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.

From an ease of doing business perspective, this looks like a dream budget clearly acknowledging that ease of compliance is a key economic lever. It signals a technology-led transition towards paperless compliance. I am particularly excited about numerous references to ease of compliance via rationalisation and digitisation in the budget speech. While I eagerly await the fine print, continued focus on decriminalization of employer compliance via the Jan Vishwas bill is expected to mitigate deeply ingrained colonial hostility against India's entrepreneurs. There is a clear push towards building a trust based governance model. Extending the scope of Digi-Locker to include business entities is a welcome step towards digitizing compliance. The proposal to use PAN as a common identifier is another great step towards creating a unique enterprise identity. This will eliminate the need to have over 20 different enterprise identities in the current environment. A system of unified filing process is proposed to be set up obviating the need for separate submission of same information to different agencies, reducing inefficiency and duplication of effort.

"India budget 2023 has offered a multi-dimensional view. The 3 Cs which stand out are - Capex increase - consumption boost - capital gains tax status quo. Mindful of the fact that there is hardly any space for fiscal expansion. FY 24 FD is pegged at 5.9% and expected to see progressive reduction by FY 2026. Clearly a bull's-eye budget satisfying most strata of the society and of course a thumbs up from the market as well."

45% of ITRs are completed within 24 hours, and the Common ITR form will be available soon. Further more, to enhance the IT grievance redressal mechanism, and to increase the presumptive taxes limitations at Sec 44AD - Rs.3 crore and Sec 44ADA - Rs.75 lakhs. Income tax incentives for businesses with Startups have been extended by a year till 2024. - Incorporation Date - From 31.3.2023 to 31.3.2024 - 80IAC. Small Income Tax appeals will be handled by 100 joint commissioners. Furthermore, startups can carry forward their lost benefit from 7 to 10 years. The refund has been enhanced to Rs 7 lakh under the new tax scheme. The new information technology system will act as the default tax regime. Tax assessors will still be able to choose from the prior regime. Salaried and pensioners: the new system's standard deduction for taxable income exceeding Rs.15.5 lakhs is Rs.52,500. The new system will decrease the six income categories to five: basic exemption up to three lacs, 3-6 lakh 5%, 6-9 lakh 10%, and 9-12 lakh 15%. 12-15 lakhs is 20%, whereas 15 lakhs or over is 30%.

The Union Budget 2023-24 is more focused on reviving the domestic demand and public investments to propel growth as the world is gripping in the fear for a possible recession. The announcements made were mostly in line with the market expectations like a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track with few misses. However, the budget was muted on any direct relief to the investors from STT or other taxes levied on capital gains. The fiscal deficit target has been lowered to 5.9 in 2023-24 to achieve the target of 4.5 percent in 2025-26 has boosted the investors confidence. percent from 6.4 percent The budget is pro growth and we expect markets to be remain strong in coming sessions.

A very important proposal for the MSME is that those who take services and goods from an MSME unit will not be able to claim expenditure on such purchases of goods or services unless they pay the MSME. This will result in your faster payments to MSME thus improving their cash flows and therefore survival. Another important proposal for the sector is the reduction in the number of compliances. As an example, the permanent account number of the Income Tax Department would be the unique identifier across all compliances for business and specific for the medium and small-scale industries. Digilockers will be promoted for the medium and small scale industry to store all important identification documents and documents stored in digital-lockers will be accepted as valid proof for various forms of applications and incentives.

"In Budget 2023 FM has made bold and forward-looking promises with a strong focus on infrastructure, manufacturing, health, agriculture, green initiatives and inclusive growth. If execution can keep pace and promises can be delivered India is certainly poised for high level of growth an stability with all countrymen getting benefit. Revamping of credit guarantee scheme and easing KYC with the help of Diggi locker is quite a welcome move for the individual AMS and MSME"

"The 6000 Cr infusion to promote fisheries would help Shrimp farming the most. Decreasing import duties on feed ingredients are going to help the feed manufacturers and help formalise animal agriculture but would lead to reduced margins for domestic feed ingredient manufacturers. For young startups, the agri accelerator fund is a good initiative but there was less focus to promote Agri-Startups at the growth stage. Funds to support Bio-based products to promote natural farming should boost the plant Bio-stimulant & Bio-fertiliser industry," stated Bagaria, while welcoming the budget. "Significant agricultural credit support and significant fund infusion in allied agri sectors should promote existing farmers and people looking for secondary income streams to set up livestock/ poultry/ fish/ insect farms which would lead to a growth in non-arable land agriculture," Co-Founder of Loopworm added.

