s startup ecosystem compete with advanced economies. This budget is at best a baby step, what we need are leaps to unlock the potential!”
Rachit Poddar, IVY Growth Associates, Co-Founder
“India’s last budget laid a strong foundation for the world and the economic growth has been recognized across the globe for it’s world class digital infrastructure, unparelled pandemic mitigation and achieving sustainable development goals. The current budget will act as an imperative blueprint to spearhead the next phase of growth on 7 pillars i.e. Green Growth, Youth Power, Inclusive Development, Reaching the Last Mile, Infrastructure and Investment, Digotalistion, and Unleashing the potential. The GDP of India heavily relies on Education, Agriculture, Healthcare & Industry, and the government demonstrates a continued interest to serve these areas with significant policies and schemes. A focus on technological advancements with investments into AI centres and Data reforms is a testimony of India’s goal to be forefront in technology apdation. This will unlock India to build on several emerging Industries and sectors with high employment generating capability. This budget will empower financial literacy in rural areas, Industry 4.0, job creation, seamless compliance windows and capital expenditures. The macroeconomic policies and consolidation will ensure India’s growth in a sustainable manner promoting entrepreneurs to take a big leap in contributing to the growth of our country.”
Prateek Tosniwal, IVY Growth Associates, Co-Founder
“The Union Budget for the fiscal year 2023-24 has redefined the landscape of capital investment in the country. Certainly, the new policies launched will revive the startup ecosystem in pan India. As per the finance minister, the revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs. The mentioned policy will be a game-changer for small to medium-scale enterprises in the country. The economy is to grow at 7% in the current year. This is the highest among major economies. India is on the right track despite the time of challenges. Finance Minister Nirmala Sitharaman sticks to the advance estimate for current fiscal year growth of 7 %. Capex’s outlay increased by 33% to Rs 10 lakh crore for FY24. At this level, public capex will be 3.3% of GDP. Equity indices are in the green so far. The Centre’s capex target for 2023-24 is 33 % higher than the budget estimate of Rs 7.5 lakh crore for 2022-23. Overall, it is a great budget for capital investors and investment networks and it will fortify the country’s financial investment ecosystem.”
Vyom Shah, Foodism, Founder & CEO
The Union Budget 2023 is set to bring a plethora of opportunities for young entrepreneurs. The Government brought in numerous measures such as tax cuts and exemptions that are aimed at helping small businesses grow and expand. These measures will help create more jobs, stimulate economic growth, and encourage innovation in the country. There shall be more incentives for investors and venture capitalists who are willing to invest in start-ups. It is a major step towards providing a much-needed boost to SMEs and start-ups in the country.
Karan Aggarwal, Elever, Chief Investment Officer
It is a brave budget considering that Finance Minister is presenting the last full budget before the elections.
Instead of loosening purse strings, she ends up setting an aggressive target to reduce the fiscal deficit from 6.4% to 4.5% in 3 years which bodes well for markets and the economy in the long term.
The government continued to propel the shift towards an infrastructure-led development model by increasing capital investment outlay to INR 10 Lakh crore, a 33% increase over last year and a 200% increase since 2019.
Rail infra would get an allocation of INR 2.40 Lakh crore which is 9x that of FY 2014.
These investments can have long-term positive impacts on manufacturing exports, demand, and incomes. While there is something for every sector and section in the budget including some elusive concessions on income tax under the new tax regime, instead of concessions, the government has banked on rising incomes in coming years to boost private consumption and demand. It is a big political gamble but markets would relish it.
Lalit Arora, Co-founder of VingaJoy
“The Union Budget has tweaked duty on electronics and phone parts in the Union Budget 2023. In today’s budget announcement, the Mobile phone production in India increased from 5.8 crore units valued at over ‘18,900 crore in 2014–15 to 31 crore units valued at over ‘2,75,000 crore in the most recent financial year as a result of numerous government initiatives, including the Phased Manufacturing Programme. We suggest reducing the customs charge on the import of some components and inputs, such as camera lenses, and extending the reduced duty on lithium-ion cells for batteries for an additional year in order to further increase domestic value addition in the production of mobile phones. We appreciate this step taken by the government as it makes electronic devices(mobiles) affordable. Eventually more people can be a part of digitalization and use services like 5G internet.
Rahul Garg, Founder & CEO, Moglix & Credlix a B2B Commerce company
“It’s encouraging to see that despite the global recessionary waves, India’s economy is growing. The Union budget 2023–24 builds upon the foundation established by the previous budget, with a vision of a prosperous, inclusive India where the fruits of growth reach all sections. Overall, this budget continued focusing on promoting exports, boosting domestic manufacturing, enhancing domestic value addition, encouraging green energy and mobility, streamlining the supply chain, and providing economic support to MSMEs across the country. Lowered tax rate of 15% for new companies starting manufacturing activities by March 31, 2024, will act as a catalyst, driving the public-private partnership investment in infrastructure, including railways and roads. The thrust on manufacturing & infrastructure will enable the country to achieve the target of achieving a manufacturing potential to export goods worth $1 trillion by 2030. National Green Hydrogen Mission will facilitate the transition of the economy to low carbon intensity and reduce reliance on fossil fuel imports, thus contributing to green growth. According to our commitments at COP26 and COP27 on climate action, the Union Budget signaled the beginning of the decarbonization of India’s inbound supply chain. The National Data Governance Policy will unleash innovation and research by start-ups and academia, enabling access to anonymous data. The Unified Skill India Digital Platform would facilitate demand-based formal skilling, employer linkage (including MSMEs). Revamped credit guarantee scheme for MSMEs to infuse Rs. 9000 crore into the corpus. The budget has brought about entrepreneur-friendly measures on the policy and legal fronts to drive operational excellence across sectors. Access to entrepreneurial initiatives to further bolster the economic and human resource foundation of the country will drive start-up ecosystem in the country.”
Kishan Tiwari, Co-Founder and CEO, TSAW Drones (A Drone Tech Startup)
The Hon’ble Finance Minister’s announcement in the Union Budget 23-24 to revitalize 50 additional airports, heliports, water aerodromes, and advanced landing zones is a landmark decision. This will jumpstart the fourth industrialization by effectively utilizing drone technology for automation in logistics, transportation, infrastructure, and rural development, as well as create new-age jobs for the nation’s youngsters. TSAW is committed to supporting the government’s mission by assembling state-of-the-art ‘Made in India’ drones and DRONECO is committed to providing end-to-end drone services for internal sovereignty, last-mile connectivity, agriculture, healthcare and others. The announcement of the Agri Accelerator Fund by the government will encourage more entrepreneurs to serve Indian rich and heritage agriculture Industry. Being a Drone manufacturer, TSAW sees a big opportunity of collaborating with Agri start-ups to serve and show a real case of Drones in the Agriculture industry.
Gaurav Gandhi, Founder and CEO at Echelon Edge Pvt Ltd
“The 5G ecosystem in India will get further stimulus from this budget. 100 labs for developing applications using 5G services are to be set up in engineering institutions. These labs will effectively develop 5G services to be implemented in a variety of fields. This holds some potential for private 5G deployment in these institutions and further growth of private networks for research purposes. The setting up of these labs will also help the telecom sector which has been at the center of mobile telephony distribution in India. More than 50 cities in the country have access to 5G services, so these labs will help them cover applications such as smart classroom, precision farming, intelligent transport system and healthcare.”
Pankaj Khanna, Chairman, Khanna Gems
As per the new budget, customs duty on lab grown diamonds to be reduced, which is a welcoming step for the gems and jewellery industry. This will help in making jewellery more affordable for the common man. On the other hand the FM also announced that gold, silver and diamond will get more expensive, proving it detrimental for the sector as a whole.
Anand Sri Ganesh, IIM Bangalore NSRCEL, COO
“With the global economic climate in a flux, giving additional impetus to the entrepreneurship and innovation ecosystem that drives our economic growth is critical. Extending the tax holiday policy till 2024 and the benefit of carrying forward losses on change of shareholding of startups to 10 years of incorporation from 7 years currently is welcome.
The finance minister’s announcements – especially in encouraging priority sectors and high-impact clusters is encouraging. Bringing more youth into entrepreneurship, and spotlighting priority sectors like agriculture, clean energy, Indic products, tourism, and transportation is a positive step. Investment support in green hydrogen, viability gap funding for battery storage, and reduction in customs duties on lithium-ion give further impetus to startups in the EV and climate-tech sectors. Centers of excellence in emerging technologies like robotics & AI will hopefully further fuel deep-tech startups
The budget did miss a great opportunity to ignite a dampening startup funding ecosystem, especially debt funding for asset-light and early-stage innovation. The backbone for innovation in the country sits with research labs and incubators; we were looking forward to some support in fostering sustained growth and scale for the entrepreneurship and innovation ecosystem in the country.”
Prof. Srivardhini K Jha, IIM Bangalore NSRCEL, Chairperson
“I applaud the government for taking a comprehensive view of what is needed to support innovation and entrepreneurship, the key growth drivers of our economy. The budget allocates significant resources to nurture entrepreneurship using a three-pronged approach – Laying a strong foundation with new digital public infrastructure (e.g. Agriculture) and expansion of existing infrastructure such as Digi Locker; Building innovation capacity in the ecosystem by investing in centers of excellence for agriculture, AI and others; Lubricating the start-up ecosystem by embracing trust-based governance and allocating funds to accelerate ventures in priority sectors. Overall, it promises to seed and nurture entrepreneurship across the board, but much depends on the pace of implementation.”
Mandeep Arora, MD & co-founder, UBON
“The 1st budget of Amrit Kaal by honorable Finance Minister Nirmala Sitharaman is well divisional. Starting from skilling for youth, job creation, senior citizens, and digitalization to MSMEs this budget is unturned every stone. Envisioned as modinomics, the budget came with high hopes.
For the manufacturing and electronics industry, this will be a big relief, as customs duty on many electronics parts imports has been reduced. This means mobiles and consumer electronics will be low cost from now. This will help in value creation, employment generation, and better productivity and provide affordable electronics for Indian consumers. Emphasizing on skill development and value-based knowledge through digital platforms for free is another step to support youth.
MSMEs are mentioned as growth engines of the country and I appreciate equal attention of the government on failed businesses also. This will help the sector grow with the back support of the government. A 1% reduction in the cost of the MSME credit guarantee will help the industry to grow as well. The infrastructural development has given a major part of the budget, we expect that the government will allocate some funds for the development of more industrial areas and upgrading their infrastructure for MSME.
However, Industry is a bit disappointed as Industry was expecting announcements related to Incentives for domestic design, Expanding the PLI scheme, and Strengthening the supply chain which was the need of the hour. We hope the government will consider our request in the next budget and support the industry in becoming a global manufacturing hub and achieving the Atmanirbhar Bharat dream.
Mohan Ramaswamy, CEO and Co-Founder of Rubix Data Sciences
“Nirmala Sitharaman’s 5th budget revolves around seven priorities: inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power, and the financial sector. India’s MSME sector is impacted by measures related to all of these priorities. By boosting outlay to focus on each priority, there will be positive ripple effects on MSMEs that constitute the backbone of India’s business landscape. One of the expectations from the MSME sector for this budget was measures to enhance access to working capital. With the Rs. 9000 crore infusion into the Credit Guarantee Scheme for MSMEs and the allocations into various government schemes, this demand will be met to a large extent. Moreover, 39,000 compliances have been reduced and 3,400 legal provisions have been decriminalized to enhance the ease of doing business, making the going a little more smoother for India’s MSMEs.”
Atulya Kaushik, Co-founder & CEO of PrepInsta
The Budget seems to give more push to employability readiness in youths. Direct Benefit Transfer under a pan India national apprenticeship scheme which will impact 47 lakh youths seems promising. Setting up 100 Labs in engineering institutions will help graduates be ready to build applications on India’s 5G stack. Focus on smart classrooms will also help us take advantage of the metaverse and immersive learning. Overall it should help India to release its demographic dividend for inclusive development. We applaud the government’s decision to establish a National Digital Library for Children and Adolescence to facilitate access to high-quality books on any device. The finance minister’s decision to expand Eklavya model schools for tribal students is another step forward in promoting digital literacy. Furthermore, by proposing 30 Skill India International centers across various states, Surely, this year’s budget clearly emphasizes the importance of closing the skill gap in youth across India.
CA and Finfluencer, Shreya Jaiswal
Considering the high inflation rate of the country, the global recession, post-pandemic recovery, and the upcoming 2024 election there is no doubt that all eyes were set on today’s budget speech. The 2024 budget is a perfect example of what we call a Populist Budget. From promoting the MSMEs to continue driving the startup ecosystem in India and favoring domestic tourism over international tourism, the government is also betting big on India emerging as a superpower amid the global recession.
The direct tax proposals received the loudest cheer not only in the Parliament but across the nation. It would be safe to say the personal tax proposals are indeed intended towards luring the middle class for the upcoming elections. The government has very closely monitored the middle class’s budget expectations for the last 5 years and has fulfilled them all at once. Increasing the tax rebate to Rs. 7 lakhs from the existing Rs. 5 lakhs, increasing the basic tax exemption limit to Rs. 3 lakhs from the existing Rs. 2 lakhs, and increasing the exemption limit on leave encashment from the existing Rs. 3 lakhs to a whooping Rs. 25 lakhs and considering all the other several relaxations that were announced, I can see the middle-class rejoicing. While on one hand, we see the direct tax collections going down, on the other hand, you can also expect an increase in the GST collections considering that there will now be surplus funds in the hands of the public. What effect it will have on inflation, only the coming days will tell.
Shubham Singhal, CEO of Dot Media
Nothing unites humans like a common enemy, in our case the common enemy has proven to be Covid. It has turned us into humanitarians, the way war does.
With a huge relief in tax slabs, revamped schemes for MSME’s, exceptional allocation to boosting connectivity, reducing compliances for the ease of doing business and the measures involving the health sector are all welcome changes to boost our economy as well as our standard of living at large to the next level.
India is fast approaching the time of truly ‘making’ in India with the extended support of the government bodies to ease the way we do business. I will have my eyes pierced to see the next batch of entrepreneurs, problem solvers and small scale business owners that slowly but surely will take over the world.
CA Deepak Bhati, Co-Founder of Digiwhistle
Today’s Union Budget, presented by Finance Minister Smt. Nirmala Sitharaman is an inclusive and growth-oriented balanced budget with a clear focus on strengthening physical and digital infrastructure, boosting the ‘Make in India’ start-up ecosystem, and providing a strong digital push. The various initiatives will make a significant contribution to India’s goal of creating a $5 trillion economy. This government support will encourage an increasing number of students and young citizens to embark on the startup journey, thereby creating more jobs and wealth. The extension of tax breaks for the middle class is welcome. The changes made to the income tax regime are the high point of the budget, and they will surely help the middle class.
Sarbojit Mallick, Co-Founder & CBO, Instahyre
In terms of the overall budget, I think the Finance Minister did a fantastic job finding, a delicate balance between being fiscally responsible and encouraging growth, especially given that we have not yet fully escaped from the pandemic’s shadow. The budget has outlined a number of excellent policies that support infrastructure greatly, encourage manufacturing, and address important growth-promoting cohorts like MSMEs, youth, and even the startup scene. The budget has placed a lot of emphasis on capital spending and personal taxation, also a revamped loan guarantee programme for MSMEs with an infusion of Rs. 9000 crores would shield businesses from the burden of rising interest rates.
However, the budget includes a number of important reform proposals and budgetary measures that will promote social and economic progress.
Amit Jaju, Senior Managing Director, Ankura Consulting Group (India)
“The announcement of the formation of a National Data governance policy that could access anonymous data is a welcome step as non-personal data can be used for research and service improvement work within a protective framework. Moreover, it is crucial as non-personal data can include intellectual property that cannot be freely circulated. This step will further open up new avenues to leverage non-personal data in a secure manner for developmental purposes.”
Harsh Bharwani, CEO & MD at Jetking Infortrain
Union Budget 2023 gives the much-needed boost to the lower middle class and middle-class section of the society. Revised tax rebate is a celebrated move as it will give them chance to invest more in their children’s education which will help in the up-skilling and making them industry ready.
The two new schemes announced by Finance Minister Nirmala Sitharaman, Make AI in India and Make AI Work for India, would undoubtedly benefit students interested in the subject of AI, since the new laboratories will allow them to explore their skills and become industry ready.
FM Shrimati Nirmala Sitharaman also discussed establishing a National Digital Library for children, particularly those in rural regions, scheduled tribes, and other vulnerable groups, who have lost two years of education as a result of the pandemic. With efforts aimed at digitalizing Indian education, this is a promising step forward for the country’s future, as it will assist pupils in developing their talents, upskilling, and reskilling
Sandeep Chachra, Executive Director, Action Aid Association
The announcement to end the oppressing and inhumane practice of manual scavenging with 100% mechanical desludging of septic tanks and sewers in cities from manhole to machine-hole mode is a welcome one, as is the renewed impetus for development of particularly Vulnerable Tribal Groups (PVTGs). Allocation of Rs 15000 crore for developing basic facilities like safe housing, clean drinking water, improved access to education and health of PVTGs communities is a welcome step to address the needs and futures of PVTGs. The initiative of green growth and transition to net-zero carbon and several focused proposals under that are welcome steps. Among others these include national green hydrogen mission, capital investments towards net-zero, PM-PRANAM incentives for mother earth, MISHTI – the Mangrove Initiative and Amrit Dharovar. The State of Climate in Asia 2021 by the World Meteorological Organization and the UN Economic and Social Commission for Asia and the Pacific (ESCAP). Moreover, a World Bank report suggests that by 2030, India may account for 34 million of the projected 80 million global job losses from heat stress associated with productivity decline. In such a situation, budgetary allocation for a national loss and damage financing facility would have been a game changer. Similarly, the initiative to promote millets in the food security programme is a welcome first step which could have gained huge momentum through the additional valuation of such crops in the public procurement system.While the budget has given a big relief to the middle classes, India’s majoritarian working classes need more focus. We may have come out of COVID but precarity of employment continues. PLFS and other data indicate high levels of employment, particularly among youth, continued precarity and constrained household consumptions. In view of this, informal workers of India expected that MGNREGA allocations would at least, if not more, see an allocation of the 2 lakh crores. Instead the allocation has been reduced even further to 60,00 crores, which will reduce employment days available, let alone solve the question of payment of pending wages. India must close the global gap in terms of its social protection expenditure as a percentage of its GDP. India spent only 1.4 per cent of its GDP vis-a-vis the global figure of 13 per cent in 2020. Only 24.4% of India’s population is covered by at least one social security scheme (excluding healthcare) and 55% are covered under universal health coverage.The investment in agri-tech infrastructure and digitization of PACS are welcome steps and make this budget innovative and creative. However, agriculture is still the largest employer at 46.5% of the workforce and has increased marginally from 2019-20 to 2020-21.
Liberatha Peter Kallat, Chairperson and Managing Director, DreamFolks
The Union Budget 2023 showcases the Indian government’s dedication to fuelling the growth of the Travel and Tourism sector. Allocation of funds for the development of tourist infrastructure, such as new airports, railways, and highways, will make travel easier and more accessible. The addition of 50 airports, helipads, water aero drones, and advanced landing grounds will improve regional air connectivity, increase footfall for both domestic and international travellers and reduce overcrowding at airports, thereby making air travel their preferred choice. The budget also prioritizes sustainability, aiming for a green economy and net zero carbon emission by 2070. Adopting eco-friendly solutions such as sustainable technologies in sleeping pods and energy-efficient lounges etc., will support this vision and enhance the overall travel experience. These advances will stimulate the local economy, and create more job opportunities, whereas tax incentives and skill development programs will further encourage investment and growth in the sector, making travel and tourism a driving force in India’s economic growth story in the coming years.
Tanuj Gangwani, Founder, Geniemode
“Today’s budget for the first time offered a package of assistance for traditional artisans through the PM Vishwakarma KAushal Samman (PM VIKAS) scheme. This step is in the right direction and will enable artisans to improve their products’ quality, scale and reach, integrating them with the MSME value chain. While tax rebates on personal income will benefit the commoner, we were expecting decriminalization of GST and TDS, which were not addressed in today’s budget. Moreover, we were concerned about the high cotton prices and hoped a cotton price stabilization fund scheme would be installed. While the scheme wasn’t introduced, the budget announcement spoke about adopting a cluster-based value-chain approach, encouraging collaboration between farmers, the state and the government, which will help reduce fluctuations in natural fibre, making it an overall positive value add.”
Gaurav Kapoor, Chief Finance Officer, Baazi Games
“We welcome the Amrit Kaal Union Budget 2023 with an optimistic perspective. The new income tax regime will result in stimulating local demand and consumption in the economy. The rise of India’s position from an importer to an exporter of mobile phones in India augurs well for the online gaming sector. Moreover, the announcement of setting up 100 labs for developing 5G services apps for smart classrooms, healthcare, and others will open up a new range of opportunities and potential employment. Simplifying the KYC system process will further help in realizing ‘Digital India’ and will enable a seamless experience for consumers. Lastly, the ‘Make in India’ vision will further get a boost with a focus on “Make AI in India and Make AI work for India”, online gaming companies can develop new AI-based advancements that can provide a first-of-its-kind experience to users.”
Kishan Tiwari, Co-Founder and CEO, TSAW Drones (A Drone Tech Startup)
The Hon’ble Finance Minister’s announcement in the Union Budget 23-24 to revitalize 50 additional airports, heliports, water aerodromes, and advanced landing zones is a landmark decision. This will jumpstart the fourth industrialization by effectively utilizing drone technology for automation in logistics, transportation, infrastructure, and rural development, as well as create new-age jobs for the nation’s youngsters. TSAW is committed to supporting the government’s mission by assembling state-of-the-art ‘Made in India’ drones and DRONECO is committed to providing end-to-end drone services for internal sovereignty, last-mile connectivity, agriculture, healthcare and others. The announcement of the Agri Accelerator Fund by the government will encourage more entrepreneurs to serve Indian rich and heritage agriculture Industry. Being a Drone manufacturer, TSAW sees a big opportunity of collaborating with Agri start-ups to serve and show a real case of Drones in the Agriculture industry.
