Speaking about the expectations from Union Budget 2023, Mr. Lalit Khetan, CFO of Ramkrishna Forgings shares, " All eyes are on the Union budget and what transformations and relaxations it will bring forth. The Government should consider introducing policies and schemes to bolster Small Industries and businesses. This would have a positive impact on the prices, as bridging the supply chain gap would restore balance in the market and curb the rising prices. The commercial vehicle segment is another integral part of the economy, and any new investment in this area can be a boon for many businesses. The government should take the initiative to promote new investments in this segment, both on a national and local level. This can be done through providing tax breaks and other development incentives, as well as investing in infrastructure and improving transport networks. The automotive industry could use support for the scrappage policy. The Government appears to be making a concerted effort to invest heavily in the development of railways, and the government's initiative to revamp and electrify the sector is sure to yield significant results. Substantial investments and streamlining administrative procedures for railways will be helpful in ushering in a period of positive economic development."

Speaking about the expectations from Union Budget 2023, CA Aditya Sesh, Founder and Managing Director of Basiz Fund Service Private Limited shares, “Information technology serves as primary architect for current and future technical implementations for financial services. Modernising requires work in recent data centres and refurbishment of existing centres. Incentives in form of grants or tax deductions to undertake such projects could go a long way in empowering the institutions to meet the most recent sustainability and security standards. Another factor that potentially leads to restricted ease of doing business is TDS u/s 194J (c). This sub-section puts the cart before the horse because even though the expenses might not have been incurred or even bargained for, just the act of provisioning makes it subject to withholding tax. The government could simply exempt this particular sub-clause and effect a stringent audit procedure. Making India a hub for raising capital should be another priority for this year’s budget. Many nations in the SAARC are seeking India’s aid to relieve their financial strain. One way of doing this is to issue and list their securities here in GIFT IFSC Gujarat. This can also be done by issuing Indian Depository Receipts or IDR. On a different note, AIF's using the Broadening new tax provisions and infrastructure created in the GIFT IFSC could be India’s gateway for inviting Indians that wish to diversify their exposure in the international markets. The IFSC regulations provide for multiple types of strategies of funds that can be managed by a fund manager entity(FME) licensed as Non-Retail Regulated Manager. This means that they can manage Category I,II or III funds. However, there exists a grey area as to whether such an FME can form a trust that can house all three types of strategies or asset classes as schemes under the same trust. Clarification is sought about the same as this will greatly improve the attraction of the fund ecosystem in GIFT IFSC, by improving the economics of the fund structure. Finally, with the exception of closing the gap between capital gains on listed versus unlisted shares, it can be assumed that there won't be any significant rate-related considerations.”

"Despite the geopolitical and economic upheavals of 2022, the Indian economy retained a steady growth rate, largely due to its unbending domestic demand and rapid infrastructure developments. In 2023, amidst the possibility of a global slowdown and surging inflation, the FY23 Union Budget is once again expected to give a massive push to the construction and infrastructure industry. With the rising prices of raw materials, we look forward to continued support from this year's Budget with additional allocations and motivations, for the continued momentum of India's infrastructure development. Finally, look forward to the government incentivizing greater adoption of digital technologies like BIM and cloud collaboration platforms, and mandate its use in key infrastructure projects, pushing the sector towards industry 5.0."

Mitsubishi Electric India is looking forward to encourage Infrastructural development and bring technological innovation through our products and solutions for the Indian market. I hope that Budget 2023 scales a path towards India’s growth story, especially in the infrastructure and technology sectors. The expectation for the upcoming union budget is to continue and provide the right policy and budgetary framework to ensure economic growth of the country and a budget design that can stand as per the GDP growth rate expectations. Considering that the Indian economy has begun to recover from the fiscal repercussions of the COVID-19 pandemic outbreak, the manufacturing sector is expected to experience solid growth, which can further strengthen by providing fiscal incentives and specific schemes in the upcoming union budget 2023-24. I strongly believe that Indian government will prioritize the policies that can benefit the infrastructure, manufacturing sector and promote renewable energy allowing the country to realize its potential on a global scale. Manufacturing investments must be encouraged among technology providers to bring self-reliant solutions in the country. Development of new-age manufacturing skills across the top and bottom of the pyramid must be enlightened which can be a game changer for further skill development. The overall expectation from the union budget is that it brings a steady growth for the present and future of the country.

India is in a position to become a global leader in fintech innovation thanks to the thriving startup ecosystem and corporates that are enthusiastically driving the change. With our Finance Minister announcing the Union Budget for the fiscal year 2023-24 on February 1, 2023, we are hoping that the government will implement better corporate tax and GST rebates that will further encourage industry growth and development. We are also excited to hear on the adoption of Account Aggregation & multiple FSR's participating in the Ecosystem (such as the RBI, SEBI, PFRDA, IRDA, and GSTN), FIPs, and FIUs, which will benefit customers by seamlessly connecting all types of asset classes with only a single consent approval in order to generate a 360-degree view. Since the RBI has issued the framework for payment aggregators in 2022, we are eagerly waiting to learn more about the roadmap ahead for Payment Aggregators