"The exemption limit on individual income tax has been raised from 5 lakhs to 7 lakhs. This will save close to 20,000 at 10% tax new tax slab. Each individual will therefore have more money to spend. The GDP impact per person will be an increase in GDP by approximately 80,000 Rs. The overall absolute GDP impact will be Rs. The exemption limits have also been raised to 3 lakhs. The slab for applicability of tax on leave encashment for retirees also has been enhanced to 10 lakhs. Highest tax rate of tax for individuals that are high earners also has been reduced from 42.74% to 39%. In general today IT returns are processed in 16 days as against 90 days earlier and refunds are under a day.This will put a whole lot of money in the hands of individuals which will then spur either savings or consumption. "A very important proposal for the MSME is that those who take services and goods from an MSME unit will not be able to claim expenditure on such purchases of goods or services unless they pay the MSME. This will result in your faster payments to MSMEs thus improving their cash flows and therefore survival. Another important proposal for the sector is the reduction in the number of compliances. As an example, the permanent account number of the Income Tax Department would be the unique identifier across all compliances for business and specific for the medium and small-scale industries. Digilockers will be promoted for the medium and small-scale industries to store all important identification documents and documents stored in digital lockers will be accepted as valid proof for various forms of applications and incentives. The outlay for the MSME sector has been increased by 9,000 Cr via credit guarantee schemes. This will decrease the cost of financing using borrowing by 1%. Around 3,000 compliances have either been removed or many offenses decriminalized. MSME with a gross total income of Rs 5 cr(2 Cr earlier) and individual professionals with a gross total income up to 75 lakhs(50 earlier) professionals can avail of presumptive taxation which makes compliance simple. Those MSMEs that have disputes with government departments or corporations will now have a standard dispute resolution scheme, this will greatly reduce the uncertainty. While the details are not out, there has been a proposal to get into a result-based financing method. This essentially is similar to PLI scheme where the financing will be based on results in business achieved as an example of reaching certain financial metrics like topline. This will ensure that we move away from balance sheet-based banking. Many MSMEs are auto-ancillary suppliers. The auto scrapping policy will ensure that old cars are scrapped and new ones are bought. This will spur business in the MSME auto ancillary sector.15 % corporate tax rate has been further extended for new manufacturing units commencing production before March 2025. While this is across the board it impacts MSME's too. The maximum impact of this positive move will benefit the MSME sector. It will unleash animal spirits in the MSME.

"The Union Budget clearly emphasises the growth aspirations of our nation and the vital role of GIFT City in India's growth story. The policy support laid out by the Union government will certainly act as a catalyst in expediting the growth of GIFT City thus making it a vibrant global financial hub for domestic and international entities. The far-reaching measures announced in the budget will go a long way in strengthening the ease of doing business in IFSC at GIFT City. The establishment of an EXIM Bank subsidiary would encourage emerging sectors such as aircraft & ship financing activities in GIFT City. The setting-up of data embassies at GIFT City would facilitate digital continuity solutions for countries seeking such solutions."

The new scheme announced by the Finance Minister falling under PM VIshwakarma Kaushal Samman for artisans and craftsman will enable them to improve the quality, scale and reach of their products, integrating them with the MSME value chain. This will further include financial support and also access to advanced skill training, knowledge of modern digital techniques, brand promotion, linkage with local and global markets, digital payments, and social security. It will greatly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women and people belonging to the weaker sections.

"The Union Budget for the fiscal year 2023 is quite robust and centered around the nation's progress, with a focus on increasing economic efficiency and infrastructure growth. Increasing the budget to Rs 79,000 crore for the Pradhan Mantri Awas Yojana (PMAY), will further strengthen the real estate sector and end users." In the budget 2023, there was also an emphasis on sustainable development with climate action being one of the central themes. We welcome the honorable Finance Minister's focus and impetus on job creation and urban development, it will spur the growth of the Indian economy."

"This budget is a Bahubali budget. With one arrow multiple targets are shot. Fiscal prudence is achieved with lower deficit and path set till FY 26. Consumption is supported through tax cuts. Investment outlay is enhanced. No's are realistic or conservative to enhance the credibility. The budget could have focussed more on asset monetisation but that can be pursued otherwise also depending upon market conditions . Net net a Bahubali budget"

Appointing 100 new Joint Commissioners to reduce pending litigation is a welcome move. This is expected to clear the long pending disputes with tax authorities.

The spirit of resilience has been proven by the 6.3 crore micro, small, and medium firms, which account for 30% of GDP and employ approximately 11 crore people. With sales in numerous industries throughout the MSME sector surpassing 90% of pre-pandemic levels, India's small firms are rewriting history with enhanced import-export trade and driving business globally. The budget shows positivity and has reduced import duties on raw materials to support Make in India and MSMEs, enhancing competitiveness in global markets and leading to a rise in exports.

" I can confidently say that the overall budget for the auto sector stands well managed and good. There have been several initiatives by the government to utilise a portion of their funds on the scrappage policy. . Now, the main challenge that lies ahead is to successfully implement the policy on a large scale, which will directly depend on the involvement of the public at large. If the people take active initiative regarding the same, the sector should see significant progress in the coming days. It is concerning to see a fiscal deficit at 5.9%. This is not a sustainable level of deficit and needs to be addressed. While the announcements made for steel will in all likelihood help the sector, it is unlikely to have a lasting impact. The government will need to carefully implement policies, considering the public's participation and needs, as their ultimate assessments of the policies and how useful they are will play a key role in the success of the policies. As a long-debated issue, the personal income tax is finally being addressed with a much needed and welcome relief. A move towards fairer taxation of equities and capital gains was expected, and while we haven't seen any such initiatives yet, there is still hope for a more equitable and efficient taxation system in the near future."