Rajat Deshpande, CEO and Co-Founder of FinBox -A B2B digital lending infrastructure provider
“It’s been heartening to see that financial inclusion has been clearly laid out as a priority in the 2023 budget, and been backed up by solid policy recommendations. For starters, the government has revamped the ELCGS scheme, infusing INR 9000 cr into the corpus and reducing the cost of credit by 1%. The formation of the National Financial Information registry and Digilocker for MSMEs too is a huge step for the credit underserved and is set to improve credit flow and promote financial inclusion.
Agriculture wasn’t left behind either – the FM proposed three centres of excellence for AI where leading AI players will collaborate in areas of health and agriculture. We’ve been talking about tech and agri for a while now, and it’s thrilling to see it come to fruition.”
Mahin Gupta, Founder of Liminal, a digital wallet infrastructure platform
The budget announcements by the honourable Finance Minister have infused new energy into the start-up ecosystem across the country. The tax holiday for start-ups has been extended to 10 years, which will provide much-needed liquidity to the start-ups in their growing phase; this is a master stroke by the government because as the economy opens up, we will see more start-ups coming up in the field of technology, digital payments, digital infrastructure and agri-tech which will create a strong foundation for the next decade of economic growth, innovation, and job creation.
This is an amazing time to be a start-up founder in India as the government is committed to fostering the growth of existing start-ups and simultaneously encouraging youngsters to join the start-up revolution, which will not only add to the economic growth of the country but will make India a global hub for innovation in fin-tech space.
We also appreciate the government’s move towards enhancing the ease of doing business. Compliances culminate in a major part in setting up businesses, especially in the fin-tech sector. We at Liminal lay a huge emphasis on creating a regulated and compliant ecosystem to ensure transparency, and the government’s announcement of reducing more than 39,000 compliances to provide is a welcoming move.
Increasing the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24, which is 3.3 per cent of the GDP, is highly encouraging as it is expected to boost digital infrastructure across the country for providing digital services to the remotest part of India. However, no changes in taxation were something expected w.r.t digital assets as the government is still testing the waters with the CBDC pilot project underway.
In addition, Public digital infrastructure for the Agri sector under an open-source standard will revolutionize the industry, propelling it to unprecedented levels of growth. By harnessing the power of 5G, Web 3.0, and Metaverse technologies, GDP growth can be accelerated by a significant percentage. This digital infrastructure, ranging from supply chain optimization to analytics, will bolster the agri value chain and make it even stronger and more productive.
Shivam Thakral, CEO of BuyUcoin, India’s second longest-running crypto exchange
The union budget 2023-24 is aimed at making India a start-up capital of the world. The agriculture accelerator fund announced by the honorable finance minister will encourage a lot of bright entrepreneurs to jump on the agriculture technology start-up bandwagon. We are delighted to see that the tax holiday for start-ups has been extended to 10 years as it will provide immediate comfort to the start-ups that are engrossed in innovation and need liquidity for product development.
The relaxation of the tax exemption limit to 7 lacs will increase the surplus funds for the common man which will spark activity in various sectors like investments in digital assets, consumer goods, and tourism.
The focus on infrastructure development in the current budget will boost physical and digital infrastructure for catalysing India’s economic growth and make achieve the target of a $5 trillion digital economy. Overall, this budget accommodates the aspirations of ambitious India which is poised to make its mark at a global level.
Tarusha Mittal COO and Co-founder, Dapps and UniFarm
We are excited to see a special focus on start-ups in the Union Budget 2023-24. The creation of an agriculture accelerator fund is a bold move towards driving innovation and creating more jobs for the youth of our country. The start-up space will get a big boost from the extension of the tax holiday as it is expected to increase the cash flow which is critical for the growth of any start-up.
The fintech sector is expected to become a $200 billion behemoth by 2030 and the current budget has extended the Digi locker services to start-ups to foster innovation in fintech services. India’s robust digital infrastructure will enable larger penetration of web3-related products and services.
The simplification of KYC procedures by making PAN a common identifier for all digital systems will support the vision of digital India. The PAN-based KYC will enable fintech businesses to make customer onboarding highly convenient and at the same, simplify the KYC reporting to the relevant government authorities.
Nidhi Nagar, Finance Influencer
This budget was in good direction for startup’s as there are many steps taken to promote startup with schemes like FFs, SISFS, CGSS which will help with the funding, all the startups should definitely register themselves.
Exemption on tax, and carrying forward losses for 10 years will help founders to focus on their startup more rather than the accounting, startup’s dealing with EV, 5G, agricultural products are gonna get the most benefit.”
Tarun Malhotra, Finance Influencer
India Budget 2023 has brought some major changes to the content creation industry. It has put in place several measures that will benefit content creators, such as tax exemptions and incentives for digital payments. This budget will make it easier for content creators to monetize their work and create quality content. Additionally, the budget also provides tax relief for small businesses which are engaged in creating digital content. It will also give boost to content creation industry as its co – related to start up Industry.
Rajat Hongal, Co-founder and CTO, DayFi
“The Budget 2023 has been cold with tax rules and future position of India regarding VDA Virtual Digital Assets. This states the current tax rules of 30% tax and 1% TDS to all of transactions.
The situation with retail investors moving funds to international exchanges will continue and might result in complete transition.
Indian Government might focus on making digital rupee more strong by distributing it to more masses which will also help indirectly to increase education about blockchain and crypto to people of India”
Rajarshi Bhattacharyya, Co-Founder, Chairman and Managing Director, ProcessIT Global – Post Budget Reaction
The Union Budget 2023 is forward-thinking and has a positive tone. The budget is pro-MSMEs and startups, especially knowing India is home to the third largest startup companies in the world. It certainly provides further growth opportunities to these organizations, especially in the technology sector. The relief provided to the MSMEs and including them as part of the unified Skill India Digital Platform is encouraging.
The introduction of Entity DigiLocker providing online security to all organizations is a much-needed one, in these times of growing cybercrimes.
The National Data Governance Policy will benefit start-ups in a big way.
Nandini Mansinghka, CEO of Mumbai Angels for your editorial consideration.
India has emerged as the third-largest hub for startups in the world. While no specifics on the PE/VC space were mentioned in the Union Budget, it has directed the regulators to undertake a comprehensive review of the rules and compliance that govern the investments in ventures. This is a welcome move and we are expecting more details to come out soon, and at Mumbai Angels, we will be actively participating in this dialogue. Furthermore, apart from the extension of income tax benefits specifically for startups, the budget also talks about several beneficial schemes across several sunrise sectors, which we see as key drivers of the startup economy in the next few years, like Agritech, Healthtech, AI/Tech and sustainability. Having invested in startups like Falca (Agritech), Sunfox (HealthTech), TurboHire, Kredily, Travel Buddy (AI/ Tech), Bambrew (sustainability), we feel these moves will create a lot of traction and encourage more entrepreneurial ventures in these sectors.
Viren D’Silva, Co-founder at GOOD FLIPPIN’ BURGERS®
“It’s very good news for startups that Government has extended the tax holidays by one year, i.e, till March 2024. We were hoping the government would also increase the total turnover by Rs 50 cr from the earlier 25 cr. This would have been a booster dose for startups who were incorporated after 2017 and faced the tough time.”
Gaurav Gandhi, Founder and CEO at Echelon Edge Pvt Ltd
“The 5G ecosystem in India will get further stimulus from this budget. 100 labs for developing applications using 5G services are to be set up in engineering institutions. These labs will effectively develop 5G services to be implemented in a variety of fields. This holds some potential for private 5G deployment in these institutions and further growth of private networks for research purposes. The setting up of these labs will also help the telecom sector which has been at the center of mobile telephony distribution in India. More than 50 cities in the country have access to 5G services, so these labs will help them cover applications such as smart classrooms, precision farming, intelligent transport systems and healthcare.”
Shantanu Bairagi, Co-founder Artfine
“Finance Minister Nirmala Sitharaman announced revamping of the CGTMSE in the Union Budget 2023, which is a positive step as the CGTMSE has been extremely effective in keeping MSMEs afloat during the pandemic. Additional corpus is a very welcome step, especially given that many industries are still reeling from the pandemic’s impact and high commodity prices. To assess the true impact of the revamp, we must examine the specifics such as increased borrower limits, tenor extensions, and so on (as requested by the industry). Furthermore, the establishment of a national information registry to facilitate credit flow to MSMEs will strengthen cash flow-based lending from collateral-backed sources, thereby increasing credit flow and facilitating financial inclusion in the economy.”
Ketan Gaikwad, MD and CEO of Receivable Exchange of India
“India has made remarkable advancements in the MSME sector, and the revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of additional Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs – FY 22 had a credit guarantee approved of 56172, and an additional 9000 would improve their business and overall contribution to the GDP. PM Vishwakarma Kaushal Samman is aimed at providing assistance to traditional artisans and craftspeople to improve the quality, scale, and reach of their products. The scope of documents available in Digi locker will be expanded to enable more fintech innovative services and to ease up the process for MSME registrations in these services.”
Arun Poojari is the CEO and Co-Founder of Cashinvoice
“In the 2023 Union Budget, Finance Minister Nirmala Sitharaman promised growth for MSMEs by strengthening the CGTMSE corpus, which has been a helpful source of MSME credit, particularly during the COVID crisis. However, the coverage of CGTMSE is limited to term loan products. Expanding it to include supply chain finance products such as inventory funding, bill discounting, and factoring can make it more impactful for MSMEs. The introduction of the National Information Registry for MSMEs has the potential to improve MSME access to credit if it effectively addresses the challenge of ready information availability and connects with the Account Aggregator framework, enabling end-to-end digital MSME financing.”
Atulya Kaushik, Co-founder & CEO of PrepInsta
The Budget seems to give more push to employability readiness in youths. Direct Benefit Transfer under a pan India national apprenticeship scheme which will impact 47 lakh youths seems promising. Setting up 100 Labs in engineering institutions will help graduates be ready to build applications on India’s 5G stack. Focus on smart classrooms will also help us take advantage of the metaverse and immersive learning. Overall it should help India to release its demographic dividend for inclusive development. We applaud the government’s decision to establish a National Digital Library for Children and Adolescence to facilitate access to high-quality books on any device. The finance minister’s decision to expand Eklavya model schools for tribal students is another step forward in promoting digital literacy. Furthermore, by proposing 30 Skill India International centers across various states, Surely, this year’s budget clearly emphasizes the importance of closing the skill gap in youth across India. — said Mr. Atulya Kaushik, Co-founder & CEO of PrepInsta
Shams Tabrej, founder and CEO of Ezeepay
The business is satisfied with the financial budget for the year 2023. He explained that as a fintech company, the KYC norm will assist us in enabling UPI transactions for the general public, and te Digi locker services for the fntech sector will make it possible for us to store all documentation in a safe manner. Both of these benefits will allow us to enable UPI transactions for the general public. In addition, the implementation of PANs as universal identifiers across all digital platforms used by specific government agencies will make the process of performing business activities a great deal less complicated. Access to data that has been anonymized will be made available through the implementation of a national policy that will govern data governance. In order to stimulate innovation and research in the startup community.
S Anand, the Chief Executive Officer and Co-Founder of PaySprint, Fintech venture
“Streamlining of the KYC regime through the adoption of PAN as a common identifier is a winning proposition across the entire FinTech landscape. Individuals will be empowered by this novel ease of always staying KYC ready by updating documents through DigiLocker & Aadhaar. This standardisation will accelerate the initiation process of a multitude of banking & financial activities such as investment, insurance & account creation among others and I believe this is a giant leap towards a Financially Inclusive India. The acceptance of PAN as a universal identifier for all digital systems of the designated government agencies is a majorly progressive move. For entities, this will drastically reduce the contemporary compliance complexities & improve ease of doing business.
Additionally, the introduction of entity DigiLocker will further enhance verification & onboarding processes, unlocking a yet untapped potential for expansion.
Overall, this is a highly performance & growth oriented budget, kudos to Finance Minister Nirmala Sitharaman & the Indian Government.”
Akhil Saraf, Founder and CEO, Reloy, a proptech startup
The government doubling down on building digital infrastructure including streamlining digital KYC will boost the startup ecosystem.
The budget feels balanced as our country moves from a low income to a middle income country.
Neeraj Tyagi, Co-Founder and CEO, We Founder Circle (Founder Backing Founder Angel Investment Network)
“Post-pandemic a lot of startups were struggling for survival and still are. The announcement of the extension of tax benefits on the incorporation of startups, and additional 3 years to carry forward the losses to set off against future profits will serve as lifeboats to many. Additionally, what is not realized yet is that ease of compliance plays a major role for any business. More so for new businesses and young entrepreneurs. More than 39,000 compliances have been reduced which will offer great convenience to startups and encourage aspiring ones. The Agri Accelerator Fund set up by the government will not only encourage entrepreneurs but also attract investors to invest in Agri startups aggressively. The good thing is that we have some of the most exciting agri startups like Hesa, Anveshan and Growit.”
Sandesh Sarang, Revenue Director- India, Nepal, Bangladesh & Sri Lanka, Infobip
The roll-out of 5G services in October 2022 was a major disruption in the telecom sector, essentially since it opened the doorway to internet connectivity and dependent industries to register enormous growth. However, the service has so far remained limited to select regions in the country, which deterred it from fulfilling its purpose of accelerating digital growth. We are happy that the government has taken cognizance of this issue in today’s Union Budget by announcing 100 dedicated labs to effectively develop 5G services in India. This move will expand the reach of the 5G network from an existing 50 cities to even the remotest corners of the country, which is a welcome step towards propelling the government’s vision of creating a ‘Digital India’.
Banwari Lal Sharma, CEO, Consumer Business, CarTrade Tech Ltd.
” The Union Budget 2023-2024 announced by Finance Minister Nirmala Sitharaman is progressive, prudent and growth-led, with an eye to provide impetus on the savings of the public. It is a ‘green budget’ for the automotive and mobility sectors. The sustainability measures taken through announcements on green hydrogen and other energy sectors will help in furthering the government’s target of carbon neutrality by 2070. The increased Capex outlay on energy transition is likely to spur investments and skill development in a green economy.
The viability gap funding for battery energy storage systems is also likely to create critical infrastructure, while custom duty reduction on capital goods for Lithium batteries manufacturing will facilitate faster adoption of EVs.
Increase in spending on infrastructure, setting up of 50 new airports and heliports, creation of 100 transport infrastructure projects are welcome moves, in addition to the central support for replacing old vehicles. All of these should drive consumption and overall demand of vehicles.”
Vinay Thadani – CEO, Vishal Fabrics Ltd.
This year’s Union budget highlighted India’s growth rate of 7%, the highest among all major economies despite the global slowdown. The first budget of ‘Amrit Kaal’, presented by Honorable Finance Minister Smt Nirmala Sitharaman, is aimed at advancing India’s growth. With 33% increase in the capital expenditure amounting to 10 lakh crores, this growth centric budget nurtures the framework of India@100. Focused on inclusive development, the budget emphasises on infrastructure, agricultural, finance, investment, green energy and job creation.
The government’s decision to adopt cluster based and value chain approach through Public Private Partnerships (PPPs) to increase cotton productivity will boost Indian cotton market. With farmers, state and industry collaborating for input supplies, extension services and market linkages, we are expecting to see a jump in cotton production as well as export.
Additionally, the Credit Guarantee Scheme announced for MSME with the infusion of 9000 crores to corpus & reduction in cost of credit by 1% will further strengthen and accelerate MSME sector’s growth.
Sridhar Seshadri, CEO, Spotflock Technologies, a deep tech company specializing in AI, machine learning, and natural language processing.
“Government has outlined focus on artificial intelligence (AI) led skill-development by announcing the establishment of three centres of artificial intelligence. The growth of new-age technologies like AI and machine learning (ML) is a great opportunity for India, given its large labour pool, which can be upskilled and reskilled. After ‘Make in India’, we firmly support the government’s initiative to “Make AI in India, for India” and turn India into a major global digital force.
Further focus on actively implementing AI in healthcare, agriculture and sustainable cities would open lots of opportunities for Spotflock.”
Sumeet Mathur, Vice President & Country Head of ServiceNow India Development Center with regards to the importance of skilling.
“The Government’s focus on developing a technology and youth led economy will play a pivotal role in further strengthening India’s position as the ‘Bright Star’ across the globe. Policies like Pradhan Mantri Kaushal Vikas Yojana 4.0 and National Education Policy are centred around encouraging industry participation to develop cutting-edge digital skills along with soft skills amongst the youth. This initiative will help in job creation as well as in the creation of a future resilient workforce, empowered for purposeful work at the intersection of technology and people. The skilling initiatives proposed by the Hon’ble Finance Minister in the Union Budget 2023-24 are strategically inclined with ServiceNow’s vision to democratize learning. The emergence of no-code or low-code platform along with Artificial Learning will boost the development of low barrier pathways in digital careers for the creation of a more inclusive workforce in this digital economy.”
Kishan Karunakaran, Founder and CEO, Buyofuel.
The Budget for 2023-2024, just like the budgets of the past 5-6 years, has recognised the importance of renewable energy and biofuels and has some really big announcements for the biofuels sector and renewable energy at large. Specifically for biofuels, the announcement of Rs.35000 cr outlay for Initiatives towards Net-zero, the announcement of a green credit programme to incentivise Capex investments towards climate action by companies and the announcement of support for ‘waste to wealth’ plants under the GOBARdhan scheme will give a significant boost to the biofuels and waste to Fuels sector in India. With policies like these, it’s only a matter of time before India will be a global leader in biofuels and climate action. We at Buyofuel will ensure that we continue to put all our energy and time into ensuring that India achieves its net-zero goal much earlier than 2070.
Amit D Mishra, CEO & Founder, iMocha
“The Union Government’s budget has rightly identified the need to ramp up skill development and upskilling among youth to make them job ready for the future. Announcements such as setting up of 3 AI Centers of Excellence to train youth on AI skills, and the decision to setup a unified Skill India Digital platform with focus on Coding, AI, IoT and Robotics related skills is going to be the game changer for Indian SaaS and technology industry. Further, 30 Skill India International Centers will also be setup across states, and that will ensure that there is a uniformity of quality talent in all the states.
Digital skill assessment and upskilling platforms such as iMocha can be highly useful in executing these plans as we already have the world’s largest skill library of 3000+ skills across coding, technical, functional, soft skills, communication skills. The Government can adopt a collaborative public-private partnership model to make sector-specific skill development & assessment tools available for the rural youth and ensure inclusive development for all. The ease of doing business initiatives and simplification of processes will also encourage a lot of new entrepreneurs to enter various domains and leverage cutting-edge tech to create innovative and impactful solutions in areas such as agriculture technologies, healthcare, and manufacturing etc.
We expect to see such initiatives go a long way in creating a democratic and easy access to advanced skills for the Indian youth in the years ahead!”
Aniket Palav, Business Head, Let’s Eduvate, an edtech startup
“This year’s Union budget has truly focused on empowering the youth and enhancing the learning experience for all. Having recognized the learning gaps created due to the pandemic, the government is making an effort to bridge this gap by taking a few initiatives like increasing budget outlay for the National Book Trust, Children’s Book Trust and establishment of a National Digital Library. The government’s focus on teacher training and recruiting 38,000 teachers for Eklavya Model Residential Schools truly hits the mark in helping the rural regions that were immensely impacted by the pandemic. This year’s budget is also a proud moment for the Startup sector in India. The government’s plan to include private sector companies to draft lessons in educational institutes aligned with industry is applaudable. Overall it is a good budget, with a slew of announcements towards skill development, revision of income tax slabs, reduction of certain customs duty and developing rural entrepreneurship.”
Girish Kousgi, MD & CEO, PNB Housing Finance
“As our nation marches towards Amrit Kaal, the intended infusion of Rs.79,000 crores towards affordable housing is a positive move. Its’s a win-win situation fortifying our nations rural infrastructure and adding power to lower and middle income groups. The wheels are set in motion towards an inclusive and sustainable economic growth and this 66% increased commitment will bolster higher rural participation”.
Archit Garg, Co-founder of Glamyo Health
“ Widening the infrastructure pan India is the primary need when it comes to strengthening the healthcare structure. And to do so we need skilled talent and thicker allocation. Last year, Hon’ble FM had announced AI intervention in health, and NDHM, which had fueled the infrastructure aspect, while this year the budget has included the wish for more talent by announcing 157 new nursing colleges in co-location with 157 medical colleges. Simultaneously, the new entrepreneurs that came forward to contribute to the healthcare ecosystem can now enjoy the ease of compliance too. It is a holistic approach for healthcare spread over two year if one sees it together. ”
Ramanujam Komanduri, Country Manager, Pure Storage India.
“The Union Budget presented by the Hon’ble Finance Minister is growth-oriented and inclusive. The impetus for the ‘Digital India’ vision is clear from budgetary allocations across sectors like infrastructure, skill development, sustainability, MSME, and entrepreneurship.
This budget provides numerous growth opportunities for the technology industry by bringing digital solutions and innovation in legacy sectors like infrastructure, manufacturing, education, railways, healthcare, financial services, and regulatory bodies to turn India into a technology-driven, knowledge-based economy. Also commendable is a clear intent and investment in making India a net zero carbon emission country by 2070 through National Green Hydrogen Mission.
Overall, the budget 2023 promises to sustain and catalyze India’s economic and digital growth with a strong role played by technology.”
