Business Leaders Give Thumbs Up to Union Budget 2023’s Growth-Focused Provisions

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Budget 2023

New Delhi, Delhi, India | 2nd February 2023: In its final full Budget presented ahead of the 2024 elections, the Union government has announced a slew of measures to boost the economic landscape of the country. Focussed on enhancing productivity and growth, the Budget 2023 lays the path for achieving the vision of ‘Amrit Kaal’ for the next 25 years.

The Indian economy has emerged as one of the frontrunners among its peers with the expected growth rate of 6.5% in the next fiscal, as per the economic survey for FY 2023-24. With the fast emerging favourable scenario, the industry captains have hailed the Budget 2023 in particular for its progressive and pragmatic approach towards strengthening the vision of make in India and digitisation. With its concrete focus on offering a progressive environment for the industries to flourish, the budget ensures the growth of electric vehicles, housing, infrastructure, healthcare and renewable energy segments, among other industries.

Mr. Anshul Gupta, Managing Director, Okaya Electric Vehicles said, “The Union Budget 2023-24 is pro-development, with sustainable planning; energy transition for a cleaner tomorrow and inclusive growth through tech-enabled economy at its core. Moreover, the impetus on the EV sector in budget is quite encouraging for all Industry players.  Drawing from its core, the decision to exempt Lithium-ion cells of custom duties for another year is a welcome move, as its majorly impacts the affordability of EVs in India. Furthermore, the viability gap funding announced to support the Battery Energy Storage Systems, along with a framework of Pumped Storage Projects, is designed to reduce the revenue required to recover costs and offer better returns, especially for the Private sector.

Representing the true spirit of Atmanirbhar Bharat with its thrust on infrastructure development, the budget presented by the honourable finance minister is here to further boost manufacturing. We look forward to continued investment in capacity expansion of various segments of Healthcare to reduce the country’s dependency on imported products in critical care segment,” said Mr. Pranav Choksi, Executive Director, Gufic Biosciences Limited.

Mr. Rajesh Khatri, Managing Director, Glowderma Lab Pvt. Ltd. said, “With its concerted thrust on research and development through the proposed initiatives of the centers of excellence, the pharmaceutical sector has received the much-needed boost from Budget 2023. We look forward to the country becoming the world’s pharmaceutical hub.” “Thanks to the favourable provisions in the Union Budget 2023, the pharmaceutical sector is all set to achieve high growth trajectory. It’s heartening to note the budget has focussed on reducing the dependence of the domestic industry on imports by making India self-reliant in pharma production,” added Mr. Sumit Arora, Director, Alniche Lifesciences.

Md. Sharique Khan, vice President. Ar-Ex Labs said, “The future of the Indian pharmaceutical sector looks bright with all the favourable announcements made in the budget 2023. Apart from the sensible allocations proposed by the finance minister in the budget, the proposed new program to promote research and innovation in the pharma segment will further streamline and accelerate the path of all round growth of the industry. ”

Mr. HS Singh, Managing Director, Radius Synergies International Private Limited said,  “Embracing several provisions to drive innovation in the industry, the Budget 2023 is expected to emerge as growth engine of the economy. We expect it will revive industrial growth and spur consumer demand.”

Mr. Pratik Singhvi, CEO, Euro Pratik said, “The Budget 2023 is truly progressive with its thrust on capital investment. Focused on boosting consumption and economic growth, the budget will help fuel industrial growth in a big way.”

Mr. Som Mandal, Managing Partner of Fox Mandal said, “Besides the provisions of boosting infrastructure growth, the Budget 2023 has successfully provided the much-needed foundation of making India future ready and counter the global headwinds.

Mr. Utkarsh Gupta, Managing Director, Ramagya Group said, “We welcome Budget 2023 for the record allocation of Rs. 1,12,899 crore for expenditure on education. While India has already emerged as an international education hub, such an encouraging announcement will further raise its profile.”

Mr. Vinod Dugar, Co-Promoter of RDB Group opined, “Despite the uncertainty looming large over the world economies, the honourable finance minister has presented a balanced and development-oriented budget that has the potential to accelerate the growth engines of the economy and foster innovation in all industries.” “The Union Budget 2023 comprises several provisions to expedite growth and development across a spectrum of industries. With its major focus on urbanisation and industrial development, it will go a long way in boosting entrepreneurship in the country,” added Financial Expert Mr. Aakash Jahajgarhia.

The Union Budget 2023 has in a nutshell taken almost all the sectors of the economy into consideration and it has something for everyone. The finance minister has adopted a progressive approach in it with an aim to lay down the roadmap for the country’s sustainable long-term economic growth.