"The overall budget this year has been presented with much optimism and growth-related initiatives. As an entrepreneur, I am happy to see a few key benefits supporting MSME enterprises such as ours, including a "Skills India" digital platform to help the MSME sector with further growth. Income Tax related benefits for start-ups that can further innovative and future solutions for the country as well as the simplification of processes with the introduction of centralization of IDs for businesses as unique identifiers. As an apparel manufacturer, I am especially pleased to see assistance packages introduced for traditional artisans and craftspeople. They are an integral part of the MSME value chain and must be supported with this initiative. I believe that with this initiative, the quality, scale, and reach of products made by these skilled workers reach new heights."

Mr. Dinesh Pratap Singh, Co-Founder, WoodenStreet

The indirect tax proposals announced for manufacturing will aim to promote exports, boost domestic manufacturing, and enhance domestic value addition. Also, the new co-operatives that commence manufacturing activities till fiscal year 224 will get the benefit of a lower tax rate of 15 per cent, which eventually will promote the growth of manufacturing in the co-operative sector.

Continued boost in digitisation and stronger digital public infrastructure as underlined by the new Union Budget will fillip economic growth, with positive implications for digital lending and expected growth in share for the fintech sector as a whole. The focus outlined on financial inclusion, financial literacy and reaching the last mile will greatly benefit the players operating under this agenda. It will also herald greater investor confidence in the industry. The new tax regime will ensure more cash in hand for the citizens.

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.

The proposed Customs duty exemptions on the import of capital goods and machinery required for the manufacturing of lithium-ion batteries bring in a new lease of life for all battery manufacturers as it would help accelerate the country's production capacity and also gives the much-needed momentum to the country's vision to become self-sufficient in its EV needs.

" 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."

"The Minister has been able to do a fine balancing of increasing capital expenditure by 33%, while at the same time reducing the fiscal deficit from 6.4% to 5.9%. This step will further contribute to make the Indian economy more resilient. Investment in Capital Expenditure would result in boosting productivity over medium term and help in bringing down inflation structurally. The budget 2023 nominal GDP growth rate and revenue growth estimates are credible."

"The Union Budget was pragmatic, considering that the government has a tight rope between managing fiscal deficit and giving some relief to residents from high inflation. Higher capex spend, road-map to reduce fiscal deficit and boosting consumption will provide a major leg-up to the economy, especially at a time when the global growth has been hit hard by slowdown and recessionary fears. Finally, the overhauling of the income tax structure should add more money into the hands of the middle-class taxpayers that would give a boost to consumption and increased allocation towards several investment options. Overall it would leave more people with extra money in their hands and a smile on their faces."

Union Budget 2023 remains consistent with the Government's growth agenda and aims at small initiatives to achieve a large and lasting impact on the economy in the future. I see three key pillars to this budget that will propel financial inclusion and improve the appetite for financial products in the country. First, the focus on digitisation. The government will expand the documents used for Digi lockers (both for individuals and entities) to broaden the digital public infrastructure. In other words, access to info would be quick and secure, enabling millions to initiate their financial journeys. Second, the sustained steps taken towards ease of doing business - especially for the MSME sector. The sector continues to be the spine of the Indian economy, and steps such as Vivaad Se Vishwas, Credit Guarantee, expansion of skill India digital platform and increase in presumptive taxation would go a long way in further strengthening the sector. In the end, the third one is taxation relief up to Rs. 7 lac of annual income. This in turn would also lead to improving the narrative of investing and insurance in the country.

"The Union Budget 2023 sets the vision for a technology-driven and knowledge-based economy. Further, the welcome push for creating sustainable cities of tomorrow, and the announcement of incentives for green building practices has created the perfect storm for the construction industry players to embrace cutting-edge technologies and help India move towards realising its goal to achieve net zero emissions in 'Amrit Kaal'. Overall, the Indian construction industry has many reasons to cheer this budget, from the Urban Infrastructure Development Fund for tier-2 and tier-3 cities to setting up of Infrastructure Finance Secretariat for encouraging private investments in infrastructure. The increased outlays for capital expenditure, now at 3.3% of GDP, and higher allocation for the PM Awas Yojna will provide a major boost to urban housing and infrastructure development, in turn creating new growth opportunities for both real estate and infrastructure companies."

"Keeping India and its citizens first, it was a well-presented growth-oriented budget with a focus to build India's economy much stronger. At a macro level, increase in capital investment outlay by 33% to Rs 10 lakh crore -- 3.3 per cent of the GDP, would propel the economy towards a high growth trajectory, which is the need of the nation. From the individual perspective, huge income tax relief with hike in tax slab structure would bring more money into the hands of the tax-payers that should help drive consumption growth over the long term."

"The 2023 budget looks promising for the digital and technology sector. Emerging technologies such as 5G, Web 3.0, and Metaverse will give rise to new business opportunities. Moreover, implementing a comprehensive legal framework will strengthen personal data protection. Investments in tech innovation and digital asset creation will facilitate the development of a knowledge-based economy, with leading educational institutes taking the lead. With the development of three Centres of Excellence for Artificial Intelligence in its top academic institutions, we will move closer to making AI in India a reality." Said Mr. Sahil Chopra, Founder & CEO- iCubesWire.