Arvind Bali, CEO, Telecom Sector Skill Council
“The government’s focus on the skill development of India’s potential youth talent through initiatives like NEP, PMKVY 4.0 for skilling in niche new-age technologies like 5G, AI, 3D printing, drones, coding, mechatronics, robotics, and IoT draws further impetus to the ongoing efforts. Blue and grey-collar job demand in India grew by up to four-fold in 2022. Annual demand in telecommunications and 5G have increased by 33.7 per cent in September 2022. There was a demand for 1.3 million workers in FY22-23 which is growing each year and. New use-cases including cloud computing, robots, and the Internet of Things (IoT) are also seeing a sharp rise in hiring. We believe the initiatives will be beneficial to close country’s growing demand supply gap of technical talent workforce. With the government’s push to establish 30 Skill India international centres, 100 premier labs for developing applications to use 5G services, and centres of excellence for AI, India has the potential to deliver talent not only across domestic markets but also to the international market. The initiative like the Eklavya Model Residential Schools (EMRS) is also a progressive move by the government to uplift the tribal population and empower the students to take up new job opportunities.”
A. Gururaj, MD, Optiemus Electronics Ltd. :
“This year’s budget is a strong effort to consolidate the Indian economy in post-pandemic dynamics, raising the personal tax exemption limit will certainly boost consumption and the electronics industry will surely benefit from it. Continuing the import duty cuts on Camera Lens and batteries for mobile manufacturing is a welcome step and this will continue to fuel the remarkable growth India has witnessed in domestic manufacturing.”
Matthew Foxton, India Regional President & Executive Vice-President, Branding & Communications, IDEMIA
“I am pleased to see the focus in Union Budget to strengthen the Digital ecosystem, India’s digital advancements in this decade have been remarkable, especially the integration of digital infrastructure and identity framework. Establishing a strong national identity system is crucial as it boosts security, drives economic growth, and strengthens social unity. The adoption of a unified KYC process, utilizing Digilocker and Aadhaar as the primary means of identity verification, is a positive step forward and will increase financial accessibility for marginalized communities.”
Dr. Prateek Kanakia, Chairman and Founder, TheGreenBillions
“This budget should be labelled as the first Green Budget as the businesses can now adopt a greener approach and cultivate sustainable solutions practices with the allocation of ₹35,000 for priority capital investment towards energy transition. Launching the national green hydrogen mission is a significant step in moving towards clean & green energy. Further, municipal solid waste can play an important role in achieving a hydrogen production capacity of 5 metric million tonnes by 2030. Given India’s G20 presidency, this budget is a watershed moment in India’s fight towards climate change.”
George Alexander Muthoot, MD, Muthoot Finance
“The Budget 2023 presented by our Honourable Finance Minister today has touched upon all the right chords of the economy, and it will go a long way to boost capital expenditure, infrastructure, housing, along with consumption. The capex expenditure outlay of Rs 10 lakh crore will pave the way to boost economic growth, along with job creation. The enhanced outlay by 66% to Rs. 79,000 crore under the PM Awaz Yojna will boost India’s housing sector, especially in the rural and semi-urban areas. FM’s focus on sustainable cities, creating infrastructure in Tier 2 and Tier 3 cities and Fifty additional airports, heliports, water aerodromes will further boost rural connectivity thereby supporting regional economy.
During the pandemic MSMEs relied heavily on gold loans to meet their credit needs and the budget further has offered a big relief to MSMEs, which have been one of the most impacted sectors during the pandemic. In order to reduce the stress on the segment and increase the flow of funds, the Government revamped the ECLGS scheme via the infusion of Rs 9000 crores in the corpus. This will enable collateral for Rs 2 lakh crore loans to the small and medium-sized businesses. Further, 95% of the forfeited amount relating to bid or performance security will be returned to the MSMEs by the government and other undertakings. We also believe that the reforms announced with respect to the growth and development of the agricultural sector, animal husbandry and fisheries will further boost these sectors and support the economy. All these measures will positively enhance the scope of Gold-loan NBFCs like us, which are catering to the underbanked sectors of the society.”
Shivakumar Ganesan, Co-Founder & CEO
“We appreciate the government embracing the vital role of startups in driving innovation and economic growth. Policy proposals, such as the extension of tax benefits to startups established before April 1, 2024, will provide a major boost to the ecosystem. Additionally, the planned establishment of 100 labs for developing 5G applications across various industries, including healthcare, smart classrooms, and precision farming, further highlights the government’s commitment to leveraging the opportunities presented by 5G and driving reforms in the telecom sector.”
Vinit Garg, Founder & CEO, Mylo
“Measures such as the extension of the tax benefit eligibility to startups incorporated before April 1, 2024, show a commitment to creating a more favorable environment for startups, enabling us to take bigger risks, innovate, and contribute to the economic development of the country. The government’s commitment to creating a supportive environment for startups is crucial in establishing India as a global hub for innovation and entrepreneurship.”
Sujata Pawar, Co-Founder & CEO at Avni- A Feminine Hygiene and Menstrual Healthcare Startup
“We applaud the initiatives declared in the Union Budget 2023-24 by Honorable Finance Minister Nirmala Sitharaman. The budget strikes an appropriate balance between confronting the key foundations of Health & Well-being, Inclusive Development, Human Capital, Innovation, and R&D, as well as laying the groundwork for a prosperous economy by investing heavily in infrastructure. The government’s intention to empower women entrepreneurs through self-help clusters focused on raw material supply, product branding, and marketing is also a very unique and sensible step given that community impact plays a major role with women in India. Furthermore, the announcement of 157 new nursing colleges will further aid strengthen India’s primary healthcare system.”
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.
Rahul Garg, Founder & CEO, Moglix & Credlix a B2B Commerce company part of the Unicorn Club
“It’s encouraging to see that despite the global recessionary waves, India’s economy is growing. The Union budget 2023–24 builds upon the foundation established by the previous budget, with a vision of a prosperous, inclusive India where the fruits of growth reach all sections. Overall, this budget continued focusing on promoting exports, boosting domestic manufacturing, enhancing domestic value addition, encouraging green energy and mobility, streamlining the supply chain, and providing economic support to MSMEs across the country. Lowered tax rate of 15% for new companies starting manufacturing activities by March 31, 2024, will act as a catalyst, driving the public-private partnership investment in infrastructure, including railways and roads. The thrust on manufacturing & infrastructure will enable the country to achieve the target of achieving a manufacturing potential to export goods worth $1 trillion by 2030. National Green Hydrogen Mission will facilitate the transition of the economy to low carbon intensity and reduce reliance on fossil fuel imports, thus contributing to green growth. According to our commitments at COP26 and COP27 on climate action, the Union Budget signaled the beginning of the decarbonization of India’s inbound supply chain. The National Data Governance Policy will unleash innovation and research by start-ups and academia, enabling access to anonymous data. The Unified Skill India Digital Platform would facilitate demand-based formal skilling, employer linkage (including MSMEs). Revamped credit guarantee scheme for MSMEs to infuse Rs. 9000 crore into the corpus. The budget has brought about entrepreneur-friendly measures on the policy and legal fronts to drive operational excellence across sectors. Access to entrepreneurial initiatives to further bolster the economic and human resource foundation of the country will drive start-up ecosystem in the country.”
Manish Rathi, CEO & Co-founder, IntrCity SmartBus.
“We congratulate the honorable Finance Minister on a job well done in delivering the pro-development and growth Budget for 2023-24. The projection of 7% economic growth for next financial year is a welcome sign for the future of the Indian economy. despite the slowdown has been a source of national pride. We are pleased that the travel industry has taken center stage and the National Tourism Policy will enable the tourism sector to significantly contribute towards the government’s mission to target an overall GDP contribution of USD 20 trillion by 2047.
- The government has recommended industry friendly actions to help and promote the Indian travel and tourism industry.
- The flagship scheme, Dekho Apna Desh, focuses on domestic tourism/travel. The scheme is intended to offer financial help to tourists traveling to different parts of India and for which the government has set aside a substantial budget for the implementation of this scheme.
- The new outlay in the infrastructure sector will tremendously contribute to the development of the country. Announcing the 100 new projects for last mile connectivity will help IntrCity to focus on penetrating deep into Indian states.
- Government’s focus on increasing capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, will give an impetus to higher spending on highways and infrastructure among others, thereby accelerating the growth of the mobility sector.
- We also welcome “Green Growth” through the National Green Hydrogen Mission, which has an allocation of Rs 19,700 crore and this will help the country meet clean energy targets and reduce the carbon intensity of the Indian economy.
Last but not the least, by building stronger, more sustainable and resilient tourism industries, will accelerate Indian economic growth, as the country is heading to a bright future.”
Dr Saundarya Rajesh, Founder – President, Avtar Group
The Union Budget 2023 by Smt. Nirmala Sitaraman, Honorable Minister of Finance, Government of India presented as the Last Mile Inclusion budget has covered the cohorts such as indigenous tribes, youth, MSME’s, women and senior citizens with a potentially impactful list of benefits being offered to them. The sustainable city program is an applaudable move for it is one of the key inclusion measures required to increase women’s workforce participation. When there is a focus on capital expenditure spending on infrastructure, it is bound to have a ripple effect on women’s employment. As per Avtar’s recent report on Top Cities for Women in India report, more industrial investment in cities result in ecosystem infrastructure improving including day care facilities, commute facilities and medical amenities. This can act as a catalyst to enable women’s employment, thereby improving women’s workforce participation in the country. However, despite our President of India expressing concerns over the skewed gender ratio in economic activity, no specific schemes for the urban working women have been announced. As per the data available, between 2019-20 and 2020-21, rural women’s labour force participation rate (LFPR) increased from 33% to 36.5%, while urban women’s LFPR fell from 23.3% to 23.2%. There has not been a significant rise in this population, a talent segment that contributes significantly to the country’s GDP. If women’s workforce participation has to burgeon, then corporates have to be incentivized to hire and sustain this underrepresented talent pool. The only silver lining is the heavy focus on skilling – the Unified Skilling Platform and its link to MSMEs, a sector that has the potential to boost women’s workforce participation.
Rishabh Khanna, Founder & CEO of Suraasa
“The budget reflects the government’s commitment to improve access to quality education and to promote the use of technology. The establishment of three centres of excellence for AI will help advance ‘Make AI for India’ & ‘Make AI work for India’, fostering innovation and providing opportunities for students to learn the latest technology.
The reenvisioning of teacher training programmes through innovative pedagogy, curriculum transaction, and continuous professional development will help address the challenges such as the shortage of qualified teachers and the lack of teachers’ career growth. The budget provides teachers with the resources they need to grow and succeed. This commitment to teacher growth will help ensure teachers are equipped with the latest knowledge and skills.
The plan to set up of 30 Skill India International Centers highlights the importance of skill development. These centres would also increase their chances of finding employment opportunities abroad. Moreover, the launch of PMKVY 4.0 under NEP 2020 would enable the youth to compete in the global job market and grow.”
Gopichand P. Hinduja, Co-Chairman, the Hinduja Group
“When India is the lone shining star in the world facing threats of recession, Ms 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.”
N D Mali, Founder, KDM, leading consumer lifestyle & mobile accessories brand.
“The reduction in custom duty on certain mobile phone components will not only bring down prices but will also promote manufacturing in the country. A big thumbs up to budget for ‘Amrit Kaal’. It’s a budget for the middle class, Amrit Kaal and Aatmanirbharta. It’s a growth-oriented budget with focus on inclusive growth.”
Gaurav Dubey, Founder & CEO of LivLong
As our nation is at the forefront of healthcare services, the budget for the fiscal year 2023 has created ample opportunities for the health sector. In terms of escalating the quality of healthcare services, the stride to build 157 additional nursing colleges alongside the 157 existing medical institutions since 2015 is commendable. This will prove to be a beneficial step for the further advancement of homecare services, which will become a mainstay of the clinical protocol. Therefore, the demand for medical consulting services will increase, and more experienced and qualified personnel will enter the industry. Furthermore, 5G-empowered healthcare apps will be developed by the engineering institute, as 5G will enhance telehealth services significantly. Hence, medical professionals will be able to treat patients more effectively in real-time and will reach rural regions promptly due to improved communication. The aforementioned steps will ultimately lead to an improvement in healthcare services.
A new programme supporting pharmaceutical research was also mentioned in the union budget, and the centre of excellence will carry it out. The new programme will give the Indian health industry a much-needed boost and take it to new heights.
Tapan Barman, CEO & Co-Founder, Mihup
It is encouraging to see the government identifying AI as a key technology of focus in this budget. As an organization working in this space, Mihup welcomes the emphasis on Make AI in India, and Make AI work for India frameworks.
We have always maintained that AI integration holds the key to transforming service levels and outcomes. The decision to set up 3 Centers of Excellence for AI research, and development in collaboration with private sector players is bound to expedite AI adoption in areas like healthcare, sustainable cities, urban management, and sustainability initiatives. We will not only see home-grown technologies make greater impact on all aspects of life, but also create a lot of jobs. The decision to set up AI-specific training centers is going to help a larger number of youths in acquiring future-ready job skills and enable AI-based companies like Mihup acquire better talent with greater ease.
Alongside the announcements towards ease of doing business such as reduction of 39,000 compliances and de-criminalization of over 3400 legal provisions, the government has also taken several startup friendly steps. This includes simplification of direct taxes and collaborative approach to AI development. All these will surely play a key role in India’s technological development and overall economic growth.
Manish Gupta, Co-founder & CEO, REZO.AI.
This year’s budget is a holistic financial statement that sets the course of development for the already thriving start-up ecosystem of India. The announcement of the Centers of Excellence for Artificial Intelligence with emphasis on “Make AI in India and Make AI Work for India” coupled with PMKVY 4.0 will usher in a new era of AI revolution in the country. The launch of a unified skill India digital platform encompassing will provide a continuous stream of skilled workforce, which is an incredibly important aspect for the sustained growth of any country. The extension of tax holiday for start-ups by one more year and the increase in the benefit of carrying forward losses for startups to 10 years will provide a much-needed thrust to growing enterprises. The Startup India Seed Fund Scheme and National Data Governance Policy will prove to be a blessing in disguise at a time of global economic turbulence and funding winter by encouraging young entrepreneurs, particularly in rural areas, to bring innovative and affordable solutions. The continuing prioritisation of the economic empowerment of women will add more diversity to the composition of national income. The mission to eliminate sickle cell anaemia by 2047 will have far-reaching positive outcomes, especially for women working in rural parts of the country.
Pramod Sharda, CEO, IceWarp, India and Middle East
The Union Budget 2023-24 by FM today has announced attractive incentives and rebates. The Income limit for rebate of Income Tax increased from 5 Lakhs to 7 Lakhs is a welcome note for the employee base. The budget includes renovations in the digital framework of the nation focusing on increasing the accessibility of these services for rural and tribal areas. We highly support the government’s initiatives to create jobs, and are keen on contributing towards the projected employment generation initiatives.
We are excited to witness the development of a tech-driven economy while contributing towards the same and enabling the growth-bound MSMEs sector, which will be infused with Rs 9,000 crore in revamped credit guarantee scheme, with our affordable, seamlessly integrated, secure Email & Collaboration solutions to effectively communicate and collaborate towards the growth path.
It certainly boosts our morale when we noticed that investment and job creation continue to be the government’s top priority as they announce capital investment outlay being increased by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP. Announcement of National Data Governance policy is also a positive move to protect the data privacy
Akshay Munjal, Founder, and CEO, Hero Vired
“The government has undertaken a series of proactive steps for the education sector. While the education sector is supported by the National Education Policy (NEP), the Pradhan Mantri Kaushal Vikash Yojana 4.0 will further catalyse growth through upskilling of the workforce. Additionally, with the focus on skilling and reskilling, edtech players will get more opportunities to form industry alliances to bolster the sector and provide the right tools to learn.
The initiatives like ‘Unified Skill India Digital Platform’ and ‘Make AI in India’ will promote India’s startups and the entrepreneurial spirit, and encourage youth to boost their knowledge through various skilling and reskilling programmes. Bolstered by these initiatives, India has the potential to create a technology-driven and knowledge-based economy in the coming future.”
Arpit Jain, Founder and CEO of GreedyGame
“We are glad that the budget has given some relaxation for MSMEs and enterprises. The finance minister has laid focus on technology, healthcare and education in her budget which is encouraging for the development of the country in the long run. The government has extended support measures for start-ups which are incorporated till March 31, 2024. Tax benefits were available for start-ups incorporated until March 2023, up till now. We think this is a welcome step and the government has asserted the importance of entrepreneurship for the economic development of the country.”
Beerud Sheth, CEO and Co-founder, Gupshup:
“Make AI in India and Make AI work for India will be transformational in bringing AI applications across sectors such as agriculture, healthcare, public transportation and education. It’s a great bottom-up approach to bring institutions of high calibre and industry to work together on creating state-of-the-art AI products and services. These centres of excellence will bring much-needed innovation and solutions for process efficiency, better customer experience and a better citizen experience.”
Mainak Sarkar, Co-founder & CEO, Explorex
The Union Budget 2023, is a well-balanced and growth focused effort by the Government of India to ensure greater emphasis on various sectors such as social sector schemes, infrastructure creation, bringing in a great deal of relief to the middle class. It will assist India’s economy in moving closer to the goal of reaching $5 trillion in GDP by 2025–2026 and growing at 7% in the current year. The allocation of funds to bolster the growth of start-ups is a noteworthy decision undertaken in the 2023 budget.
The introduction of the National Data Governance Policy to unleash innovation by start-ups in the country will prove beneficial to many new age start-ups. Further, the government digital certificate depository Digilocker services for the MSMEs and fintech sector will hasten the germination of more innovative fintech services and further allow fintech solutions in India to function smoothly using India’s digital public infrastructure, including Aadhaar, PM Jandhan Yojna, video KYC, India Stack, and UPI. The budget will prove to be of immense help with regard to the start-up ecosystem through the proposal of the extension of the date of incorporation for income tax benefits from 31st March, 2023 to 31st March, 2024. Overall, Budget 2023 has successfully addressed the need of the hour by bringing in policies and regulations that are crucial for the growth of the country. We applaud Union Finance Minister Smt. Nirmala Sitharaman for taking all factors into account and presenting a budget focused on growth and the future in these trying times.
Chandra Shekha Ghosh, MD & CEO of Bandhan Bank.
“Budget 2023-24 is a well-rounded progressive & inclusive budget. The focus on important parameters like boosting consumption and inclusion is a welcome measure for our growing economy. The government has laid an important thrust on Capital Investment which will enhance consumption and create employment, both of which have been important areas of attention, especially post the pandemic. Allocation of the Budget to PM Awaas Yojana will further boost the housing sector. Support to MSME sector along with enhancement of credit gaurantee scheme will provide much needed relief to the sector. The new slabs of taxes will further help boost economic parameters like consumption, thus providing more impetus to economic growth.” – Mr. Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank
Krishna Veer Singh Co-Founder and CEO, Lissun (A Mental Wellness Startup)
It was evident during the lockdown that mental health has remained an ignored area and demands immediate attention. In the last budget, Hon’ble FM announced the launch of a Tele Mental Health service. This year, the budget has encompassed the needs of healthcare professionals by announcing 157 new nursing colleges. All this together will serve the purpose of adding fuel to the healthcare infrastructure, and it is the only way it will make complete sense. Also, there has been a significant increase in the budget allocation towards the Healthcare Ministry which indicates the government’s attention toward health standards in the country.
Agnelorajesh Athaide, Chairman of Global St. Angelo’s Group of Companies
“My thoughts on the budget , The Union Budget has laid out a long- term path of growth and investment which dropped dramatically during the pandemic. The Budget is visionary and long-term in nature, with digitization, urban growth, and sustainability at its center.
With the Pradhan Mantri Awaas Yojana allocation increasing 66% to Rs 79,000 crore next fiscal year, more than 55% of the expected financial deficit for projects under the plan is covered, which should aid in the timely building of both urban and rural housing.
For the education sector, the national digital library will provide youngsters to enhance their learning experience and move our country ahead. More instructors and support workers for Eklavya model schools would be immensely advantageous to tribal children, allowing them to access world-class quality education, especially in remote rural areas.
Overall, the budget is well- structured and well-focused, with the goal of propelling us to become a leading economy in the future.“
Ravindra Katti, Founder and Director of Techpartner Alliance
The Union Budget 2023-24 is reflecting the advancements made by the country’s digital technology sector, which also includes contributions from MSMEs and startups. By expanding the digital ecosystem for skilling and establishing 3 Centers of Excellence for AI in top educational institutions, the budget further stresses the importance of skill development. Such initiatives will provide immense benefit to businesses, which today are facing skill-shortage challenges.
Santosh Navlani, COO & Personal Finance Expert, ET Money
The Finance Minister has given a major boost to the consumption economy by increasing the income tax rebate for individuals from 5 lakhs to 7 lakhs annually. This should benefit the majority of Indians who have been struggling with inflation, freeing up more funds for spending and boosting consumption. The new tax regime, featuring a default option, standard deduction of Rs. 50,000, and simplified slabs and rates, should encourage individuals to adopt the new regime and simplify their personal income tax.
Krishna Moorthy. K CEO & President of IESA, Indian Electronic and Semiconductor Association
“Over the last few years, the industry has seen the consistency in budget thought flows from the government and this has led to some amount of stability and increased credibility to the Governments approach to industry related policy support. The 2023 budget is no exception as India steers the G-20 in the current disposition.
The support for the core industries remain intact, deep tech industries get the much-needed boost and electronics and semiconductor in particular is given the impetus to make it contribute about 8-10% to GDP before the end of this decade. Specifically, the budget focuses on MSMEs and it will enable India to become one of the leading manufacturer in ESDM sector and meet the industry expectations of enhanced global exports. India is indeed a benchmark in digital prowess for the world. We at IESA are committed to India being the Digital Nation in all our endeavours.
Jitendra Chouksey, Co-founder and CEO of FITTR
To encourage a culture of development and entrepreneurship in the country, the Indian government has implemented a number of institutionalized policy measures and programs. Digitization and Atamnirbhar Bharat has been the two of the main pillars of reforms announced by Nirmala Sitharaman today during Budget. Being a Fit-tech company we welcome both these announcements by the government as they will lead and boost the entrepreneurial spirit. With government support, we are optimistic that the culture of startups with new technologies will make new roads for all the aspiring entrepreneurs in India.
Satyajit Mittal, Co-Founder and CEO of Aretto
The government’s sharpened focus towards making India Atamnirbhar cannot go unnoticed. At Aretto, we welcome this decision because it would strengthen India’s entrepreneurship ecosystem. The creation of the knowledge economy is going to be supported with boost to tech, innovation and manufacturing capabilities in India. Today, Our Nation is home to some of the most cutting-edge and thriving start-ups, which are fuelling economic growth and value creation. Upward growth empowered by employment opportunities, innovation, ease of doing business and up-skilling force is a positive on looking focus.
Chetan Rexwal, Co -Founder Ekank Technologies
“The Budget 2023 shows the impetus of the Indian Government toward technology and innovation. We welcome the announcement by FM Nirmala Sitharaman about the ease of doing business and the adoption of AI. The reduction of compliances will help the startups like to flourish more. The union budget in the past has boosted the entrepreneurial spirit by taking a number of measures for start-ups and they have borne results. We are elated to witness that the budget 2023 is also aligned with Ekank’s vision of promoting art and culture by setting up a ‘Unity Mall’ in the State capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicraft products.”
Sanket Mehta, Co-founder, Nutrifresh Farm Tech India Pvt Ltd.
First of all, I thank Finance Minister Nirmala Sitharaman for presenting the most-awaited budget for 2023. The FM said that the government, in a bid to increase digital infrastructure in rural areas and boost rural startups, will set up an accelerator fund for Agri startups. This infrastructure has to be built as an open source, open standard, interoperable public good. It will enable inclusive farmer-centric solutions and help improve access to farm inputs, market intel, support for the agriculture industry, and startups, the finance minister said.
Agriculture Accelerator Fund to be set up to encourage agri startups by young entrepreneurs in rural areas, will bring innovative and affordable solutions for farmers’ challenges, will also enhance profitability and bring modern tech, she said. The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy, and fisheries.
The budget envisages India becoming a global hub for Sri Ann or millets too
KR Sekar, Partner, Deloitte India
“Startups have been clamoring for easy compliance and benefit of extended period of carry forward of losses. The Finance Minister in her Budget speech has assured ease of compliance. Startups have been facing a significant challenge on higher compliances as it enhances their compliance cost. The ease of compliance through Unified Compliance Management system will help startups fill up the data and comply under various laws. Further the budget has extended the benefit of carry forward of losses from 7 years to 10 years. This would also help startups to protect the lapsing of losses at the end of 7th year as they have additional three years to protect the lapse of losses. It is pertinent to note that it takes time for startups to become profitable and hence extending the carry forward period from 7 to 10 years will help them.”
“Also, startup companies raising capital from overseas investors at a premium will have tax implications due to the proposed amendment to section 56 (2) (vii) (b). Under the proposed amendment the value at which the capital was raised will have to be justified by an appropriate valuation as per the prescribed rules. Under the existing provisions of law, companies receiving money more than Par Value from Resident Investors will have to pay tax unless the value is justified by an Independent valuation through book value or DCF. The said provision was not applicable if the investment is from Non-Residents. This has been plugged now and Companies raising money from Foreign Investor or Non-Resident Investors will have to justify the value and if not, then the difference between Par value and amount received is taxable.”
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.
Rajiv Sabharwal. Managing Director & CEO at Tata Capital – Macro Economy
Budget 2023 has included a series of measures for inclusive socio – economic development. The Indian government with its 7-priorities and a greater focus on Financial Sector and infrastructure & Investment have stepped in the right direction.
The Capex increase of 33% and a capital outlay of INR 2.40 lakh crore for railways is a bold move to create jobs and improve the infrastructure development in the country.
The overall quality of expenditure outlay provides a strong guard against global headwinds and will create impetus for private investments. This will also offer a vast scope for domestic consumption.
Strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy.
Chandrashekhar Gosh, MD & CEO of Bandhan Bank – Banking and Macro economy
“Budget 2023-24 is a well-rounded progressive & inclusive budget. The focus on important parameters like boosting consumption and inclusion is a welcome measure for our growing economy. The government has laid an important thrust on Capital Investment which will enhance consumption and create employment, both of which have been important areas of attention, especially post the pandemic. Allocation of the Budget to PM Awaas Yojana will further boost the housing sector. Support to MSME sector along with enhancement of credit gaurantee scheme will provide much needed relief to the sector. The new slabs of taxes will further help boost economic parameters like consumption, thus providing more impetus to economic growth.”
Manish Chaurasia, Managing Director, Tata Cleantech Capital – Cleantech & Green
“Government is walking the talk when it comes to Net Zero commitment. Budget has taken bold steps in adopting new initiatives such as dedicated funds for energy transition and Green Hydrogen mission. In addition, the government has been proactive in identifying the need of storage systems to integrate the ambitious renewable energy capacity plans. Both the Viability Gap Funding for Battery energy storage systems and framework formulation for Pumped Storage Projects will pave way for accelerated adoption of renewable energy.”
Pranay Jhaveri, Managing Director – India & South Asia, Euronet Worldwide – Digital Payments
“The government has continued with its focus on a digitally inclusive society that can accelerate growth. With the proposed National Data Governance policy, data security, and user privacy will improve. The KYC process is also proposed to become easier, which will add further impetus to ease of doing business across the sectors and economy.
To consolidate data available across multiple government agencies Digilocker and Aadhar will play a crucial role whereas PAN will act as a single reference point for more frictionless compliance. The budget seems like a step in the right direction and will serve to enhance India’s competitiveness.”
Sandeep Menon, Founder Managing Director and CEO at Vastu – NBFC and Personal 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.”
Shekar Sivasubramanian, CEO, Wadhwani AI
“The Government of India is embracing AI technology to bring about positive change and improving the lives and livelihoods of farmers nationwide through public-private partnerships, extension services, and market linkages. The use of AI and other digital technologies will play a key role in bringing about sustainable growth and greater prosperity for all in the agriculture sector and other sections of the population.
At the Wadhwani Institute for Artificial Intelligence, our work is, and will continue to be, homegrown. We are deeply embedded into meaningful government ecosystems to uncover problems, design solutions and rapidly deploy solutions that reach the beneficiary directly, in the context of India. The emphasis that the government has placed on Making AI in India directly aligns with the work we are doing. We are committed to making AI in India, for India, and have a number of AI solutions in development, across healthcare, agriculture, and education, that can significantly impact the lives of underserved communities in the country.”
Ankur Maheshwari, Chief Financial Officer, Freo.
“The Union Budget of 2023-24 has demonstrated a clear commitment towards financial inclusion, support for the startup ecosystem and personal tax reform. It is a highly inclusive budget which has addressed many key growth pillars of the economy. A huge relief has come in the form of personal taxes, the New Tax regime which is now also the default tax regime has been incentivised significantly to improve adoption. The Budget has provided a playing field for taxpayers by increasing rebates and ensuring that there is no income tax levied up to 7 lakh rupees in income. Additionally, the revised tax slabs under the new tax regime and the extension of the standard deduction will ensure that the salaries class will have more liquid cash which will directly impact the consumption and investment.
We are also very appreciative of the Govt’s focus on the startup ecosystem and reducing compliance related burden which will inevitably ensure ease of business for startups. Focus has also been provided on fiscal support for Digital Payments Infrastructure which has already proven to be greatly impactful for Indian fintech. We are positive that this budget will set the stage for India’s growth to the next level.”
Jeevika Tyagi, Co-Founder and CEO, Aastey Designs
“The startup ecosystem has been a growth driver for India’s GDP for the past couple of years. The government has been promoting the launch of new startups as it is the key to becoming an Aatmanirbhar India. As a result, India is now the third largest ecosystem for startups globally, and ranks second in innovation quality among middle-income countries, according to Finance Minister Nirmala Sitharaman. Although, with advancing years, the prices of clothes are on the rise yet the extension of date of incorporation for registered startups to avail income tax benefits will prove to be quite beneficial to the startups initiated for launch during 2023-2024. It will allow the new startups to appeal for a tax holiday and will ultimately lead to long-term financial gain. We are thrilled to see the determination and efforts of the government to help lead the growth for startups in every way possible.”
Ambika Sharma, Founder & MD, Pulp Strategy.
The 2023-24 Budget focus inluded talent, technology, entrepreneurship, and sustainability. The effort towards boosting the economy at a time when the rest of the world is on the edge of a slowdown is commendable, we welcome the Union Budget 2023-24.
One of the important issues addressed was the stressed MSME ecosystem due to or in the duration of the pandemic, In case of failure by MSMEs to execute contracts during the Covid-19 period, MSMEs will get 95% of the forfeited amount relating to bid or performance security. This amount will be returned to them by the government and government undertakings. MSMEs are the growth engines of the Economy, and this move will help to boost their morale and will provide them relief.
Micro Enterprises with a turnover of up to Rs 2 crore and certain professionals with a turnover of up to Rs 50 L can avail of the benefit of presumptive taxation. Moreover, to support SMEs in timely receipt of payments, the Centre proposes to allow a deduction for expenditure incurred on payments made to them only when payment is made. The revamped Credit Guarantee Scheme will be in effect from 1st April 2023 through an infusion of Rs 9,000 crore in the Corpus. This will enable additional collateral-free guaranteed Credit of Rs 2 Lakh crore, further, the cost of the credit will be reduced by about 1%. We believe that India has a unique success story and a step towards being a global technology leader. This budget favors the new-age digital economy and we look forward to further growth in the sector
Rajiv Sabharwal, MD & CEO, Tata Capital Ltd.
- Budget 2023 has included a series of measures for inclusive socio – economic development. The Indian government with its 7-priorities and a greater focus on Financial Sector and infrastructure & Investment have stepped in the right direction.
- The Capex increase of 33% and a capital outlay of INR 2.40 lakh crore for railways is a bold move to create jobs and improve the infrastructure development in the country.
- The overall quality of expenditure outlay provides a strong guard against global headwinds and will create impetus for private investments. This will also offer a vast scope for domestic consumption.
- Strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy.
Vinay Singh, CEO and Executive Director, Thomson Digital and Q&I.
“”It is encouraging to see that this budget has the highest-ever allocation for the education. The establishment of a national digital library for children and adolescents to address the learning loss caused by the pandemic and make it accessible across languages, genres, and regions is a welcome development. The incorporation of AI in education and the creation of AI excellence centers in top educational institutions will be transformative.
The government’s efforts to reimagine teacher training through innovative pedagogy and the addition of 157 new nursing colleges near existing medical colleges will provide more opportunities for aspiring nursing students. Additionally, the government’s focus on supporting the start-up ecosystem will allow start-ups like ours to work on a larger scale.”
Nitya Sharma, CEO & Co-founder, Simpl
We welcome the budget for providing much-needed impetus to the country’s startup ecosystem. Announcements such as the extension of the date of incorporation for income tax benefits to start-ups from 31st March 2023 to 31st March 2024 and the provision of providing the benefit of carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years, are truly great moves. Moreover, the government has also deducted a whopping 39,000 compliances that MSMEs needed to abide by and decriminalised over 3,400 legal provisions. Such steps will play an instrumental role in ensuring the ease of doing business in the country. Entrepreneurship is the very backbone of India’s economic development. Therefore, the measures suggested in the recently unveiled economic survey, such as capital gains tax regimes like those of Singapore and the UAE and capital flow procedures similar to those in countries like the US and Singapore, to accelerate the reverse-flipping of startups back to Indian shores, are vital moves.
Ayush Shukla, Founder of Finnet Media
“I think the budget is a very long term outlook. It doesn’t look like a one year, two year budget, but like a budget with a very long term horizon which can be seen in the record investment to capital expenditure more than ten lakh rules. That’s like a 33% increase year on year, which is positive because you see a lot of infrastructure, a lot of push has been given and to transportation like money going into railways and 50 plus airports and helipads and all that being built that will for sure reduce travel time helping migration. A lot of tier 1 and 2 migration will happen, a lot of infrastructure in tier 2 will be seen, business in tier two will shine and the impact will reach tier three and last mile as well. So it’s very good shine overall and then budget in its own way also shown some awareness towards health and environment.
35,000 invested in green energy and increasing duty into secrets shows environmental health bold both being the minds of the government as well. And finally businesses have been given a push, a lot of increase in ease of doing business by removing so many issues and policies and all that. So more business will come up and given that income tax slabs will also improve from five to seven people who make like 50 $55,000 per month even they will not have to pay even single Rubin tax. That’s an amazing thing because so much of disposable income will be in the hands of people which either will be put into investment consumption or starting their own business. So it’s overall a very good budget for looking at the middle class economy.
Tax slab above 15, like tax slab for the 30% people is saying but whether it has changed and there’s for sure it’s going to be an impact into increased consumption, investments and even entrepreneurs coming in. So we all looks like a very good one.”
Mahesh Krishnamoorthy, Managing Director at Core Integra
“As expected from the last full budget before Elections, the FM has announced aggressive growth plans through the budget. It is encouraging to see the projected growth target at 7% with the Indian economy poised to continue the growth momentum as seen over the last 10 years. The initiatives to promote the Agriculture, MSME, Tourism sectors along with focus on job creation is a welcome change. It is also nice to note the Government’s continued focus on ease of doing business, simplifying compliances and making the legal framework friendlier towards startups and entrepreneurs. Unified KYC process with control in the hands of the filer looks to be a first step towards data privacy and user controlled information governance, definitely a positive move. On the personal income tax side, it is indeed appreciated on the steps taken to increase minimum taxable slabs, reduce tax slabs and tax rates, simplify the tax structure with reduction in highest tax rates along with making the new tax regime as the default one. Its highly commendable to note that income tax refunds are processed within 24 hours to 16 days, which is probably for the first time in the history of our country. While the initiatives and benefits may cause a dent on the tax collection, I am sure that it would increase the tax base with increased transparency through digitalization. Last but not the least, the 7 point priority definition made the entire budget more structured and process oriented. Overall a well presented budget and look forward to continued growth of the Indian economy and a rising star in the global arena.”
Muzammil Riyaz, Founder, EVeium Smart Mobility
“In the last year alone, EV Sector has seen many ups and downs. At present, EVs contribute to only 2 per cent of the total auto sales in India and extensive support from the government is required to chalk out sustainable growth of the sector. To achieve the ambitious mission of e-mobility in India, initiatives announced in the Union Budget this year including – Customs Duty reduction from 21% to 13% on capital goods and machinery for Lithium Batteries, and an extension of the subsidies on EV batteries for one more year are going to help. These will certainly encourage each EV manufacturer to contribute to the industry initiatives to achieve mass EV adoption by 2030.”
Vineet Agarwal, MD at Transport Corporation of India Ltd.
This “Saptarishi” guiding-priorities based Union budget is holistic, optimistic and it beautifully fleshes out the ambitious schemes announced by the government to boost all critical segments. For the Logistics Sector, a committed focus on all tenets under NLP, will definitely lead the country from recovery to resurgence.
The increased Capital Outlay for critical Infra projects under the “Inclusive Development” priority will further boost sectoral development. The steep investment increment in digitization and automation to develop smart warehousing, and an announcement of 100 critical transport infra projects for steel, ports, rail and road will strengthen the much-needed multimodal connectivity. Provisions like coastal shipping with Viability Gap Funding (VGF) for people & freight movement will further facilitate seamless cargo movement while reducing logistics costs.
The Government’s Green Growth Priority outlines a relentless sustainability vision. ‘National Green Hydrogen Mission’ targets the transition from fuels to green energy. This movement will enable a smooth shift toward the Net Zero Carbon Emission goal. Moreover, the PM Gati Shakti Vishwavidhyalaya facilitates the “Youth Power Priority”, emphasizing on upskilling and creating opportunities for industry partnership.
Overall, the 2023 budget outlines a very futuristic glide-path for improving the supply chain ecosystem in India. It will further enhance the export of networked products, thereby indicating a world-class infrastructure and synergy across the logistics value chain.”
Sumeet Srivastava, CEO & Co-Founder spocto
“From a financial inclusion perspective, the increase in tax slab will lead to greater access to credit, which would pave the way for more people to be a part of the financial mainstream. As for the tech ecosystem, there is ample support shown to positively impact the development of ‘make AI in India’ and ‘make AI work for India’. In the data space, the government’s initiative of bringing in the ‘National Data Governance Policy’ is quite progressive in nature, one that can start defining the charter for data privacy and data governance across the globe.”
Sashi Kumar, Head of Sales, Indeed India
“Despite a global slowdown, India has seen sustained job growth in a few sectors. Indeed data shows that overall job postings as of January 2023 stands at 203% above the pre pandemic baseline of February 2020. The government’s strong push towards a technology-driven and knowledge-based economy will boost job creation across sectors, especially in healthcare, technology and renewable energy.
According to Indeed’s data, nursing has had the highest job postings as of December 2022 and this is likely to increase with the government’s push towards improving nurse-patient ratio. The focus on reducing the country’s carbon footprint is also expected to create more green jobs in EV and renewable energy sectors. Indeed’s platform saw an increase of 468% for ESG job roles in the past three years.
The increased capital expenditure would mean strong growth in the job market especially in the blue collar workforce. Our research revealed that a 9-11 million strong gig workforce is to be added to our job market in the next three years. It will be interesting to see how the job market shifts in the next couple of quarters as India might experience the after-effects of global recession.”
Gautam Chopra, Co-Founder, and CEO, BeatO
“Even though the Budget this year focuses on strengthening the healthcare infrastructure, it is prudent to point out that the growing demands on our healthcare system cannot be met only by increasing the physical infrastructure. The setting up of 157 new nursing colleges is a huge step towards meeting the ever growing demand for providing care through paramedical staff. However, for care to reach those who really need it, it is imperative that they can leverage simple and affordable digital technology, which will help them reach the masses and serve them more efficiently. Integrating this initiative with the Ayushman Bharat Digital Mission will be key to delivering services to the last mile.
Indian pharmaceuticals are known across the world for giving us cost-effective drugs, but we still lack innovation in new drugs, molecules, and therapies. Opening up of Indian Council of Medical Research (ICMR) laboratories for research by public and private medical college faculty members and private sector research and development teams to encourage collaborative work will produce great results in providing a sustainable ecosystem for research and development.
The dedicated multidisciplinary courses for medical devices, fueled by skilled and technically equipped manpower, will make India the hub for creating new-age affordable medical devices like wearables and drive the trust in digital health.
More support and allocation of resources for health-tech start-ups to become effective would have been appreciated, as well as integration of digital solutions by such startups within the public health system would help them take their products and services further and reduce the burden on the system. In last year’s Budget, the government proposed providing up to Rs 2,000 crore as venture capital to create an ecosystem for health-tech start-ups to help them access capital and develop innovative products and services but we haven’t seen concrete steps followed in the deployment.“
Kartik Iyer, HR Head, Covestro
“The Union Budget 2023-24 is a beacon of hope for the nation, with a focus on job opportunities, diversity and inclusion, empowering the youth, and providing the necessary skilling for a human-centric future. Kudos to the FM for presenting a budget that would enable our country to be a super power in the future and a true marketplace for global talent supply”
Bhupesh Arora, Business Head, Digital Energy, Schneider Electric India
The Union Budget 2023 demonstrates the government’s commitment to building and expanding the infrastructure sector to boost the economy. We welcome the government’s move to announce an enhanced outlay on capital investment by 33.4% to Rs. 10 lakh crore, for the infrastructure sector. This will result in more employment creation, increased manufacturing capacities, and the energy sector’s active participation in nation building. The budget focuses on states and cities to encourage urban planning reforms and making cities more sustainable. We applaud the government’s investment of Rs. 35,000 crore to achieve energy transition and net zero goals, and we note that green growth is one of the government’s seven priorities.
We believe the move to create a new infrastructure finance secretariat, which will facilitate the private sector’s investment in infrastructure projects, will play a crucial role. As the economy is expected to grow at a 7% annual rate, we feel this budget has taken all of the necessary steps to continue the growth momentum. We congratulate Union Finance Minister Smt. Nirmala Sitharaman for taking the courageous step of presenting a budget focused on growth.
Akash Dahiya, Co-founder, SanKash
“The Union Budget 2023-24 has some positive takeaways for tourism, given the decision to promote the industry on mission mode via the participation of states, the convergence of government schemes and public-private partnerships. The country offers immense attractions for both domestic and foreign tourists. A proactive approach will help in tapping India’s tremendous tourism potential. Through an integrated approach, a minimum of 50 destinations are to be selected via the challenge mode. Under the ‘Dekho Apna Desh’ initiative, every destination will then be developed as a complete package for tourists. Besides, through the Vibrant Villages Programme, infrastructure and amenities for tourists would be facilitated in border villages.”
Jaya Mehrotra, a renowned Leadership Coach, Founder of Women Leadership Circle.
“As a finance and banking professional and a women leader, I am thrilled to see the Union Budget 2023 being presented with a positive outlook towards India’s growth trajectory. The 7% growth estimate for the current fiscal year reflects the resilience and potential of our economy, positioning India as a bright star in the global landscape.
I applaud the efforts of the Finance Minister Nirmala Sitharaman in building upon the foundation laid in the previous budget and the vision for India@100. This budget holds immense opportunities for us to continue our journey of progress and development. I am confident that the policies and initiatives outlined in this budget will further fuel our growth, uplift our communities and empower our women.
I believe that as a nation, we have the capability and the drive to build a strong and inclusive future. I am eager to see how this budget will support this vision and empower our citizens to reach their full potential. Let us come together to build a better tomorrow and make India proud.”