"The government's decision to extend the concessional duty on lithium-ion cells for batteries for another year is definitely welcoming as it would sustain the ongoing momentum within the Indian EV sector. Considering EV batteries account for approx upto 60% of the EV cost, this relaxation will make electric vehicles more affordable and hence enhance the EV adoption rate."

"The fund manager is the regulated entity now. For a long time, the issue of single window applications in GIFT IFSC be it the SEZ or IFSCA, or others has been in discussion. This has now been enabled with powers of SEZ being delegated to the IFSCA. The GSTN registration functions will also be delegated to IFSCA. This will vastly improve the ease of doing business and avoid dual regulation.The announcements concerning GIFT City have been carefully considered. The EXIM Banks subsidiary will be set up, since this is outside the FEMA zone, import and export financing and lines of credit will become much easier. Also, acquisition financing through GIFT City units will now be enhanced because ECB deals done abroad will now be structured in GIFT city and financed from here. An announcement has been made to recognize offshore derivatives in GIFT however, we await the details for the full text of the scheme. The Budget has introduced the concept of a Data Embassy which is unique to India. This will act as a data backup. Such data embassies will not be subject to the Data Export Laws of India. In a way, this will move GIFT IFSC to be a pure service centre for service that will not relate to India and GIFT IFSC will end up being India's defacto commercial capital for International financial services and transactions."

"The focus on the green economy not only addresses climate change problems but also provides a favorable environment for startups like those in the water and climate-tech domain to grow and expand. The green initiatives in the budget, such as the reduction of indirect taxes on customs duty for the green economy and the allocation of funds towards the Ministry of Energy, Oil, and Petroleum and the National Green Hydrogen Mission, demonstrate the government's commitment to supporting the transition towards a greener and more sustainable future. This presents growth opportunities for startups in this field and can help drive their success and expansion in the coming years."

"Tax rate: "Reducing the max marginal rate of tax very welcome. 42 per cent was indeed steep. Govt has done right by reducing to 39 per cent." "Ease of doing business: "The fact that we have had to reduce 39000 compliances just shows how many compliances we have had to live with and why we have still a long way to go on Ease of Doing Business!!" "MSMEs: "Apparently, payments to MSME will be allowed only on payment basis. Hence one will need to track all dealings with MSME and track payments" "Arbitration: "Settlement Scheme for Arbitration matters. Very interesting. Hopefully should provide a way for those litigating with the Govt an easier option to realise cash early"

"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.'

"The government has maintained control of the current budget by limiting the deficit within limits, leading to a 4% higher revenue receipt over the revenue expenditure. The gold import duty has remained the same; we expected it to go down by 2.5%. On the other hand, the import duty on silver has increased by 2.5%, affecting the fashion jewelry market due to the price hike of Sterling Silver. On the other hand, the reduction in surcharge on super-rich taxpayers will give positive sentiment to investments. Also, the increase in the Income Tax limit will increase the disposable surplus income of the middle class, which will be good for tourism, discretionary spending, and luxury FMCGs".

The union budget presented today by the honourable Finance Minister is growth oriented and with a long- term view of social and infrastructure development. The budget is cognizant of the need to empower the different segments of the economy and the society. In doing so, the allocations for the various infrastructure developments are very critical. The massive 33% increase to INR 10 lakh crore outlay toward infrastructure investment and the 66% increase in the outlay toward affordable housing via the PMAY shows that the budget has planted its foot firmly forward on the growth agenda. This has been attended while providing a fiscal consolidation road map which would cheer the financial markets too.

BOOST TO AFFORDABLE HOUSING

It is a great measure to increase the outlay towards Pradhan Mantri Awas Yojna (PMAY) which will help continue the momentum in the affordable housing for the country. The increase by over 66% to INR 79,000 cr. in the outlay will help in expediting the housing for all programme.

BIG PUSH TO INFRASTRUCTURE

The government continues its commitment to infrastructure development of the country. The significance of the budget allocation is that it covers all major segments including a record allocation for railways, transit-oriented developments, urban infrastructure, waterways, ports, airports etc.

GREEN GROWTH

The emphasis on green growth with renewable energy, environmental conversation and matters of reforestation specially of the coastal areas are critical to note. The government has provided notable subsidies on import duties related to clean energy as well as handling of current material.

TOURISM AND HOSPITALITY

The budget has been benevolent in creating the right growth environment for tourism and hospitality. Interestingly, the budget announcement has been inclusive in its nature to create more centres.

INCREASED LIQUIDITY FOR INDIVIDUALS

The government has created more disposable income at the lower end and the middle income which will find ways into consumption in turn boosting the economic growth.

IMPACT ON REAL ESTATE SECTOR

The 66% increase in outlay toward PMAY to INR 79,000 cr will directly impact the development of affordable housing and pare the housing gap that the country faces. The increase in income-tax slab limits will increase the disposal income and can be channelised toward funding a house property purchase. The infrastructure boosts will also indirectly benefit the real estate sector. Coupled with the impetus on transit - based infrastructure, there will be a further cause of growth benefiting the real estate sector in mid to long term. Overall, the budget announcements are positive for consumption growth, infrastructure development and a step towards becoming an economy of global significance.