Arroon Gawalli, Founder of Kreditnotes
Commenting on the budget,Mr. Arroon Gawalli, Founder and CEO of Kreditnotes and MindBrreeze, _“We welcome the Finance Minister’s take on the Credit Guarantee Scheme for MSMEs. Supporting the growth of the MSMEs, the revamped schemes will be infused with Rs. 9000 Cr. to protect them from the burden of rising interest rates._
Post pandemic, companies especially startups faced misfortunes in running their operations effectively. Thanks to the 2023 budget MSMEs will get some tax benefits. It will carry the losses from 7 years of incorporation to 10 years. Facing the budget constraints to establish a company by the startups and MSMEs earlier, the present budget aims to reduce the cost of credit by 1%. This may prove to be a boon for all the startups.
Allocation of 95% of the forfeited amount for contract failure at the time of COVID -19 will further encourage the MSMEs to take bigger steps. Such initiatives will reduce the roadblocks for all the existing and future MSMEs and would help them attain their future endeavors.”
Maulik Patel, CMD – Meghmani Finechem Ltd.
The 2023 Union Budget’s primary focus has been on strengthening macroeconomic stability when the world is facing a turbulent time. With a bumper increase in capex by 33%, the government has prioritized spurring growth through investment in infrastructure and job creation.
Developing sustainable urban infrastructure in tier 2 and 3 cities through Urban Infrastructure Development Fund will also substantially aid manufacturing activities of related sectors. Further, the simplification of higher taxes will lead to an increase in exports, manufacturing, and value addition in the economy. The budget has also taken a nuanced approach and has revised custom duty on items such as Crude Glycerin for manufacturing Epichlorohydrin and denatured ethyl alcohol, which will help chemical industries.
For the first time, a union budget emphasizes the implementation of ‘green growth’ across various economic sectors as one of its developmental priorities. The introduction of green credit programmes and other such moves will not only help reduce carbon intensity and create green jobs but will also benefit a more broad-based growth in the usage of green energy.
Vishal Mehta, MD, Infibeam Avenues Ltd
Overall, all sector has been positively addressed by the Honourable Finance Minister. The best part is incentivizing the foreign data Centres players to set up their base at GIFT City. It’s a smart move by the government to address the concerns of the foreign data centre or cloud data centre players, as they were apprehensive or concerned about domestic law applicability on their operations.
Now, by offering Data Embassy at GIFT City for foreign data centre companies, Finance Minister Nirmala Sitharaman has solved their concerns. Gujarat International Finance Tech-city (GIFT) is India’s first International Financial Services Centre (IFSC), and in the SEZ zone, the domestic law is not applicable, as SEZ zones are deemed foreign territory.
The way there is a separate regulation for Aircraft leasing at GIFT city; similarly, for other business verticals, in the same way, there will be foreign data centre-specific regulation for global players easing off their concerns. It seems this move of offering Data Embassy to the foreign data centres is to address their concern, which is an excellent move by the government.
Now there is a twin advantage. First, this move will attract global cloud data players to set up their base at GIFT city as a preparation towards complying with the Indian laws on data centres, which are expected to come up soon. Thus, the migration of large data centre businesses to India will start. Second, this will take care of data onshore, addressing the government’s needs or concerns, as now the data will not leave India’s shore, and yet it is equivalent to a global location (SEZ) where global players with ease can operate.
Infibeam Avenues Ltd also has its state-of-the-art data centre facility at GIFT city, and we believe the Data Embassy offer will also open the opportunity for us to collaborate with foreign data centre players.
Vishwas Patel, Executive Director, Infibeam Avenues Ltd & Chairman, Payment Council of India
This budget has given a digital boost for supporting and fostering an entrepreneurial ecosystem in the country for the coming generations. By recognizing the advent of Artificial Intelligence (AI) and spotting the vital role that AI is going to play in the economy, corporate, defence, healthcare and society in future, it has been a futuristic preparatory move where the government has shown its political will to focus on AI with development & setting up of three Centres of Excellence. The government is also quite sincere in its attempt to make India investment-friendly by pushing for ease of doing business. The Aadhar PAN card linking to Digi-locker for sharing with government departments as a common identifier will increase the ease of doing business and provide the requisite boost for entrepreneurial growth in the country.
Even though the government has already provided an increase of incentive amount of Rs 2600 crore under the scheme for promotion of RuPay Debit card and UPI for banks and fintech players, it would have been much supportive if the government could have accommodated the payment industry demand of Rs 8000 crore incentive.
However, the continuity of incentivizing digital payment growth is an excellent step by the government, but it is very crucial for the government to ensure that the allocated and disbursed funds reach the fintech players like PhonePay, CCAvenue, PayU and others. The banks have appropriated the funds, and till date the banks have not given out a single penny to the fintech players.
Further, the government should have made other sources of funds available locally for startups by incentivizing the insurance companies, EPFO, private pension funds and other domestic institutions to participate in investing in the burgeoning startup ecosystem. This would have met the capital requirements for the startups.
The union budget hasn’t attempted to fix the anomalies in startup regulations, conditions around the angel tax issue that requires to be simplified and tax holidays or lower tax structure for startups has been left unresolved. Even the strong demand from the startup community for taxing Employee ESOPs only at the time of selling the share has not been fulfilled. The government should consider expanding the scope of this relief to include more startups, irrespective of whether the startup is registered under the Department for Promotion of Industry and Internal Trade (DPIIT) or not. All startups should be treated equitably.
The increase from 7 years to 10 years for carrying forward losses by startups is a commendable step taken by Finance Minister Nirmala Sitharaman, along with tax reliefs given to the middle class and service class public by reducing the tax liability.
Dr. Ajay Ranka – CMD, Zydex Industries
For the first time in recent years, agriculture has been looked at through the prism of environment and sustainability in a union budget. By focusing on biodiversity and sustainability, among other things, the Union budget 2023 has made its intent clear on prioritising green growth at all costs.
The move to support one crore farmers to adopt natural farming will revolutionise agricultural practices in India in addition to increasing productivity and income. The impetus in the form of boosting production of disease-free high-value horticulture crops, building open-source digital public infrastructure for farmers, and an Agricultural Accelerator Fund will ensure innovation and sustainability as we transform to high-value agricultural products.
Lastly, the induction of the PM Programme for Restoration, Awareness, Nourishment, and Amelioration of Mother Earth” to incentivize States and Union Territories to promote alternative fertilizers and establishment of 10,000 Bio-Input Resource Centres to create a national-level distributed micro-fertilizer and pesticide manufacturing network are well-thought-out measures that will immensely benefit farmers as they start transitioning to natural farming methods.
Overall, Union Budget 2023 has taken a holistic view of inclusive growth and economic development.”
Mr. Deepak Jain, President of Grew Energy Pvt. Ltd.
With the FY23-24 budget, the Government of India has reaffirmed its focus on Green Growth, which is one of its seven priorities or Saptarishi.
‘Green Growth’ has been emphasised in the national budget and is in consensus with the country’s net zero targets for 2070. Renewable sector will experience a big push with a capital investment of Rs. 35,000 crores towards energy transition, net zero objective and energy security. Moreover, Government’s Green Credit Programme, to be notified under the Environment (Protection) Act, will incentivize environmentally sustainable and responsive actions by companies, individuals and local bodies.
Along with this, the government is also implementing various programmes for green fuel, green energy, and green mobility and devising policies to encourage its efficient use across sectors. All efforts of reducing carbon intensity as well as dependency on fossil fuels will motivate manufacturers and service providers in the renewable sector.
Mr. Anurag Bhamidipaty, Co-Founder Roastea
The Union Budget 2023 has taken a very nuanced growth-centric approach, unlike the previous few budgets. While addressing global challenges and inflation, it has tried to pave the way for an “Atmanirbhar Bharat” by focusing on macroeconomic stability.
The budget rightly realizes the growing importance of digital infrastructure and AI as catalysts of the next wave of economic development. By focusing on segments such as entrepreneurship development, urban planning, and tourism, the Government has made its intent clear on looking at an alternative way to untapped potential.
The budget highlighted the importance of entrepreneurship culture, allocating Rs 10 lakh crore for capital expenditure – an increase of 33% from the previous year, representing 3.3% of GDP. To further incentivise the establishment of co-operatives, a 15% corporate tax benefit has been extended to new manufacturing co-operatives until 31st March 2024. Additionally, startups have been provided with an extension of one year on the date of incorporation for income tax benefits and the benefit of carrying forward losses on change of shareholding has been extended from 7 years of incorporation to 10 years.
Lastly, the changes made in the personal taxation regime are a much-needed step as this will encourage domestic consumption and contention of economic activities, which will boost local businesses. The finance minister highlighted the impressive growth of the Indian economy, which has increased in size from tenth to fifth largest in the world over the last nine years. She also addressed all sectors in the budget proposals ensuring all-around growth.
Anuj Arora, Co-Founder & COO SahiBandhu
“Under the Union Budget 2023, Finance Minster Smt. Nirmala Sitharaman mentioned rise in duties on gold, silver and diamond. If the market price of Gold increases, people wanting to avail loan against the Gold will get a higher loan amount for their gold sitting idle at home. We encourage Bharat citizens to make the most of this opportunity to get onto formal lending with SahiBandhu Gold Loan and further the Saptrishi goal of financial inclusion.”
Shailendra Singh, MD and Founder, Creduce
“This budget is a landmark first step towards Narendra Modi’s government’s commitment towards Net Zero 2070. This was a long time coming. And it has come with a bang. The outlay is futuristic, decisive and milestone driven. The budget places a substantial emphasis on green growth and sustainability”.
The government has earmarked Rs 35,000 core in priority capital investment towards energy transition and achieving India’s goal of net zero carbon emission by 2070.
Sitharaman also announced an additional Rs 19,700 crore towards the government’s Green Hydrogen Mission to lower carbon intensity and reduce fossil fuel use. She also announced a five million tonne target for green hydrogen production by 2030. These funds will be used to promote renewable energy sources such as solar, wind, and bioenergy, in addition to reforestation and wildlife conservation.
The government has also announced the launch of a national recycling policy to promote waste management and reduce the country’s carbon footprint. The budget also highlights the government’s commitment to electric mobility, with a proposal to launch a scheme to provide electric vehicles and charging infrastructure in the country. This would again prove to be a boon for entrepreneurs looking at investing into charging pods.
In addition to these initiatives, the budget also provides tax incentives for companies engaged in environmental-friendly activities, such as renewable energy production and water conservation. This would prove to be good boost for the entire sector and involve an wholesome approach and involvement. The government has also allocated funds for the development of green infrastructure, including the creation of green energy corridors, smart cities, and coastal economic zones.
These incentives will not only augur well for the environment also those dwelling around them. This would create a lot of job opportunities which would translate into wealthy nature.
Greg Moran, CEO and CoFounder of Zoomcar
“It’s fascinating to see that our Hon’ble Finance Minister has addressed some major concerns about India’s progress towards clean energy in the Union Budget 2023. The decision to extend the exemption to capital goods imports for the manufacture of lithium-ion cells for batteries used in electric vehicles is a much-needed boost to green mobility and EV adoption in the country.
The government has made a significant effort to promote tourism, especially in the post-covid era, by proposing the creation of an app to improve the tourist experience. We think that the tourism sector has a lot of untapped potentials. Such programmes, in our opinion, can advance both green travel and tourism.”
Dhruv Sawhney, COO and Business Head at nurture.farm
“The announcements around the setting up of agriculture accelerator fund, making digital infrastructure for agriculture, computerization of primary agricultural credit societies, setting up of the AI centres etc are measures towards supporting technology adoption and promoting digitization of agriculture at scale. Empowerment of rural women by lending infrastructure, capital, knowledge, accessibility, supply chain, and marketing support to 81 lac self-groups via the formation of farmer producer enterprise ecosystem is set to improve rural employment, rural income, purchasing power, catalysing their ability to serve large customers and meet export requirements.
The role of Agritech companies to drive innovations in the insurance space, catalyze rural livelihoods, and move the transition towards sustainable food has been well called out, however support measures to scale these programs can be created. There could have been more measures to devise incentives and investments to specifically educate, adopt practices that solve for climate change in agriculture.”
Ashwin Chawwla, Founder & Managing Director, Escrowpay
The Government of India has proposed the use of Aadhaar-based Unique Identity Number (UID/UAN) as a common identifier for all digital systems of specified government agencies. This would enable the government to identify individuals across different agencies without having to maintain separate records for each agency. PAN will be the sole identifier and would help in stopping multiple submissions for MSMEs.
The UID/UAN will be used to securely store and access personal information of citizens, and to facilitate access to government services. Additionally, it will also enable the government to better track the usage of public services, improve public service delivery, and reduce fraud and corruption.
Aman Puri, Founder, Steadfast Nutrition, premium sports nutrition brand-
“India, known as the world’s pharmacy, is known for its affordable generic drugs. However, research and development have always needed attention- the government has announced measures to promote research and innovation in pharmaceuticals in the 2023 budget. It will also encourage the industry to invest in research and development in specific priority areas. The boost to research and innovation in the pharmaceutical industry is commendable and will further strengthen India’s position as one of the world’s leading drug suppliers. However, the relaxation in importing Active Pharmaceutical Ingredients (APIs) should have been allowed since the imports of these raw materials for medicines, also known as bulk drugs, are necessitated to control raw material costs due to the caps on drug prices.
The government has not paid attention to the nutraceutical industry despite the sector playing an increasing role in healthcare. The sector would have welcomed a relaxation in imports of nutraceutical raw materials and ingredients because quality remains a challenge. There is no reduction in tax on supplements to make them more affordable and accessible to everyone- currently, they are subject to 18% GST, which is the second-highest tax rate.
The allocation to healthcare is still low at 2.1% of the GDP despite recommendations by National Health Policy 2017, the Economic Survey 2021, and experts to increase it to 2.5-3%. The world average is 6%.”
Mugdha Pradhan, CEO and Founder, iThrive-
“Popularising millets is just going to make an already protein deprived nation even more malnourished. Maybe next time they can shift the focus to eggs, meat and ghee as these are nutritious foods that really bring health into human beings. That apart, we are expecting the Government to consider lowering taxes applied on the wellness industry to align with their new Agenda of Healthy India.”
Shabnum Khan, Founder, 750AD Healthcare Pvt. Ltd
“An increase in budget allocation for health infrastructure and digital transformation will enable a futuristic development of the country’s health bodies. Additionally, special focus on green energy and sustainability are key takeaways that will help in fostering sustainable products in the country. Also the budget declared that new programs for pharmaceuticals will be formulated and investment in research would be encouraged. With such a step it will boost not just the infrastructure but also the backbone of the healthcare sector with advanced research in medical sciences.”
Nitya Sharma, Co-founder & CEO, Simpl
We welcome the budget for providing much-needed impetus to the country’s startup ecosystem. Announcements such as the extension of the date of incorporation for income tax benefits to start-ups from 31st March 2023 to 31st March 2024 and the provision of providing the benefit of carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years, are truly great moves. Moreover, the government has also deducted a whopping 39,000 compliances that MSMEs needed to abide by and decriminalised over 3,400 legal provisions. Such steps will play an instrumental role in ensuring the ease of doing business in the country. Entrepreneurship is the very backbone of India’s economic development. Therefore, the measures suggested in the recently unveiled economic survey, such as capital gains tax regimes like those of Singapore and the UAE and capital flow procedures similar to those in countries like the US and Singapore, to accelerate the reverse-flipping of startups back to Indian shores, are vital moves.
Nirmit Parikh, Founder & CEO, apna
The central government’s push to skilling in the country for lakhs of youth in the Budget 2023-24 is a welcome move, considering the youth are the pillars of our economy. This initiative will open avenues and create millions of job opportunities in emerging technologies for over 100 million youth in the country – a huge motivation for students and graduates to thrive and succeed in their home country. Furthermore, I also commend the Government’s announcement around the launch of a unified Skill India Digital platform for enabling demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes. The vision of empowering youth and MSMEs is a strong blueprint for India@100 which is being built on inclusive India.
Rahul Attuluri, CEO and Co-founder at NxtWave
“We wholeheartedly welcome the Government’s initiatives announced in the Budget 2023-24. The re-envisioning of Teachers Training through integrated curriculum transaction, continuous professional development, dipstick service, ICT implementation and the development of the district Institute of Education and Training as institutes of excellence are a great move towards augmenting the existing education ecosystem in the country. Also, the setting up of the National Digital Library for children and adolescents where quality books across geographies, languages, and levels and device agnostic accessibility will be made available is a great initiative to make up for lost learning time students faced during the pandemic.
The youth are the future of the country. Therefore, to empower youth and to help the Amrit Peedhi realize their dreams, the Government’s National Education Policy will especially focus on skilling youths by adopting economic policies that facilitate job creation. The Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth in the next three years. Moreover, to skill the youth for international employment opportunities, over 30 Skill India International Centres will be set up across different States.
NxtWave is always ready to take forward the vision of the Government and empower Indian youth with required skills and become job-ready. We are happy that the government is establishing a strong AI ecosystem in India to train skilled AI professionals. This will help us to develop practical AI applications in regional and sustainable cities.”
Aniruddha Sarkar, Chief Investment Officer, Quest Investment Advisors.
“Budget 2023 has ticked all the right boxes when it comes to addressing issues of domestic economic growth, job creation, increase in household income and fiscal balance. It has surpassed our expectations also by not having any negative surprise on capital gains taxes. The budget has definitely been a big sentiment booster for middle class households who would see significant savings. The massive allocation of Rs 10 lakh crore towards capital expenditure and another Rs 3.7 lakh cr towards capital assets grants is 4.3% of GDP and will surely be the icing of this budget. Sharp increase in allocations towards housing for all, Green energy, Railways and Technological advancement is added boost for the economy in an environment where globally growth is a concern. There is nothing one can find negative in this budget announcement so far and this would be a gamechanger budget in my opinion for the next few years.”
Ritesh Kumar, Country Lead for Wiley in India
“It is encouraging to see Indian Government’s strong and rounded commitment towards promoting research and innovation, education, literacy, skilling, employability and job creation in the Union Budget 2023. This will truly help leverage India’s demographic dividend and build a strong, competitive, and future-ready youth.
We are particularly excited to see the special focus laid on setting up facilities for research and centers of excellence. The establishment of National Digital Library along with availing non-curricular books in regional languages is another step in the right direction. It will improve literacy among children and adolescents. Aligned with the Government’s vision of ‘Atmanirbhar Bharat’, we are happy to see the government’s continued and strong impetus on skilling, employability, and job creation. It will help our youth unlock their full potential.
At Wiley, we remain committed to supporting academic and scientific research and career-connected education. We look forward to working with the government and other stakeholders to help achieve these goals. We believe that a strong focus on research, education, and skilling will help drive economic growth and social development in India and we are proud to be a part of this journey.”
Ankur Nijhawan, CEO, AXA France Vie India Reinsurance Branch
This budget has touched upon various facets of major importance to our economy including focus on last mile, green growth, infrastructure and development, youth power and inclusive development. Focus on agriculture sector with enhancing storage capacities and establishing an accelerator fund for startups serves as a watershed to increase earnings and innovation in this segment. Budget allocation towards research in pharma and health is a step in the right direction which would further make India atmanirbhar. Budget has also very aptly recognised the importance of AI by allocation of funds towards setting up of specialised AI centres in educational institutes which would enable finding solutions in agri, health and sustainable cities. Reduction in duties on goods for manufacturing lithium-ion batteries would be a major step to reduce cost of EVs and promote green growth.
Further, change in the income tax slabs is a major development towards making India a more consumer driven economy. It would leave more money in the hands of individuals giving them the liberty and power to decide where to spend. The new tax regime does not allow exemptions on savings like the earlier one. This change poses a major need for sectors like insurance to create a product which is consumer focused. Consumer has so far been buying it to avail tax incentives however, this new change demands that the sector revamp its offering to meet consumer expectations and servicing requirements to create demand by offering customised, user friendly offerings and improving the customer experience.
Rakesh Kaul, Executive Director and CEO, Clix Capital
“It is a balanced budget and growth oriented. Given that NBFCs have been playing a pivotal role in providing easy access to credit for MSMEs, we expected to see some incentives being announced for the growth of NBFCs. It is good to see that the Government has rationalized taxation in the MSME sector and other initiatives that will play a decisive role in easing their burden.
We believe the following measures announced will catalyze the MSME ecosystem tremendously. For instance, micro-enterprises with a turnover of up to 2 crore and certain professionals with a turnover of up to 50 lakhs will get the benefit of presumptive taxation. The limits have been increased to 3 crores and 75 lakhs respectively to taxpayers whose cash receipts are not more than 5 percent. Further, to ensure that MSMEs receive payments on time, the Government has proposed to allow a deduction for expenditure incurred on payments made to them only once the payments are actually made. In addition, taking into account that MSMEs have faced many challenges during the pandemic, the refund of 95 percent to MSMEs is a welcome move. The DigiLocker app that had been created will now be made available to MSMEs, large businesses, and charitable trusts, where they will be able to store and share documents online in a secure manner with various authorities, regulators, banks, and other business entities. The Government has infused 9,000 crores in the corpus for this, enabling additional collateral-free guaranteed credit of ` 2 lakh crore. The Digilocker services will be a boost to fintech startups as well, as up till now, DPI only allows individuals to store and share their certificates, such as academic records, driving licenses, and PAN cards.
Further, the KYC process has also been simplified by taking a risk-based approach. A one-stop solution for updating identity will be established using Digilocker service and Aadhaar as foundational identity. The Permanent Account Number (PAN) will be used as a common identifier for all digital systems of government agencies.
In addition, as MSME skilling is an important aspect that needs to be addressed, the Government has announced a digital ecosystem for skilling. A unified Skill India Digital platform will be set up that will focus on demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes.”