“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.”

Today’s Union Budget 2023-24 of India was very vital from both - economic and political perspective. It was the last Union Budget of the Modi government before the 2024 Lok Sabha elections. Therefore, it had to be a populist one, something which the markets were expecting. Markets for now are looking quite bloomy however it may take some time to process and settle which shall give us its real reaction.

The finance minister Nirmala Sitharaman gave a clear and crisp outline of the Budget. She spoke about items which may turn expensive like – gold, platinum, silver, diamonds, compounded rubber, cigarettes, imported electric kitchen chimneys. Items that would turn cheaper like cameras, phones, laptops, television, electric vehicle batteries, seeds used in the manufacture of diamonds, etc.

With respect to personal income, the most awaited part, the finance minister threw a lot of curve balls. She did reduce the tax slabs, if shifted to the new regime. But the old tax regime (with more percentage) and new tax regime (with less benefits) is leading to controversial talks and debates amongst many. It is quite apparent that the government wants everybody to shift to the new regime which means – more spending.

Also, the Economic Survey said India's GDP was expected to grow in the range of 6 to 6.8 percent in the coming financial year 2023-24. This is in comparison to the estimated 7 percent this fiscal year and 8.7 percent in 2021-22.

Overall, the Union Budget gave many hits and misses. Since perspectives are subjective, the Union Budget was perceived differently for many. Speaking about the markets, Sensex and Nifty did turn green and rose by good number of points. Indian Rupee on the other hand, turned stronger (though slightly) but is still indecisive about its reaction considering the US Fed Policy is there today.

Keeping all the factors in mind, the USDINR Spot (CMP: 81.76) is likely to remain in the bearish arena for some more time and could possibly move towards 80.80 levels in the coming days. The Union Budget shall allow the middle-class clan (largest spender) to spend more and support the economy in the due course of time. The next important event is today’s FOMC Policy, and the upcoming RBI policy shall be the game changer for Rupee. For now, USDINR looks bearish.

Mr. Krishna Kumar Karwa, Managing Director - Emkay Global Financial Services said “The budget has ensured, the fiscal impulse is maximized to improve potential growth, while signalling adherence to medium-term fiscal sustainability. This requires continued financial sector reforms, better resource allocation. Expenditure focus has been on rural, welfare, infrastructure, PLIs, and energy transition. Capex spend has picked up significantly to 3.3% of GDP and is almost double of Pre-Pandemic prints. This especially implies larger fiscal multiplier on employment and growth and will support crowding in of still-lacking private capex.

On the revenue side, lower tax buoyancy vs last year could be partly countered by higher RBI dividend than budget has assumed and still-healthy divestment proceeds. The tax benefits have been tweaked to encourage individuals to move towards new tax regime, and to provide relief to middle class, while maximum marginal rate has also been reduced to 39% from 42.7% to give relief to the highest income strata. While the government is foregoing effective revenue of Rs350bn, this could have a consumption multiplier effect albeit at the margin, in the economy that’s seeing fading consumption growth.”

“The Budget of 2023 continues from the earlier budgets which successfully guided India during one of the toughest periods for mankind, with a continued focus on Aatmanirbhar Bharat and Amrit Kaal. As a result of a consultative and inclusive process, suggestions and feedback received from various stakeholders, have been factored in, wherever possible. Various areas of national importance have received their due focus - MSME sector, Infrastructure building which fuels economic development, Ease of doing business which attracts foreign participation and domestic capital creation, Green energy, Tourism, export orientation using custom duty rationalisations, harnessing the power of youth, etc. ‘Shri Anna’ brings a novel concept to food safety, nutrition and self-sufficiency. Personal taxation has received its well-deserved attention too, bringing a smile on the face of the common man. To top it all, strict adherence to prudent fiscal management while keeping the pedal on the accelerator for long-term structural growth initiatives, which in our view, is the hallmark of this Budget.”

“We appreciate the budget's emphasis on promoting consumption and reviving the economy. The augmented focus on the agriculture sector will facilitate the farmers in smoothening of their operations , get more funds for inclusive rural development. The creation of agriculture infrastructure funds along with separate allocation for high-value horticulture will give the industry a much-needed boost. The industry would also gain from the 11% increase in the agriculture credit objective from Rs 18 lakh Cr to Rs 20 lakh Cr. We eagerly await the implementation of these measures and their impact on agriculture and farmer profitability. This budget also highlights separate focus on providing water connections & toilet facility to households. This will spur demand in the plumbing and sanitation segment. Additionally, a hike in capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development and the allocation of Rs. 79000 Cr to affordable housing will act as a catalyst for building, construction materials and allied sectors.”

“The Union Budget 2023-24 is aimed at bringing inclusive economic growth in the country with fiscal consolidation at its core. Additionally, the greater push for AI, Robotics, IT Labs and Green ecosystems will be sector agnostic and benefit capital inflow along with the 10,000 crores for Urban Infra Development Fund. The impetus of capex spending for infrastructural development shall unlock new potential for the development of real estate assets.