Gaurav Jalan, Founder & CEO, mPokket
“While we expected to see more announcements around the fintech sector, some of the welcome moves are the expansion of Digilocker services that will allow fintechs to store and share documents online in a secure manner with various authorities, regulators, banks, and other entities. The fintech sector has benefited much from prior Government initiatives, such as PM Jan Dhan Yojana, Indian Stack, and UPI.
We would also like to highlight certain measures announced in the Economic Survey 2023, such as the simplification of employee stock option (ESOP) taxes, capital gains tax regimes like those existing in Singapore, UAE, and the Netherlands, and capital flow procedures akin to the US and Singapore to accelerate reverse-flipping of startups back to India. This plays a major role in strengthening the domestic economy. Startups have always been one of our key engines for economic growth and it’s great to see that the number of recognized startups in the country has increased from 452 in 2016 to 84,012 in 2022. About 48 percent of our startups are from tier 2 & 3 cities and our country today is the third largest ecosystem for start-ups globally and ranks second in innovation quality among middle-income countries.
Entrepreneurship is truly vital for a country’s economic growth and towards this, the Government has extended the date of incorporation for income tax benefits to start-ups from 31.03.23 to 31.3.24. It has further proposed to provide the benefit of carrying forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years. This is truly a welcome move.”
Deepak Aggarwal, Co-Founder, Moneyboxx.
We welcome the decision of increasing the Agriculture Credit Target to Rs20 lakh crore while focusing on animal husbandry, dairy and fisheries. Moreover, a new sub-scheme of the PM Matsya Sampada Yojana will be launched with a targeted investment of Rs6,000 crore. Establishing an Agriculture Accelerator Fund to encourage agri start-ups by young entrepreneurs in rural regions is also laudable. The Fund aims at providing innovative, affordable solutions for challenges faced by farmers. It will also help introduce modern technologies to transform agricultural practices while increasing productivity and profitability.
Another good measure to extend the Credit Guarantee Scheme for MSMEs along with an infusion of Rs9,000 crore with effect from 01 April is a most welcome move as it will facilitate additional collateral-free guaranteed credit of Rs2 lakh crore for MSMEs. In fact, last year itself we had suggested revamping the credit guarantee scheme for MSMEs. Significantly, the scheme will nudge banks to lend to MSMEs, which they were earlier reluctant to do because of the absence of adequate collateral. This will lower the cost of credit by around 1% and benefit the fund-starved segment.
Rahul Attuluri, CEO and Co-founder at NxtWave-
“We wholeheartedly welcome the Government’s initiatives announced in the Budget 2023-24. The re-envisioning of Teachers Training through integrated curriculum transaction, continuous professional development, dipstick service, ICT implementation and the development of the district Institute of Education and Training as institutes of excellence are a great move towards augmenting the existing education ecosystem in the country. Also, the setting up of the National Digital Library for children and adolescents where quality books across geographies, languages, and levels and device agnostic accessibility will be made available is a great initiative to make up for lost learning time students faced during the pandemic.
The youth are the future of the country. Therefore, to empower youth and to help the Amrit Peedhi realize their dreams, the Government’s National Education Policy will especially focus on skilling youths by adopting economic policies that facilitate job creation. The Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth in the next three years. Moreover, to skill the youth for international employment opportunities, over 30 Skill India International Centres will be set up across different States.
NxtWave is always ready to take forward the vision of the Government and empower Indian youth with required skills and become job-ready. We are happy that the government is establishing a strong AI ecosystem in India to train skilled AI professionals. This will help us to develop practical AI applications in regional and sustainable cities.”
Nirmit Parikh, Founder & CEO, apna
The central government’s push to skilling in the country for lakhs of youth in the Budget 2023-24 is a welcome move, considering the youth are the pillars of our economy. This initiative will open avenues and create millions of job opportunities in emerging technologies for over 100 million youth in the country – a huge motivation for students and graduates to thrive and succeed in their home country. Furthermore, I also commend the Government’s announcement around the launch of a unified Skill India Digital platform for enabling demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes. The vision of empowering youth and MSMEs is a strong blueprint for India@100 which is being built on inclusive India.
Ajay Kumar Srivastava, MD&CEO, Indian Overseas Bank
Budget 2023 is a balanced budget prioritizing Infrastructure & Investment, Green growth, inclusive development and reaching the last mile.
Rs 9,000 crore for revamping Credit Guarantee Scheme in MSMEs is a welcome step.
Narendra Kumar, Director, India, Orion Innovation
The 2023 Union Budget has put forward a strong vision for Amrit Kaal. We welcome the dream of making India the largest skill bank through PMKVY 4.0. The emphasis on new-age courses like AI, Robotics, IoT, drones, and soft skilling will help the Indian industry in creating a global talent hub for technology & innovation. Setting up of Skill India international centers across states and the launch of 100 5G labs will bring India-specific new opportunities and use cases across industries, especially in education, healthcare, financial services, and telecom.
We applaud the government’s move to invest in the teachers’ training mission including enhanced state-of-the-art infrastructure and digital resources – this is the need of the hour. Encouraging reading habits by introducing the National Digital Library and setting up physical libraries in rural areas will help children and adolescents acquire knowledge beyond the curriculum. Working with National Book Trust, Children’s Book Trust, and other sources to provide non-curricular titles in regional languages and English will be valuable to make up for the lost learning during the peak pandemic years.
Setting up 3 Centers of Excellence for Artificial Intelligence in top educational institutions with a vision of ‘Make AI in India’ and ‘Make AI work for India’ is a very promising move to encourage young entrepreneurs. Private sector companies can collaborate with them to build new products.
We are delighted to see a lot of emphasis on rural health and its automation. Collaborating with the pharma and medical device companies will boost R&D efforts and innovation in the healthcare sector.
Overall, a very positive budget to set the right foundation for India@100.
Arunabh Sinha, Founder of UClean
“The budget has focussed on the startup and MSME sector .The budget has come out with high hopes for startups meeting their expectations for favorable government policies, access to funding and resources, and a supportive ecosystem for innovation and growth.
Additionally, announcements in the budget with regards to the MSME sector will offer a conducive business environment with stable economic policies and a skilled workforce to help drive innovation and growth. Some of the key announcements in the budget ie Access to Credit and various tax benefits will impetus the growth of this sector.
In addition the biggest relief for a common man in the form of lower taxation will be a big boost to the markets resulting in more disposable income in the hands of a consumer.
FM Sitharaman highlighted a number of initiatives to support the start-up ecosystem in India. Fund of Funds for Startups (FFS) scheme, Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS) are launched as a part of the Startup India initiative to offer funding at different phases of a startup’s business cycle. The carry forward of losses to set off against future profits for 10 years (against the previous 7) is going to be a big boost for startups who are planning for future IPOs and other activities.
Reduction of 39,000+ compliances would only promote ease of doing business which will encourage more youngsters to take the startup route.
With PAN becoming the single identifier, the amount of complex paperwork required at state and central level would be redundant and startups/investors alike will be able to focus more on execution rather than waste precious time on compliances.
The Startup India Seed Fund Scheme received an allocation from the government of Rs 283.5 crore, which was more than the budget’s prior Revised Estimates of roughly Rs 100 crore. The Fund of Funds for Startups received a budget allocation of Rs 1,000 crore.
In order to encourage research and innovation, a National Data Governance Policy will also be released by universities, startups, and other organizations. This will help make anonymised data accessible to one and all”
Ashish Saraf, VP and Country Director, India – Thales
“We welcome the Government’s inclusive and growth-oriented budget and applaud the commitment towards strengthening defence sector in India. We believe that the increase in outlay will enable more local collaborations, critical technology development and transfers as well as development of skills in the country. This will further support the government’s objective of developing India as a global manufacturing hub to aid defence exports, and the vision of ‘Aatmanirbhar Bharat’.”
Ashish Munjal, Co-Founder and CEO of Sunstone
“The Budget for the fiscal year 2023-2024 envisions a roadmap for India@100 and we are happy to see the government’s continued focus on education. The past years have witnessed the government’s approach to align education with employability, which is our core philosophy and this year’s focus on teachers’ training through curriculum transaction, continuous professional development, dipstick service and ICT implementation resonate with our vision.
The past budget witnessed the revolutionary National Education Policy (NEP) that was aimed at enhancing entrepreneurship and aligning education with employability. We laud the government’s focus on skilling, and at Sunstone, we are also focused on furthering the agenda of job creation, on-job training, and industry partnership through our programs. We recently announced our FAST program (Faculty advancement and Skill Training) which is aimed at upskilling basis NEP guidelines for the HEI faculty in India.
Providing digital infrastructure to Tier-2,3 cities and coping with the learning loss is an area that needs focus and we are elated to see the government’s approach towards that. This budget is inclusive, focused on entrepreneurship and people-centric at best. A special focus on youth and ease of doing business for startups is most welcome. This is indeed a very robust outline for India’s ‘Amrit Kaal’.”
V. Srinivasan, Chairman, eMudhra
“The emphasis on digitizing India in the Union Budget is commendable. The vision for Amrit Kaal includes a technology-driven and knowledge-based India. The proposed National Data Governance Policy will help in boosting data led development and encourage technological growth. The push to create Centers of Excellence for AI will help create a digital ‘Aatmanirbhar’ India and promote AI based solutions across sectors. The introduction of Entity Digi Locker for business enterprises will facilitate online storing of documents which will accelerate the digital transformation of the country.”
Pankaj Gupta, Founder and CEO, of EnableX.io
“I feel that the establishment of the centers of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’ is a great step towards mining the opportunities that the sector holds for our youth.
Digitization is our new reality and without a doubt, these labs show a concentrated effort to increase the range of opportunities in business models, employment potential, Intelligent transports systems, healthcare, and more.
The proposed 100 labs for development of applications leveraging 5G services is an exciting step to drive 5G adoption. The improved network connectivity & availability of rich media applications will create infinite opportunities especially in education & healthcare sectors”
Divya Gokulnath, Co-founder, BYJU’S
“With a focus on digitalization and formalization, the budget is investing in digital public infrastructure that will position India for continued growth and competitiveness. The education sector is a key area of investment, with the launch of PM Schools for Rising India, the recruitment of 38,800 teachers, and the establishment of a National Digital Library for children. These initiatives will help equip students with the skills and knowledge needed for success in the future, and the emphasis on teacher training and innovative pedagogy will ensure that the quality of education in India continues to improve. This forward-thinking budget sets India on a path towards self-reliance and global competitiveness.”
Amit Maheshwari, Founder, and MD of Softlink Global
“The budget holds great promise for the logistics industry with its focus on revitalizing infrastructure and boosting the movement of goods. The emphasis on 50 additional airports, heliports, water aerodromes, and critical transport projects will improve connectivity and bring in efficiency thereby reducing costs. The promotion of coastal shipping in a PPP model for both passengers and freight will further the cause of a cost-effective transportation system. Announcements from the budget that will future-proof the logistics sector also include setting up labs for 5G enabled applications development for intelligent transport systems and thrust on Green Growth in transport that will push India’s goal to become net-zero.
The logistics sector is largely driven by MSMEs and the government’s announcements on less stringent contract execution and credit guarantee schemes for MSMEs will help businesses affected by the pandemic. The DigiLocker service will facilitate secure online storage and sharing of documents, further improving efficiency in the business ecosystem. The reduction of taxes for entry and middle income group will also encourage the industries across.
By improving connectivity and reducing costs, businesses will have greater opportunities to reach new markets, spur innovation, and create jobs. The budget signals a commitment to a better future for the logistics industry and its positive impact on the economy and the lives of citizens.”
Abhay Batra, Co- Founder & CFO, Clovia
“Budget 2023 is a positive and balanced budget with a strong focus on a prosperous and inclusive India. It is encouraging to see that key pillars of growth include skilling and job creation, opportunities and reduction of compliance burden for small entrepreneurs, and the empowerment of women entrepreneurs. This is consistent with our expectations of including incentives to enable the empowerment of women entrepreneurs in tiers 2, 3, and 4.
Reduced tax burden for small entrepreneurs will mean reduced supply-chain costs and hence more competitive markets. This will help Clovia’s initiatives from day 1 of its existence of incubating small and medium manufacturer entrepreneurs to build their technical expertise, develop products and create sustainable revenue streams for themselves. Reduced individual tax burden will mean higher disposable income; this is a welcome step for the retail industry as a whole. Steps like carry forward of losses for start-ups in case of shareholding, extension of date of incorporation amongst other steps is a step forward for the start-up ecosystem.”
Anil Pinapala, CEO and Founder, Vivifi India Finance
“The Union Budget 2023 is a commendable approach towards India’s vision for inclusive growth. It has laid its due focus on building the blocks that will transform our nation into one of the strongest economies in the world. With financial inclusion at the core, the relief for taxpayers in terms of direct tax is an absolutely welcome move. The government is creating an incentive structure for people to move from the old tax regime to the new tax regime. This transformation will empower our citizens with a stronger economic stability and a higher standard of living.
The fact that the per capita income has doubled to Rs. 1.97 lakh since 2014, speaks highly of how we have significantly improved our position; as a well-governed and innovative country with a conducive environment for business as reflected in several global indices. Several accomplishments have had a major role to play in India’s rising global profile: unique world class digital public infrastructure, e.g., Aadhaar, Co-Win and UPI; Covid vaccination drive in unparalleled scale and speed; online KYC processes. Further, the budget expanding access to documents in digi-locker will help in fastening credit underwriting as well as overall KYC processes. Remote onboarding and underwriting will streamline and bring efficiency to the processes.
With the world moving towards a digital revolution, the Indian government has introduced reforms that will transform India into a digital super- power. As a nation, we are making progress in the right direction. Looking forward, initiatives for start-ups, technology, upskilling and financial literacy will undoubtedly act as a successful catalyst for India’s growth.”
Dhiraj Tripathi-Co Founder and COO, Electric One Mobility Pvt Ltd – India’s largest EV superstore chain.
“Green Growth” features among the Top-7 priorities in the Union Budget. Full marks to the Finance Minister for announcing some much-needed initiatives to boost the Electric Mobility (EV) sector, giving out a clear indication that the Government loved the potential of the EV industry towards green growth, environmental sustainability, and employment generation.
1. Customs duty reduction on capital goods for Lithium battery manufacturing from 21% to 13% will help faster adoption of EVs as the cost of EVs will go down
2. Extension on subsidies on EV batteries for one more year
3. To push ‘Make in India’, increase import duty on SKD and CBU vehicles
4. Policy on the replacement of old polluting vehicles will also help EV transition
5. Announcement of Green Credit program
6. Outlay of 19,700 Crores for Green Hydrogen will reduce dependence on fossil fuel imports
7. Viability gap funding for Battery energy storage systems”
Lalit Singh- Chief Growth Officer- TelioEV- EV Charging Management Solutions provider company
“Excited to see the budget’s focus on green growth and the pro-EV initiatives, particularly the reduction of customs duties on lithium batteries and extension of subsidies for EV batteries. These actions will drive demand for electric vehicles and align with the budget’s goal of promoting eco-conscious lifestyles. The policy to replace old, polluting vehicles will further accelerate the transition to EVs. Overall, a well-rounded, progressive budget that will encourage investments in the EV sector. – Lalit Singh- Chief Growth Officer- TelioEV- EV Charging Managment Solutions provider company.
Manav Subodh- Founder of 1M1B( One Million for One Billion)- India’s largest organization developing and mobilizing the Future Workforce through technology.
As India enters its important tryst with the G20 presidency, this financial year is all set to position us as a superpower in the global skills economy; and this budget delivers fantastically in that regard. By placing a central focus on green growth while keeping the budget youth-centric, I am very happy to see an increased investment in efforts to make India’s sustainability and climate action agenda go mainstream. This will mobilize businesses on India’s green economy agenda and create more green jobs. I believe that this will ready India to power the global job economy, leverage our upcoming demographic dividend and shift the focus to developing clean technology and greener solutions. Most importantly, it will transform India from being a skill hub of the world to the green skill hub of the future. In my opinion, the fundamental need of the hour is green skills and creating a sustainability mindset at the core – and I’m glad that this budget seems to agree.”
Alex George, Managing Director and Chairman at ITLH
“The fact that the budget encourages digitization and skill development demonstrates a forward-thinking approach to teaching and learning. A skilling, upskilling, and reskilling program will also help to develop entrepreneurship among the country’s youth. Students can be a part of on-job training programs, which can prepare them for meaningful employment in their cities or rural areas.
The 3 year plan to support 47 lakh youths and special focus on futuristic technology like AI shows govt is aiming for a long term sustainable skill development rather than short cited one.”
Dr. Moni Abraham Kuriakose – Medical Director, Karkinos Healthcare & CEO, Karkinos Healthcare, Kerala
“The budget for the current fiscal year is a testament to the government’s forward-thinking approach, encompassing a range of sectors and providing clear steps for implementation.
We welcome the government’s commitment to supporting the healthcare sector with a clear focus on creating a collaborative infrastructure for medical research & development. The announcement on Indian Council for Medical Research (ICMR) labs to be made accessible to both public and private medical college faculty, as well as private sector R&D teams, is a strong statement in that direction.
The budget announcement on creating a talent pool to ensure the availability of skilled manpower for futuristic medical technologies, coupled with the announcement on setting up of 100 labs for developing 5G enabled applications for various sectors including healthcare will energise the technology-led healthcare platforms providing last-mile healthcare services in critical diseases like cancer. Furthermore, the government’s acknowledgment of the vitality brought in by the start-up ecosystem, especially in the R&D and Innovation space is a great boost for the healthcare start-up segment.”
Amit Dutta, Managing Director,BLADE India
During this budget, the government has shown its commitment towards sustainability, infrastructure development, and an increased emphasis on air mobility. The addition of new helipads is a welcome and much needed move that will greatly increase accessibility of air mobility services to all citizens. It also sets the right roadmap for the near future, where we can bring electric vertical aircrafts or “flying taxis” to India, thus addressing both reduction of costs for flyers and building sustainable solutions for India’s citizens.
Rakesh Goyal, Director of Probus Insurance broker.
The insurance business was hoping the finance minister would include a few giveaways in this year’s budget. In the days leading up to the presentation of the budget, there was widespread speculation that Section 80C of the Income Tax Act would undergo revisions, and that existing deductions for health insurance premiums would be expanded. On the other hand, the budget proposed that only the income from policies (other than ULIPs) with an aggregate premium of up to Rs 5 lakh would be free from taxation. In general, I believe this will have a detrimental impact on the insurance business. In addition to this, individuals who fall under the new tax regime and have an annual income of up to 7 lakh rupees will not be required to pay any tax. This will have a negative impact on the insurance industry. I anticipate that in the years to come, we will be headed in the direction that will put us in a position where we will no longer be eligible for any tax benefits, such as deductions under 80C and health insurance.
Monish Anand, CEO & Founder, MyShubhLife
“Some things in the 2023 Budget which resonated were. The Budget prioritized Covid-affected micro, small, and medium enterprises (MSMEs). The infusion of INR 9000 crore corpus for revamped credit guarantee scheme significantly addresses the credit gap. It aims to improve credit access, paving the way for the country to encourage entrepreneurship. The Budget also addressed long-standing infrastructure bottlenecks by allocating 4.7% of GDP to infrastructure. This will help to accelerate development and long-term GDP growth. The rationalization of income tax slabs will put money in the hands of the middle class, allowing it to be spent on growth. Finally, the streamlined KYC process for banking customers is consistent with Digital Bharat’s vision and will bring more people into the formal banking system. The emphasis on the National Data Governance policy will reduce privacy violations and promote inclusive development for the Digital economy.”
Gaurav Chopra, Founder & CEO, IndiaLends (online marketplace for credit products)
The budget has been presented in line with expectations and it is important to maintain consistency in order to support business growth. This year’s budget emphasis on both business and individual growth. The finance minister outlined the priorities, and we fully support those. There were announcements related to the centralised financial registry and expansion of digi-locker, which are seen as positive steps towards the digitization of financial services. However, there is still a need to review the details before determining the true impact. Additionally, the revision of income tax slabs is a positive outcome as it is expected to increase the disposable income, thus boosting growth and credit demand.
Swapnil Bhaskar, Head of Strategy, Niyo (neo-bank for millennials)
The budget is very progressive on all fronts especially for fintechs and personal finance. Fintechs stand to gain tremendously as they will be able to on board customers faster and meet all compliance requirements using enhanced scope of Digi locker services. For those serving SMEs, costs of doing business go down as PAN would be the common identifier used. Individual taxpayers have got relief in their tax pay out whereas senior citizens can now invest more in government secured Senior Citizens Savings Scheme. Further, changes to the banking regulation act would enhance investor protection and promote innovation.
Abhishant Pant, Founder, The Fintech Meetup and General Partner, YAN Angel Fund.
After the slow adoption of DigiLocker, expanding its scope on users and types of documents will significantly boost the consumer journey seamlessly over the top of digital public infrastructure. An agriculture accelerator fund and digital public infrastructure for agriculture could lead to the emergence of a new set of Agri-Fintechs, which has been restricted so far due to market constraints. Simplifying KYC by adopting a risk-based approach will ensure faster onboarding of consumers and deepen the journey of Digital India initiatives.
A comprehensive review of existing regulations by the financial regulators through wider consultation with ecosystem players will further simplify, ease and reduce the cost of compliance. In addition, continued fiscal support to strengthen digital payments infrastructure will ensure continuity in the growth of digital payments in volume and value in the absence of merchant discount rate (MDR) in a few payment rails.
Manish Maryada, Co-founder & CEO, Fello (India’s first game-based savings platform)
The union budget 2023 came with major beneficial changes to the existing system. What does this mean for the people? In simple terms, Gold is expected to grow rapidly over the year. And people who have invested on Gold are already winning and it is not too late for people who haven’t too. You can get started with Gold investment even now.
On the other hand, with the change in tax slabs and “no tax up to 7 Lakhs,” it paves the way for everyone to make thoughtful investment. Speaking about thoughtful investment, it might be just the time to hold out on your mobile phone purchase because the prices are about to go down due to duty exemptions. Overall, Budget 2023 seems healthy with the focus on KYCs and also to enhance start up ecosystem.
Vikas Jain, CIO and Co-founder, Multipl (India’s first Save Now Buy Later platform)
We are happy that the Union Budget has reduced the compliance burden by mandating that PAN be a common business identifier. Moves to empower SEBI to develop, regulate and enforce norms for education in the National Institute of securities markets will enhance financial inclusion in the country. The budget paves the way for more ease of doing business and will help drive the entrepreneurial spirit of the country. The Government’s resolve to keep fiscal deficit targets combined with RBI’s efforts to bring inflation within tolerable limits will reassure investors and consolidate India’s position as an attractive investment destination. The start-up tax exemption for another year will help the sector grow, especially in a challenging macro climate. Focus on simplified KYC, Digi locker for businesses and National Data Governance Policy will reduce the compliance burden and provide data for research this helping start-ups focus on building great products. The revised tax slabs will result in higher disposable income, helping in better savings and additional spending, a win-win for the economy.
Bhavin Patel, Co-founder & CEO, LenDenClub
“ The overall reorganisation of the tax slabs has made the new tax system simpler while giving consumers more spending power on average. This positive step is anticipated to improve capital investment across multiple asset classes with a stronger focus on increasing private investment. Reducing the highest tax rate will encourage investment leading to growth in wealth for the investors. However, It would have been great if some tax benefits had been provided to investors in new-age asset classes, in investments such as RBI-regulated Peer-to-Peer lending.
The budget is growth-oriented, virtually touches crucial sectors, and lays the groundwork for a future-ready digital India. It is heartening to see the digital economy and fintech-enabled development being a key focus area of 2023–2024, given the vision of “Make AI in India and Make AI work for India”. This initiative will undoubtedly boost the innovative use of technology, resulting in greater financial inclusion, better and faster service delivery, easier access to credit, and participation in financial markets. It certainly sends a strong message that India is at the forefront of technological adoption. With the creation of ‘Centres of Excellence for Artificial Intelligence’, the incorporation of AI into the educational system will provide the talent required for the FinTech sector, and advancements in AI will result in better Fintech products.
India’s growth strategy is based on delivering digital financial infrastructure as a public good. Improved digital infrastructure will result in seamless services and a wider distribution of FinTech products, especially lending.
Moreover, the “National Financial Information Registry” is a positive move as it will strengthen financial stability and inclusion across the nation.”
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby
It is extremely heartening to see ‘inclusive development’ and ‘reaching the last mile’ being amongst the seven pillars for Budget 2023-24, as it will lay the foundation for faster financial inclusion and a more equitable society. The government’s commitment to economically empowering women in rural areas will go a long way in making India an inclusive nation. The National Rural Livelihood Mission has achieved remarkable success by mobilizing rural women into 81 lakh Self Help Groups, and we are committed to take this initiative ahead. Through our association with UPSRLM, we have onboarded 10,000 women as BC-Sakhis and upskilled them to offer financial and digital services to their communities and help bridge the urban-rural divide. We are hoping to accomplish this nation-building initiative through more women members of society.
Additionally, to make MSMEs more resilient and competitive, the ₹9000 crores infusion in the Emergency Credit Line Guarantee Scheme (ECLGS) will help shield them from the rising interest rate burden. This measure will ensure the continued handholding of MSMEs, which account for more than 30% of India’s GDP and remains an important engine of economic growth, job creation, income generation and livelihood support.
The Government’s vision for the Amrit Kaal includes a technology-driven and knowledge-based economy with elements like the Data Governance Policy and Centers of Excellence for Artificial Intelligence. With PAN as a common identifier for all digital systems of specified government agencies, inter-department data sharing between various government organizations will help in better overall administration and ease of doing business. Further, the use of DigiLocker and Aadhaar will help establish personal identities and smoothen current KYC hurdles. With our PAN Card services, we are happy to extend this service to citizens at a nearby store and provide them with a valid proof of identity, thus helping bring all at the last mile into the formal financial fold.
We are happy that over the past few years, we were able to focus on Aspirational Districts and deliver on one of the key aspects of financial inclusion. Going forward, we will continue deepening on the Aspirational Blocks Program to further the Government’s vision of making all financial services accessible to the underserved segments of the society. During Amrit Kaal, in line with our government’s aims to achieve the vision for India@100 with ‘Sabka Saath, Sabka Vikaas’, we at PayNearby, pledge to walk hand-in-hand in making India a digitally and financially inclusive nation with our moto of Zidd Aage Badhne Ki.
Mandar Agashe, Founder, MD and VC of Sarvatra Technologies
The simplification of KYC process will serve to be instrumental in proliferation of digital payments in the country. The Budget announcement of adopting a ‘risk-based’ KYC procedure, instead of ‘one size fits all’ approach, addresses the underlying issue pertaining to customer verification process faced by banks, NBFCs and fintechs. This will also encourage greater adoption of digital payments in the country. Currently, the KYC obligation is same for customers doing small value as well as large value digital transactions. Those opting for minimum KYC wallets and e-KYC bank accounts have to eventually upgrade to a full KYC accounts after a stipulated period of time to keep availing the financial services. Once, the risk-based KYC process is introduced, more customers will be encouraged to KYC for financial transactions, including the small-value transactions. The Finance Minister during her Budget speech said that the financial sector regulators will be encouraged to have a KYC system fully amenable to meet the needs of Digital India. The move will eventually help the fintech industry in better customer acquisition along with customer data management.
The setting up of National Financial Information Registry is a welcome move. While we await the draft framework on this, it will promote efficient flow of credit and data interoperability, eventually leading to accelerated financial inclusion.
Mr Swapnil Jambhale, Co-founder and COO, Safexpay
“The Budget announcement on modification of KYC procedure, is a much needed move to simplify the digital spending and investment processes. It is imperative because the risk-return angle for customers undertaking KYC is crucial and different customers have different requirements. By switching from a one-size-fits-all strategy to a risk-based one, the KYC process will be made simpler. Additionally, it will push the financial sector’s regulators to develop a KYC system that can fully support ‘Digital India’s’ requirements.
The continued fiscal support for digital public infrastructure in 2023-24, is a welcome move. To promote innovative fintech services, the scope of documents available in DigiLocker for individuals has been expanded. Entity DigiLocker will also be set up for businesses and MSMEs, which will help businesses streamline and securely store their official documents and the same can be shared with banks, regulators, authorities and other business entities when needed.
The National Financial Information Registry has the potential to be a game changer in the coming months. It will facilitate efficient flow of credit, promote financial inclusion, and foster financial stability. We await the draft legislative framework on this to get better clarity on its use-cases. Also, the access to anonymized data under the national data governance strategy, will promote innovation and research by universities and start-ups.”
Sudarshan Lodha, Cofounder & CEO, Strata
“The overall tax slab restructuring has simplified the new tax regime while leaving an increased average individual purchasing power in the hands of the consumers. With an enhanced focus on boosting private investment, this is a welcoming move expected to increase capital investment across sectors. Reducing the highest tax slab to 39% will channelise increased investments in the high-value asset classes, including infrastructural avenues.
Furthermore, the budget also focussed on inclusive development with a special emphasis on boosting manufacturing. Additionally, a massive infusion of INR 10 lakh crore for infrastructural development will boost last-mile connectivity by strengthening inland transport and supporting infrastructure, complementing MSME manufacturing and generating increased employment.
It will certainly increase the commercial real estate market momentum, creating more demand for state-of-the-art manufacturing and warehousing facilities. Additionally, this will likely create a pumped-up demand for sophisticated office spaces beyond Tier I cities. Such measures also add to the development of new commercial hubs reducing the pressure from the metros and tier-I cities. This rise in demand, fuelled by the positive taxation relief, will increase the disposable income for average investors, thus improving their investible funds. This will have a robust impact on the spur in private investment and commercial real estate being one of the most promising investible avenues and will bolster India’s real estate industry by helping it inch towards its dream of becoming a $ 1 trillion market.”
Aryaman Vir, Founder and CEO, MYRE Capital
The FM has presented a largely inclusive, pragmatic, and a balanced budget under the current macroeconomic conditions. The budget lays great emphasis on boosting economic growth and job creation, by allocating a substantial amount towards capital expenditure and also has announced various incentives to support MSMEs, Tourism, boost Regional connectivity and startup sector.
Infrastructure and Investment remains a key priority that will guide us to Amrit Kaal. The Government has provided a strong focus on boosting capex and infrastructure projects with an increased investment to Rs. 10 Lac crore (up 33%), PM Awas Yojana is enhanced by 66% to ₹79,000 crore and supporting state driven infra development by offering 50 years interest free loan to states.The next leg of growth of the markets and the economy will be driven by the impetus on digitisation. The Budget is facilitating secure online storing and sharing of documents via. Entity Digilocker with the business ecosystem. The agenda to set up a National Financial Information Registry to serve as a central repository of financial and ancillary information and the setting up of a central data processing centre is well-timed, given the rising threats around data management and security in the industry. This secure expansion of scope of documents will make the system more transparent and accessible for multiple groups.
Startups see an impetus from the Govt. via enhanced limits of MSMEs and professionals in regards to the presumptive taxation. Credit guarantee schemes have been extended for MSMEs. The announcement of 50 additional airports, heliports, water aerodromes, and advanced landing zones to be revitalised will benefit the local communities and lead to development of commercial and residential real estate in these cities.
FM has stated her objective to encourage women investors and has announced the Mahila Samman Saving Certificate scheme offering 7.5% interest for 2 years deposit. The common man is presented with a mixed bag of tax offers – under the new regime, the small taxpayers will benefit from the increasing rebate at INR 7 lakh rupees and is thus encouraged to move to this regime. At the same time, the government. has dis-incentivised those under the old regime with no change in the slabs. Similarly, highest tax payers are now benefitting with a decreased surcharge at 25% from 37%. Additionally, reduced tax slabs under the new tax regime would ensure that the salaried class has some extra money coming this year to support investments and consumption in India. Overall, this was a balanced budget for the sector and the individual.
Anurag Sinha, Co-founder & CEO, OneScore & OneCard
“As we enter the Amrit Kaal, the 2023 Union Budget is a step in the right direction towards achieving economic growth in India and making India a 5 Trillion USD economy in the coming years. It is a testament to the government’s commitment to the growth of the Indian economy through the promotion of entrepreneurship and moving the country towards a digital economy. Initiatives like UPI have revolutionized digital payments in a way that has not been seen even in developed countries with a staggering 126 lac crore rupees worth of digital payments through UPI. The announcement made last year by RBI to link credit cards with UPI was a step in the right direction and has broadened the horizon of digital payments in India helping in inclusive financial development.
The Budget has further highlighted the importance of entrepreneurship and creating employment in the country with a special focus on skilling the youth. We welcome the government’s decision to extend the date of incorporation for income tax benefits for startups from 31/ 3/2023 to 31/3/2024 and reducing many non-essential compliances for enhancing the ease of doing business. The government has been actively involved in providing incentives and resources for entrepreneurs, startups, and fintechs to enable them to grow and prosper in the Indian economy. With the right policy framework and incentives, India can continue to be a leader in the digital economy space and become one of the most innovative countries in the world with technology and knowledge at its core.”
Pratik Gauri, Co-founder & CEO, 5ire
“It is exciting to note that the government is incorporating “Green Growth” among its national priority in the Union budget agenda. India’s sustained efforts towards reducing greenhouse gases (GHG) will ensure that the country’s per capita emission of GHG will continue to be low until 2030-31.
The government’s renewed commitment to AI development is a welcome step. Artificial intelligence has the potential to drastically improve the efficiency of a workplace by augmenting the work humans do.
Especially in data-intensive verticals such as BFSI, healthcare, e-commerce, manufacturing, and retail, India is ripe for explosive development due to being one of the world’s largest consumer economies and providing a competent workforce to implement AI-developed technologies across the globe. Both AI and Web 3.0 could enable greater collaboration and knowledge sharing among educators and learners, as well as more secure and private data management. This will also result in the world shifting from a “value capture” economy to a “value creation” economy.
With this, an understanding, on the national stage, of the critical importance of entrepreneurship in the Indian economy is also highly commended and welcomed, given that India stands as the third largest ecosystem for startups globally and ranks second in innovation quality among middle-income countries.”
Leon Foong Head of APAC, Binance
“2022 has highlighted the need for progressive regulations that protect customers and transparency whilst enabling innovation in compliance with local regulations.
The government’s decision to reduce more than 39,000 compliances and decriminalise 3,400 legal provisions will help tremendously in increasing the ease of doing business and help the country become a USD 5 Trillion economy in the coming years.
Binance strongly believes that a stable regulatory environment can support innovation and is essential to establishing trust and fostering long-term growth in the industry.”
Dilip Modi, Founder, Spice Money
“We are delighted to see the government’s continued focus on the rural sector in this year’s Budget as well. MSME’s are the backbone for the growth of India’s economy. Initiatives such as offering relief to MSMEs by returning 95 percent of the forfeited amount, revamping of the credit guarantee scheme, reducing the cost of credit by 1 percent and enabling MSMEs to avail the benefit of presumptive taxation as well as allowing expenditure deduction on payments made undoubtedly showcase the government’s vision for the growth and development of the sector. Furthermore, setting up DigiLocker will ensure a faster and secure way of storing and sharing documents thereby enabling quick turnaround and cost reduction for the sector.
Initiatives such as setting up the Agriculture Accelerator Fund and building an open source, open standard and interoperable digital public infrastructure will create a platform for existing agri-startups as well as upcoming ventures to provide innovative and tech-led facilities to farmers that will help in revamping the sector and encouraging aspiring entrepreneurs thereby driving next level growth for the sector.
The government’s vision of a technology-driven and knowledge-based economy will play an instrumental role in creating a conducive environment for startups across the spectrum, especially those with a rural focus. The proposal of providing income tax benefits as well as providing the benefit of carry forward of losses will support the startup ecosystem to flourish further and create numerous opportunities in the coming future.
The government’s focus on further enhancing domestic tourism under the Vibrant Villages Programme, creation of jobs and entrepreneurship opportunities under ‘Dekho Apna Desh’ initiative and proposal of public-private partnerships will help in the economic development of underserved citizens and identifying and utilising the untapped potential existing across the length and breadth of the country.
The unprecedented growth of India’s economy fuelled by digital payment initiatives like UPI is a testimony that we are on the right track to become a 5 trillion economy. We look forward to seeing India’s next phase reaping the benefits of the initiatives announced during the Budget session and partnering with the government to drive financial inclusion for the last mile.”
Rahul Pagidipati, CEO, ZebPay
“The 2023 Union Budget announcements is a game changing one in many areas, especially when it comes to personal income tax. Moreover, there are some welcome changes for the Indian start-up ecosystem. Entrepreneurs play an important role in the development of a country, therefore, the proposals to simplify and rationalize provisions, reducing compliance burden will surely encourage the entrepreneurial spirit in the country. Moreover, enhancing ease of doing business in India is a welcome move for many start-ups setting up business in India and international ones considering entry into this market. Growth in the UPI transactions is a positive sign for digital India with 7,400 crore digital payments worth 126 lakh crore transacting through UPI. FM’s move to skill the youth of India under the Pradhan Mantri Kaushal Vikas Yojana is going to help in solving the tech talent crunch in the industry and the expansion of the Skill India Digital platform will enable the youth to find employment across the country.
With the right resources and incentives, start-ups can reach their goals and become successful in their respective fields. While India has already set a benchmark in terms of growth in the start-up ecosystem, with the budget 2023, start-ups can be confident to grow and scale even further. It is a step in the right direction for economic growth in India and the country’s eventual goal of being a 5 trillion dollar economy.”
Preekshit Gupta, Vice President – APAC & MEA, Bureau.id
“It is great to see the government outline the importance of data protection and prevention during this year’s Union Budget. The announcement of a National Data Governance Policy will provide easy and secure access to data and encourage innovation by supporting the growth witnessed for digital operations in India. Adopting PAN as a standard identifier and simplifying the KYC process is a winning proposition across the entire FinTech landscape. This standardisation will accelerate customers’ digital onboarding process and is a good move towards a financially Inclusive India. This will drastically reduce the current compliance complexities and will improve the ease of doing business.
Creating a one-stop solution for reconciliation and updating of the identity and address of individuals through DigiLocker service and Aadhaar will help protect user data and foster their trust in the digital ecosystem. Furthermore, the announcement of establishing three Artificial Intelligence centres of excellence is a testimony that the government has appreciated the importance of artificial intelligence in making a secure and transparent digital economy. We strongly believe that the government’s continued support and efforts of the startup ecosystem will help India reach a 5 Trillion economy.”
Avinash Shekhar, Founder and CEO, TaxNodes
“We welcome the initiatives taken in the Union Budget 2023, by the government. They will help startups like TaxNodes play a pivotal role in the high-growth sector. The move to extend the date of incorporation for income tax benefits is a crucial one for startups.
Entrepreneurs play a vital role in the growth of a country, hence, these proposals will simplify provisions and reduce the compliance burden, thus, boosting the spirit of entrepreneurship in the country. Moreover, ease of doing business makes India an investment-friendly destination and allows domestic as well as international businesses to thrive.
The focus on the youth and providing opportunities to skill them will also address the talent crunch being faced in the technology space, particularly in the Web3 domain. Though there is no mention of crypto taxation in the Union Budget, this year’s economic survey indicates the importance of a robust Web3 ecosystem and transparent regulation. Startups like ours are going to play an active role in promoting safety and stability in the crypto space.”
Neeraj Choudhary, Group head finance, Absolute, a plant bioscience brand.
Government’s commitment to ‘green growth’ approach is a step towards building a cleaner India. The government has clearly sent across a strong message that sustainability has to be central to economic and social growth. As per Economic Survey, agriculture has performed well but the sector needs “re-orientation” to overcome challenges like adverse impacts of climate change, rising input cost, etc.
India’s G20 presidency gives a unique opportunity to strengthen India’s role in the world economic. The budget presented a slew of initiatives that reflected our motive to take Indian agriculture to the world. To maintain this growth momentum the total allocation for the Ministry of Agriculture and Farmers’ Welfare in the 2022-23 Budget was Rs 1.32 lakh crore, which was 4.3 percent higher than the revised estimates of the 2021-22 Budget.
Backed by the financial allocation, the move to create Agriculture Accelerator Fund will act as a catalyst to not only encourage agripreneurship but also unlock value in the agribusiness value chain that will boost profitability for the farmers. Digitization is the future and with government announcing building robust Digital Public Infrastructure, the growers stand a chance to get a huge benefits. This move is expected to improve access to farm inputs, market intelligence, and boost agricultural businesses.
The agricultural credit target will be increased to Rs 20 lakh crores to enhance coverage of small and marginal farmers in the formal credit system will open business opportunities for local farmers, leading to doubling their income. Encouraging farmers to adopt natural farming, the government plans to set up 10,000 bio inputs resource centres. Besides, the centre plans to develop 100 labs for developing using 5G services. These labs will enable facilities like precision farming, intelligent transports systems and others.
Overall, a future-forward budget that keep nature and nation and nature at.
Dhriti Prasanna Mahanta, Business Head, TeamLease Degree
“Direct Benefits Transfer (DBT) pan-India National Apprenticeship Promotion Scheme is an excellent move by the government to scale up the apprenticeship, especially in the MSME segment. With this announcement, we can expect 10-12 lacs of additional enrolment under degree apprenticeship in the next 2-3 years. This would not only benefit 47 lakh youths but also aid to increase per capita economic productivity and boost the Skill India Mission.”
PREETI MALHOTRA, Chairman, India – Foreign Investors India Forum
Extremely happy to note that the vision of ‘Saptarishi’ outlined in the budget today is a vision for Bharat@100 – a democratic and developed nation by 2047. India’s growth plans are ambitious, ‘unleashing potential’ requires intense capital investment that must be financed by exploring current avenues such as FDI which continues to be a key catalyst for growth. Foreign Investors, especially OCIs, who are more committed to the motherland require certain liberalisation in terms of taxation of global income on extended stays in the country. Several reports and case studies have shown a strong positive correlation between FDI and economic growth and a lot of our Asian neighbours have successfully used FDI to achieve exponential growth. For India too, this must be the next immediate step to direct the nation towards “Amrit Kaal.”
Sekar Udayamurthy, CEO and Co-founder, Jidoka Technologies
The duty for lenses that are not manufactured in India has come down and is boosting businesses in the manufacturing sector and supporting industries. The initiative to set up three Centres of Excellence for AI in top educational institutions should further promote its adoption across sectors for various functions. The period for startups to carry forward losses has been extended, which is encouraging too.
Rituparna Chakraborty, Co-founder & Executive Director, TeamLease Services
“FY23-24 budget has introduced optimistic reforms, which are crucial to drive economic growth and boost job creation in the country. The positive momentum in EPFO subscriptions and the effort to reduce 39000 compliances will push for better ease of doing business, thereby promoting employment generation. Now, with a focused push towards education and skilling through the Pradhan Mantri Kaushal Vikas Yojana 4.0 and the introduction of 30 Skill India centres, India’s youth employability will significantly improve.
In the days ahead, emphasis should be to facilitate seamless launch of the skill centers and effective integration of outcome based learning for new age courses on coding, AI, robotics, mechatronics IoT, 3D printing etc. Digitization in skilling was an imperative requirement and the budget has addressed it through the launch of an Unified Skill India Digital Platform. This will create more avenues for demand based formal skilling, encouraging more employers, especially MSMEs, to adopt apprenticeships and entrepreneurship schemes. The aim to support 47 lakh youths in 3 years through direct benefit transfer under the India National Apprenticeship Scheme is a bold aspiration and cohesive efforts are required to convert this goal.