The new tax regime set as default mode with redefined slabs, capital gains exemption limit and steep reduction in highest surcharge are being viewed as a consumption stimulus with increased income for discretionary spends and *moving away from old regime may act as a catalyst in the new regime for the real estate as an asset class investment opportunity.*The highest percentage-led incremental hike in budgetary outlay has been for the PM Awaaz Yojana at 66%. This will be the biggest propeller for affordable housing and realizing the objective of the ‘Housing for All’ Scheme.”

"The Union Budget has provided a much larger-than-expected boost to growth-inducing capital spending, while at the same time managing a fair degree of fiscal consolidation. The Budget proposals are likely to enhance business, rural and tax payer sentiment and consolidate India's growth prospects in a gloomy global setting. With the Government's borrowings similar to market expectations, the bond yields are likely to stabilise, which would also support the private sector capex plans."

Ms. Madhavi Arora, Lead Economist - Emkay Global Financial Services said “The budget has ensured, the fiscal impulse is maximized to improve potential growth, while signalling adherence to medium-term fiscal sustainability. This requires continued financial sector reforms, better resource allocation. Expenditure focus has been on rural, welfare, infrastructure, PLIs, and energy transition. Capex spend has picked up significantly to 3.3% of GDP and is almost double of Pre-Pandemic prints. This especially implies larger fiscal multiplier on employment and growth and will support crowding in of still-lacking private capex. The tax benefits have been tweaked to encourage individuals to move towards new tax regime, and to provide relief to middle class, while maximum marginal rate has also been reduced to 39% from 42.7% to give relief to the highest income strata. While the government is foregoing effective revenue of Rs350bn, this could have a consumption multiplier effect albeit at the margin, in the economy that’s seeing fading consumption growth.”

“The 2023 Budget, in a pre-election year, sought to build on the roadmap laid down by previous budgets, focusing on inclusive development, fostering growth and job creation while keeping the macro-economy in a stable yet growth-oriented mode. It has given more money into the hands of individuals and households which would, to a large extent, ease out the increasing pressure on account of home loan EMIs and rising home prices. The increase in allocation for PMAY by a significant 66% would help continue capital flow under CLSS and other related schemes. Addressing the need for creating sustainable cities of tomorrow through urban planning, ease of land availability and promoting TOD schemes will be key towards sustainable development moving forward. Focus on overall infrastructure development and on Tier 2 and 3 cities will be key to overall economic development. The Budget is a balanced one for the economy while missing out on key real estate sector demands.”

"On the eve of the budget my thoughts were that the Union Budget 2023 is going to revolve around Capital Expenditure etc but we didn't expect great incentives on the Personal Income tax front. But emerging from the Budget speech, the FM Mrs. Nirmala Seetharaman has left us pleasantly surprised. She has delivered on Inclusive development, Reaching the last mile, Youth power, Financial Sector, Green Growth, Unleashing the potential that lies to be unearthed, Infrastructure and Investment. The Capital expenditure has been increased by 33% to 10 lac crs, 3.3% of GDP. Steep increase for 3 consecutive years and capital outlay of Rs 2.4 Lacs crs for railways which is about 9 times of 2013-2014 number. This clearly shows that the growth visualization is not going to show immediate results but it will be sustainable and more long term. We need to look at long term gains that are more sustainable in nature. Agri credit target also has been hiked to 20 lac crs to provide impetus and resources to farmers. This is key because we are one of the largest exporters of farm produce and the opportunity is still huge and producing more means more opportunity. 3 centres for Artificial Intelligence will be set up at large educational institutions for creating innovative solutions. This is going to be key to unearth the potential that's available.

"In line with announcements made over the last couple of years by FM, key highlight and a moment to rejoice for Infrastructure sector was the prolific increase in the capital expenditure outlay. With the proposed 33% increase compared to last year the Union Budget was focussed on unleashing the capex cycle. This would mean effective capital outlay of Rs. 13.7 Lac Crores which is equal to an impressive 4.5% of GDP. This certainly exceeds the expectation from Infrastructure industry. Given the multiplier effect impact of the capital outlay on the overall economic growth as well as its contribution towards generating significant employment opportunities, FM proposed more long-term loans to states for capital expenditure, increasing the 50-year interest free loan to states to Rs 1.3 lac crore, 30 percent more than what was allocated for 2022-23. The capital outlay announcements include Rs. 2.4 Lac Crores for Railways and identifying 100 critical transportation projects to improve first mile and last mile connectivity apart from augmenting regional air connectivity with a reorientation of focus towards enhancing urban infrastructure projects. Recognising the funding requirements specifically in the Urban Infrastructure sector and for municipal services which is expected to cross USD 840 Billion over the next 15 years the budget speech further emphasised on the need of raising long term capital through Municipal bonds and setting up a new fund, UIDF. This fund shall catalyse the investments required in urban infrastructure projects specifically in tier 2 and tier 3 cities. The UIDF shall receive Rs. 10,000 Crores per annum from the centre seeking further support from the states. Special focus on energy transition with a dedicated corpus of Rs. 35,000 Crores, prioritising evacuation offtake of 13 GW renewable energy capacity being developed at Ladak and a dedicated corpus for enhancing green hydrogen production targeted to reach 5 MMT by 2030 were other key highlights in line with governments focus to achieve the net zero emission commitments by 2070."

"The market had a mixed expectations on the budget presuming to be populist and low elbowroom for the government ahead of the slowing economy, high inflation and interest rates. However, the government has taken it to a new zone with a well-tuned perfection between growth and stability. The rise in capital expenditure by 33% to Rs10 lac cr is the shot in the arm heading a multiplier effect on the economy. While high amount of schemes and tax benefit to rural economy and taxpayers will enhance consumption growth in India. Much beyond expectations, a win-win for households and corporates. It is a 10 on 10 budget"

Budget delivering on all front : Markets reaction at the end of budget speech was a big thumbs up with Equity markets up 1% and rates lower in fixed income market. On the frontline, the impossible balance of boosting capital expenditure by 33% but still managing the fiscal prudence FY24 Budget Gap 5.9% of GDP, Retains 6.4% FY23 and Gross borrowing at 15.43 vs exp of 15.77. Concerns of LTCG tweak was also not touched and also gave the sugar high for the equity markets.Going ahead, in a world which is slowing materially, India’s Capex frontloading likely to keep domestic centric Indian economy. Clear take away from this budget is focus on India (domestic centric focus). Consumption (on account of higher disposable income) and Capex sectors (capex up by 33%) both will see strong tail wind along with focus on railways, ports & airports and tourism. Fiscal prudence continues to prove a strong tailwind for the banking sector that is only moving towards its long-term valuation bands.

An extremely well-balanced budget focussed on growth driven by capital expenditure while giving an adequate push to rural welfare and agriculture. Government borrowing is well-calibrated, and it is a significant positive. The fiscal deficit target of 5.9% indicates a considerable degree of prudence. On top of this, relief to the middle class on the income tax front is the cherry on the cake. At this point, it is difficult to find any shortcomings. The budget has delivered on all the expectations very well. In the short term, we expect the markets to move higher on the back of pro-growth measures announced in the budget and less fear of the government crowding out private investments due to fiscal prudence shown by the government.

The budget this year seems very good, very aggressive, and very optimistic; especially since in the last few years, relief on the increase of income tax slab was awaited and now the same has been delivered. Even the deficit or the borrowings are less than what the market was expecting. Budget 2023 financial literacy announcement urging regulators to provide age-appropriate reading materials for libraries for children and adolescents is a very encouraging and motivating step because financial literacy is too important in anybody's life and overall well-being. Also, the new KYC PAN Norms introduced during the Union Budget 2023 is a welcome move, primarily because customers are linked to a single digit number, which is the PAN - so, will make banking easier. It is a good move from a financial regulation standpoint as well as the customer standpoint, now that customers will only be giving pan as their KYC. All in all, it's working out to be projecting a good state of mind and a good futuristic view that the government has taken.

The Finance Minister has brought in several changes in the tax regime, which can be seen as a welcome move for the common people. The government has announced big incentives under the new tax regime and given a big push on the capex. The finance ministry has also brought revisions to the tax structure by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh. A low tax regime is always beneficial for the taxpayers since introducing tax cuts and giving more money in the hands of people will eventually boost the country's economy. Another positive move by the government was increasing the capital investment outlay by 33 per cent to Rs 10 lakh crore, which will account for 3,3 per cent of the GDP. Also, the new KYC PAN norms declared by the Finance Minister will be a win-win situation for both the government and the customers, since customers are linked to a single-digit number, which is the PAN - making banking easier.

"It's a budget that was on expected lines. The focus was on capital expenditure, especially on the execution and completion of infrastructure-related projects. The budget delivered that. Overall, it was a satisfactory budget on expected lines and is progressive. Happy that the Government didn't give in to the pressure from the middle class. Though there has been a revision in the income tax slabs for the salaried class, the income Tax regime needs a massive change. We need a clear rollout plan toward a simpler, more effective, and inclusive income tax regime. There should have been a mention of a plan for the development of ports. Many ports and connecting roads need a lot of work and simplification of the process. As a fast-growing economy, we needed a massive upgrade in the existing facilities. Also, the budget didn't announce any steps for the semiconductor industry. While we are yet to read the fine print, it would have helped if the budget could have allocated Rs.10,000 crores to the industry. There is a massive potential for Indian manufacturers to make use of this opportunity. The government is trying to make Section 80C obsolete with the new tax regime. I would have liked a phased rolldown of 80C. Many investors force themselves to save in ELSS and Term insurance. My concern is that under the new tax regime, this may lead to reduced individual savings. 80C could have been addressed. Regarding the step towards a PAN card as a KYC, this is the right step forward. As such, Aadhar was linked to a PAN card; with this, the number of documents required for businesses and investing will decrease. As a next step, if a PAN card can be the primary document, it would make onboarding easier for individuals and corporates."