While the rebates for MSMEs are strong, some additional tax exemptions for skilling under the CSR agenda would have been helpful. Few other aspects that the budget could have addressed include creation of an integrated portal for NATS and NPS, reforms in the Apprentices Act to scale work integrated programs and augment degree apprenticeships programs.”
Rahul Shah, Co-Founder & Director, WalkWater Talent Advisors .
“The budget brings back the Government of India’s focus on the common man, the farmer and the MSMEs which are important sections of the society. This combined with the increased trust on infrastructure (highest ever spend) and the government’s atma nirbhartha focus gives a signal that India will continue to be the fastest growing economy in the world and the government will continue to spend and put its monies where it matters. No doubt, this is a progressive and balanced budget.
From an industry point of view, what is heartening to note is the continued focus on infrastructure (roads, ports, railways), Manufacturing along with increasing focus on renewable energy and the green hydrogen economy. This along with more money in the hands of the farmer and common man, will lead to the continued growth of the India consumption story.
From a leadership hiring point of view, India Inc will continue its focus on growth and capex, and this will mean renewed demand for CXO and CXO minus 1 talent. The sectors that will continue to see demand for leadership talent will be Consumer, Manufacturing, Energy, Pharmaceuticals and BFSI. “
Sanjay Lodha, Co-founder, Netweb Technologies
Government focus on AI and setting up 3 centres of excellence is a good beginning to see. We are excited as this move will further enhance the existing potential and going forward it will have a profound effect on the consumption of electronics. Furthermore, the move will help to leverage the massive volume of data that India is now able to generate. AI excellence centre will help in exploring the data easily and insights that could help in better delivery of AI models in govt. applications.
It is exciting to see Govt. push on 5G and private 5G. The Government has also identified some of the crucial use cases for the benefits to reach the ground level. As stated, a total of 100 5G labs will be set up in engineering colleges in partnership with various concerned authorities.
This is quite in line with the task we were aiming at as well. To create applications employing 5G services, the labs will cover applications such as smart classrooms, precision farming, intelligent transport systems, and healthcare. Such applications will also help realize the new range of options, business models, and job potential.
5G is such a pivotal technology that it will help open a new avenue of opportunities in areas such as IoT – crucial for smart factories and premises, AI/ML, AR, VR, etc. Going further many new applications in the consumer and enterprise space will get defined. New applications will demand unprecedented storage and hardware efficiency further creating the potential for unmatched innovation.
Data Governance policy will add further impetus to the adoption of digital technologies and will be instrumental in the growth of many more applications. Excellence centers will act as the nodal points for delivering govt. schemes with the adoption of breakthrough technology such as Blockchains and other new applications.
Overall, we firmly believe that this will impart momentum to the digital ecosystem, electronics space, data localization, and usage that will further boost the technology.
Avneet Singh Marwah, CEO, SPPL, an exclusive licensee of Blaupunkt TV in India
Customs duty on open cells of TV panels cut to 2.5 percent. This is a welcoming move by the government of India to reduce customs duty on the open cell to 2.5%, we will pass this benefit to customers. Television prices can come down up to Rs 3000 on larger screens.
With one of the best budgets in the last 4 years, the government is pushing electronic manufacturing in India. Feel good factor for all sections, welcoming the move to reduce customs duty to 2.5 % this will reduce the price of tv by 5%.
Ms. Pallavi Singh Marwah, Vice President at SPPL (Super Plastronics Pvt. Ltd.) on custom duty on TV panels, Big Jump in capex.
1. Big jump in capex
With the government announcing a 10 lakh crore capex budget, which amounts to 3.3% of the country’s GDP and the highest ever outlay for railways and development of over 50 airports, helipads, aerodromes, etc, it is evident that the government is focused on upgrading the country. This has been supported by the development of last-mile connectivity and a push to the tourism industry. There have been multiple schemes and allotments of budget towards entrepreneurial ventures and to the youth of our country as well as collateral-free credit to MSME’s. However, no support has been extended towards the existing private sector setups in policy terms.
The government’s initiative to Make AI for India is a welcome one and will help in achieving development in rural as well as urban areas. Policy support has been provided to all by reducing compliances and the suggestion to amend 42 central acts which will be a welcome change from an operational perspective.
2. Customs duty on open cells of TV panels cut to 2.5 percent
The reduction in duty on open cells is a very welcome one and will help in competing with the volatile international panel market as well. A reduction in GST for higher-sized televisions is still something we look forward to and urge the government to reconsider.
Girish Singhania, EduBridge CEO
The Union Budget of 2023 echoes the attributes of an emergent circular economy that will benefit the nation, giving citizens the impetus of putting India on global charts. The budget spurs a pro-growth movement encouraging widespread digitization and skilling in every walk of life.
1. The government has thoughtfully galvanized the importance of financial literacy. They have allocated a budget to formal academic institutions to educate the youth on the fundamentals of finance.
2. Communication is key to growth, and the ability to communicate stems from being informed and aware of what is happening around us. To make up for the lost education during the pandemic, the government has announced the commencement of Digital Libraries, which will give readers access to age-appropriate content for curricular and non-curricular spheres. The youth get access to age-appropriate content that will enable mental growth and empower them with knowledge outside of textbooks.
3. The digital divide has limited faculty in many ways. By allocating a sum to train instructors to equip themselves for a digital academic environment, we are a step closer to minimizing the divide.
4. Skilling is an attribute recognized as crucial to progressive advancements made by the nation. Since the government has furthered the development of the digital infrastructure, there is an enhanced requirement for the youth to be digitally literate by upskilling themselves in spheres of Programming, AI, Robotics, IoT, and more. This also means that the government is promoting education in a digital environment and aligning India with international academic processes. Our youth also need to be aligned with the global workforce requirements.
5. AI has been a topical subject in recent times. The emergence of three AI Excellence Centres has been set up in prominent universities to enhance the educational experience and research of other areas of development. The government has made a future-forward move by inducting AI into the academic environment.
6. By relaxing the norms on educational loans and revoking the importance of skilling, the Pradhan Mantri Kushal Yoga Fund 0.4, comes with a renewed policy encouraging learners to fulfill their skilling ambition.
7. International Central Unified Skill India Program gives the skilling impetus an international flavor that will encourage quality skilling initiatives across sectors.
8. Up-skilling and re-skilling are also encouraged in governmental departments.
9. The government offers support and encouragement to workforce development platforms as they skill youth and align them to favorable job opportunities. This is a must-have in times when lay-offs are making headlines. Workforce Development platforms have the ability to change the narrative.
10. By equipping Engineering College with 5G centers, we are all set to enhance the educational experience in a digital environment.
In a nutshell, the Indian Union Budget of 2023-24 jeers towards sustainable development and furthers digital and financial literacy in an effort to uplift the nation’s GDP.
Chaitanya Jaipuria, Director, Watergen India
“The Union Budget 2023 has placed a considerable focus on the need and necessity for green growth, and ensuring that natural resources can be used to their maximum economic potential. With the current drinking water shortage prevailing in multiple states, we are glad to observe that this Budget has laid a significant focus on addressing this issue. We laud the government’s commitment to install 9 crore drinking water connections to rural houses, allocation of INR 70 Cr to Jal Jeevan Mission and central assistance of INR 5,300 crore to Upper Bhadra Project in the drought prone central region of Karnataka.
At Watergen, we are committed to the issue of curbing the drinking water shortage in the country through our innovative Atmospheric Water Generator (AWG) technology. We are aligned with the government’s vision to provide safe drinking water and together with the government build a country where everyone has access to clean drinking water.”
Danish Ahmed, Founder at HealthTrip
“The Union Budget 2023 is a step towards making India one of the top healthcare destinations in the world. Initiatives like 50 new tourist destinations, 100 new nursing colleges, new R&D centers in healthcare by ramping up facilities in select ICMR (Indian Council of Medical Research) labs, are in the right direction to boost medical tourism as India will not only have quality healthcare workers but also better diagnosis of diseases and ailments. The announcements of 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism. This could be an interesting step towards developing *religion-based* medical tourism. Destinations such as Bodh Gaya, Ayodhya, Amritsar and Ajmer attract millions of tourists who could also benefit from India’s high quality healthcare services. Besides, 100 labs for developing apps using 5G services will be set up in engineering institutions which will help in realising a new range of opportunities, business models & employment generation,” Danish Ahmed, Cofounder, HealthTrip.”
(HealthTrip is one of the leading medical tourism company in India with a team of Professionals having experience of more than 30 years in Pharmaceutical and Healthcare)
Bhavik Vasa, Founder & CEO, GetVantage
“It’s great to see the government broaden its support for the MSME sector by focusing its efforts on deepening its commitment to expand financial access, encourage foreign investment, and streamline processes to catalyse growth. This is the second year in a row that the government is focused on reviving small businesses post pandemic and helping them to bounce-back and thrive with the fresh capital injection of INR 9000 crore (taking the total corpus to 2 lakh crore) into the credit guarantee scheme. This helps in underlining the importance of collateral-free credit for growing businesses, which is a great validation for alternative finance solutions like Revenue-Based Funding for new-age SMBs. Also, this is reassuring news for the entire startup, fintech, and alternate finance sector that has been laser-focused on expanding access to more inclusive capital for new economy businesses of India. In addition, the extension of tax benefits for companies relocating to GIFT City will serve as another catalyst in boosting the confidence of international investors to bring capital into India in the coming years. Lastly, it is encouraging that the budget highlights that policy-makers will proactively relook at existing regulations to ensure they are not only updated but forward-looking and regulators will also implement more defined timelines for regulatory license approvals which will help with ease of doing business.”
(GetVantage is reimagining venture finance for founders looking to fuel growth on their terms. GetVantage empower entrepreneurs by providing the growth solutions they need to unlock radical potential – this includes equity-free capital, real-time insights, business optimization tools, and resources through our extensive partner & mentor ecosystem)
Nitin Jain, Founder & CEO at FightRight
“The vision of a natively digital infrastructure for the judicial system as outlined in the E-Courts Phase 3 project is indeed a game-changer. By enabling litigants and lawyers to file cases from anywhere, at any time, the project aims to increase access to justice and reduce barriers to entry in the court system. This can lead to greater efficiency, convenience, and improved services for all parties involved in court proceedings. Additionally, the digitization of processes will enhance transparency and accountability, while also reducing the time and cost associated with court proceedings. The implementation of this infrastructure will mark a significant shift towards a more modern, efficient, and technology-driven justice system, which can have a lasting impact on the legal industry and wider economy. Further, the tax incentives proposed like extending the sunset clause and carrying forward losses will for startups provide a huge impetus to the economy as envisaged by the Government.”
Subramanyam Reddy, Founder and CEO
“The FY23-24 budget is a progressive one with a sharp focus on addressing economic growth and employment. The reforms for the overall education system lays emphasis on skilling, upskilling, and reskilling of the youth as well as significantly leveraging technology to take the country forward. ‘Make AI in India and Make AI Work for India’ to focusing on empowering youth with new-age courses for industry 4.0 like coding, AI, robotics, mechatronics IoT, 3D printing drones and other soft skills – this is the right direction to take the country.
One major aspects we have addressed is outcome based- technology focused skilling which will play an instrumental role in creating a skilled talent pipeline. However, for successful implementation, there needs to be a more collaborative approach – a tri-parte partnership between industry – academia – government. An approach that empowers the EdTech industry through lower tax brackets on GST, and ease of investment in educational startups would go a long way towards boosting the sector’s growth.”
Arun Krishnamurthi, CEO and Managing Director, AXISCADES, a Bengaluru-based tech solution firm that is a leading, end-to-end engineering solutions and product company.
“We believe that Budget 2023-24 has put the right emphasis on boosting infrastructure investment, green energy, and skill development, which will harbinger a positive outlook for the Engineering Services Industry. Enhancement in Capital Investment Outlay to Rs.10 lakh crores and skill development under PMKVY in new technology areas, such as AI and Robotics will not only bring about enhanced outsourcing opportunities to our Industry as well as create the right talent pool to service these opportunities. Identification of 50 new destinations for the tourism sector with attendant airport infrastructure will in turn boost the demand for aircraft and the Aerospace Industry, in which AXISCADES is one of the key players, delivering niche engineering value to Global OEMs in Aerospace.’
Rohit Mangik, Founder& CEO, EduGorilla.
“The Union Budget 2023 has accorded priority to education through progressive measures such as strengthening capacity building in Eklavya model schools. Skill development amid the evolving job landscape is the need of the hour, and it is heartening that the Budget has taken due cognisance of it. The Pradhan Mantri Kaushal Vikas Yojana, 4.0 and the establishment of 30 Skill India international centres will provide a roadmap for skill development. Moreover, the direct benefit transfer scheme to the youth will incentivise more youth to take up apprenticeships to make themselves job-ready. Initiatives such as the National digital library and AI centres of excellence will go a long way in redefining learning outcomes. ”
Ayan Nagpal, Director at Landshare India.
The Union Budget 2023, which was presented on Wednesday by Finance Minister Nirmala Sitharaman, will serve as a guide for India’s economic boom in the coming fiscal year. A 360 degree approach can be seen to enable growth across all sectors.
A beautiful attempt to integrate development of Infrastructure, digitsation, education and skill development while enhancing defence, green energy, digital literacy and spending power has been projected.
This can be a key catalyst to help India achieve its objective to sustain and improve the country’s growth rate in comparison to other major countries.
The Pradhan Mantri Awas Yojana received an allocation of Rs 79,000 crore, granting the government’s initiative to provide housing for the urban population is yet another push to provide quality lifestyle to the low and middle income citizens and encourage home ownership to create demand for the domestic housing market.
Founder and Ceo of Lawyered, Mr. Himanshu Gupta
The finance minister emphasizes that during the past nine years, the Indian economy has grown from being the tenth to the fifth largest in the world. India currently has the third-largest startup ecosystem in the world and is the second-best middle-income nation in terms of creativity and quality, according to Ms. Sitharaman, who was presenting the Union Budget for 2023–24 in the Lok Sabha and proposed several provisions aimed at promoting the growth of the startup community in India including:
Tax Exemption: For a period of three years, startups with annual revenues of up to Rs. 50 crore would enjoy a tax holiday.
Fund of Funds: To assist startups in their early phases, the government has proposed establishing a Fund of Funds with a capital of Rs. 10,000 crores.
Digital India: The budget highlights the role that digital technologies play in fostering economic growth and job creation, and it makes a new program proposal to support startups in using these technologies.
Overall, it is anticipated that the Indian Union Budget 2023 will strengthen the startup ecosystem in India by supporting early-stage businesses and fostering innovation and entrepreneurship.
Somya Srivastava, the CEO, of Pratayna Microfinance
Nirmala Sitharaman, the finance minister, commenced the presentation of the final comprehensive budget of the Modi administration with the phrase “This is the first Budget of Amrit Kaal.” India’s economy has been hailed as a global success, according to the FM. India has the greatest growth rate among major economies in the current fiscal year at 7%. Sitharaman stated in her budget statement that the Indian economy is on the right course and is poised for a bright future. The financial services ecosystem will focus on financial stability with technology-driven innovation in the future because it is one of the main pillars of growth during Amrit Kaal. The 10 lakh crore capital investment will boost the GDP and provide opportunities for wealth building for Indians of all income levels, improving the prospects for asset management funds in India.
Mr. Krunal Shah, Co-founder, Mobex
With one of the best budgets in the last four years, it is obvious that the Indian government is supporting electronic manufacturing. However, the government is also adopting programs like green fuel, green energy, etc. for effective use of energy across economic sectors, said the finance minister, adding that these green growth measures help in reducing the carbon intensity of the economy and give numerous job possibilities. As one of the seven priorities, green growth efforts would concentrate on green electricity, green farming, etc., creating more green job opportunities and assisting India in achieving its green goals and net zero ambitions. The decarbonization of the Indian economy would be greatly facilitated by the specific budgets granted by the FM on Green Hydrogen, Energy Transition, Battery Storage Pumped Hydro, RE Evacuation from Ladakh, and the inclusion of Green Credit in the Environment Protection Act, among other subjects. Additionally, the government’s emphasis on 5G and AI demonstrates how seriously it takes domestic security.
Nitesh Kasma, Co-Founder & CEO, lucent innovations
We wholeheartedly hail the government’s “Amrit Kaal” vision, which calls for a knowledge- and technology-based sustainable economy. Digital payments are still widely accepted. They demonstrate a 76% rise in transactions and a 91% increase in value in 2022. In 2023–2024, financial support will still be provided for this digital infrastructural development. The emphasis on research in areas like 5G services and AI will also help to increase our competitiveness in the global economy. It will make it easier to do business in India and draw new investments when combined with efforts to lessen the burden of compliance and decriminalize a number of regulatory restrictions.
Jagdish Kumar, Founder, Nri Chaiwala
The finance minister emphasizes that during the past nine years, the Indian economy has grown from being the tenth to the fifth largest in the world. “The government has implemented a variety of start-up-friendly policies, and they have been successful. India currently has the third-largest startup ecosystem in the world and is the second-best middle-income nation in terms of creativity and quality, according to Ms. Sitharaman, who was presenting the Union Budget for 2023–24 in the Lok Sabha. She proposed extending the period of incorporation for income tax benefits to qualifying start-ups by one more year, till March 31, 2024, in order to recognize the value of entrepreneurship for the nation’s economic development. Up to this point, tax benefits were accessible to newly incorporated businesses.
Business Coach and Founder of SelfAchievers, Mrs. Nidhi Banthia Mehta
The Union Budget 2023-24, presented by the Finance Minister, Nirmala Sitharaman, has several provisions for startups to support their growth and development. FM extended the benefit of carrying forward losses on change of shareholding of startups from 7 years to 10 years of incorporation. In a bid to reduce the pendency of appeals, the minister also announced the deployment of 100 Joint Commissioners to adjudicate small appeals. She also said that the government will be more selective in taking up cases for scrutiny of returns already received this year. Additionally, the government has extended the Tax Holiday for startups by one more year, providing them with much-needed relief. Overall, the budget aims to create a supportive environment for startups to flourish and drive the country’s economic growth.
The founder of Confect, Chef Gauri Varma
The Finance Minister, Nirmala Sitharaman, presented the Union Budget 2023–24, which includes a number of policies to assist the growth and development of startups. The minister disclosed the appointment of 100 Joint Commissioners to hear minor appeals in an effort to shorten the time that appeals are pending. The government, according to her, will be pickier when reviewing returns previously submitted this year. From seven to ten years after incorporation, FM increased the benefit of carrying forward losses on changes in shareholding for startups. Furthermore, the government has
added one more year to the Tax Holiday for Startups, giving them much-needed respite. Ultimately, the budget aspires to foster an atmosphere that will enable startups to thrive and stimulate the economy of the nation.
Prof. Rudra Pratap, Founding Vice- Chancellor of Plaksha University.
“The Union Budget, 2023 deserves a sure thumbs up given its foresight in addressing the existing skill deficit and thereby empowering the youth through a two pronged approach of employment generation and simultaneous upskilling. The emphasis on aligning courses with industry expectations and demand is a sure-footed step towards preparing future and industry ready students, something we at Plaksha remain committed to and share in terms of our purpose and academic orientation. The introduction of labs in engineering institutions shall surely catalyse more research centricity and help strengthen innovation. In a nutshell, the budget addresses a host of extremely relevant and carefully considered initiatives that are collectively poised to channelise the education system towards improved quality and career readiness.”
Ram Shriram, CEO, Mahagram
This budget has proposed several measures aimed at facilitating technology-driven solutions that will allow financial inclusion and invite more people to participate in the financial markets. We are glad that the government supports a reliable, efficient, and transparent digital infrastructure. Additionally, the revolutionary moment for women’s empowerment under Deendayal Antyodaya Yojana National Rural Livelihood helped women’s entrepreneurship. moreover the vision under Amrit kaal for an inclusive economy through Jan Bhagidari. Alongside this, the government has eased the KYC process and has made the PAN CARD the foundation of identity. In spite of all the challenges facing fintech companies in the current fiscal year, the economy is growing at a rate of 7%. In terms of major economies, it is the highest. With an infusion of 9,000 crores to boost economic growth, the government redesigned the credit guarantee scheme for MSMEs. Further, we are pleased that the government has provided tax relief between 3 to 5 lakh – 5%, Between 6 to 9 – 10%, and Between 12 to 15 – 20% which we anticipated. In addition, creating jobs for the youth will benefit many citizens, particularly those living in rural areas. In addition to promoting financial literacy, we have the opportunity to provide financial literacy materials to them. This will help India become a developed country, giving them a better future by supplying them with financial literacy materials.
Dhritimay Dhar, Vice President- Sales & Marketing -India & South Asia, Dräger
It is encouraging to see plans in this year’s annual budget to bolster healthcare infrastructure in the country as it depicts the Indian government’s commitment of creating a holistic healthcare system. A significant increase in nursing and medical colleges, strong emphasis on promoting innovation and R&D, and PPP in healthcare and med-tech specialized workforce will lay a stronger roadmap for the future. Also, the announcement to establish three Centers of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’ will be a significant step in building a robust healthcare ecosystem.
Since the pandemic and its aftermath, major disruptions have intensified the increased requirement for a robust hospital infrastructure that is efficient and connected. At Dräger, we have set ourselves the goal of not only enabling better patient outcomes but also helping doctors with enhanced diagnostic capabilities by automating routine work and therapy processes. Our industry stewardship in hospital infrastructure along with our pioneering technology device capabilities uniquely positions us to redefine and empower India’s future for multifaceted healthcare. We achieve this by using solutions based on the networking and intelligent interaction of medical technology in critical care. Overall, as a company we are well-positioned to support the increased emphasis on R&D and a vision for connected healthcare to redefine the overall healthcare landscape and achieve a holistic care continuum.