"The Government's fidelity to reduce carbon footprint in the country has been re-assuring in the Union Budget 2023. The push towards green mobility will propel the growth of the EV sector in India and will encourage further investments. To usher in a green industrial and economic transition, India is committed to achieving net-zero carbon emissions by 2070. With its focus on green growth and push for green mobility, this budget provides the much-needed impetus to the sector. The Customs Duty exemption on capital goods and machinery to manufacture li-ion will be a facilitator for the country to transition to sustainable and eco-friendly mobility. The exemption will have a domino effect on the overall sector with the over substantial decrease in the overall cost of the finished products wherein the battery packs are likely to reduce by 5% coupled with lower initial investments. Additionally, the vehicle scrapping policy will also be beneficial if the old vehicles are replaced by electric vehicles. This will further aid in the country's vision of mass EV adoption by 2030. The sector also holds immense potential with regards to providing entrepreneurship opportunities and job creation. With decreased capital investments to manufacture ancillary supplies like li-ion batteries, it will provide a platform for new age businesses and entrepreneurs to venture into the space. Overall, we are confident that this Budget will aid in the country's adoption to electric mobility significantly."

This year's budget highlights the government's continued push toward improving access to quality healthcare for all. We are particularly excited about the announcement to open 3 inter-disciplinary AI research and development centres to "Make AI in India and Make AI work for India." AI in Healthcare has already shown immense promise across the globe in improving care. We have seen use cases across diagnostics where AI tools are bettering accuracy, speed and also enabling early diagnosis, mental health where AI chatbots can be used as the first line of treatment, etc. Given the potential to create large healthcare data sets in India used to train AI and the pool of highly qualified tech talent, this move by the government makes us more ready than ever to make AI in Healthcare a trillion-dollar opportunity. Healthcare continues to be a space where professionals like doctors, nurses, etc. have unequal influence over any individual's care journey. Additional investment in developing and upskilling healthcare personnel like nurses and technicians was one of our key expectations from the budget. We welcome the announcement to set up 157 new nursing colleges in the country, a move that will be pivotal not only to healthcare but also employment.

"The government's focus on empowering the MSME sector with the revamped credit guarantee scheme is admirable. We're also glad to witness infrastructure & reaching the last mile being included in the 7 priorities of this year's budget. The budget's focus on transportation and infra projects with the Urban Infra Development Fund will surely give a boost to the logistics sector. The revamped credit guarantee scheme for MSMEs and the Rs 9,000 crore infusion amount in the corpus would further push the entrepreneurial spirit of the country."

"Being the last full budget before the Lok Sabha elections in 2024, a lot of pressure on fiscal resources will have to be balanced with maintaining a feel-good factor among the people. The worst affected group by the recession in the West would be women and the youth with diminishing job opportunities and exports. It will be a challenge to orchestrate and promote opportunities for the youth, women, artisans, the working middle class, the rural and the unorganized sectors. All in all, an enormous responsibility lies on the government's shoulders to make the economy robust."

"The Union Budget rightly builds incentives to support low carbon development pathways with the focus on Green Growth among the Saptarishi priorities. Catalyzing sustainable growth in India will require incentives to drive investments in technology and innovation, to ensure that we do not have to make trade-offs between people and planet. We welcome the increased outlay towards energy transition, and particularly for Green Hydrogen and waste-to-energy, which will boost energy independence. The PRANAM scheme and bio-inputs centres shall incentivize adoption of sustainable and regenerative agriculture practices. The Green Credit programme will channel much needed capital to support the transition to a sustainable economy. Concessional duties on Li-ion batteries will provide further boost to the EV sector and help decarbonize the transport and logistics sectors. The measures announced in Budget 2023 will further strengthen India's position as a global climate leader, and catalyze sustainable, inclusive development."

"Union Budget 2023 held very few surprises for the commodity industry. Precious metals witnessed some structural duty changes as import duty on silver dore, bars and articles were increased to align them with that on gold and platinum. Existing incidence of import duty on Dore and bar of gold and platinum is maintained after being enhanced in June and October 2022 respectively though the BCD rate and AIDC rates have been recalibrated. Basic Customs duty (BCD) on Gold Bars, Gold Dore and Platinum, all have been reduced to 10% from 12.5%, 11.85% and 12.5% respectively. While Agriculture Infrastructure and Development Cess (AIDC) has been revised to maintain the total duty as earlier. Markets were expecting a cut in Gold import duty in order to support domestic gems and jewellery industry but fears of a wider CAD as indicated in economic survey likely prompted the authorities to stay put. On the other hand, import duty on Silver Bar and silver Dore is increased from 7.5% and 6.1% to 10%. Also, AIDC on bar and dore has been raised to 5% and 4.35% while Social Welfare Surcharge (SWS) has been completely waived off, pushing the total duty to 15% and 14.35% respectively, like in case of gold. Additionally, to help further gold monetization, it was proposed that the conversion of physical gold to E- Gold Receipt and vice versa won't attract any capital gains as it will not be treated as a transfer. The aim is to promote investments in electronic equivalent of gold. Base metals did not see any changes while market expectations of reduction in GST on raw materials like cement and steel were also not met. However, government supported the Steel industry by maintaining exemption from Basic Customs Duty on raw materials for manufacture of CRGO Steel, ferrous scrap and nickel cathode in order to facilitate availability of raw materials for the steel sector. Similarly, the concessional BCD of 2.5 per cent on copper scrap is also being continued to ensure the availability of raw materials for secondary copper producers who are mainly in the MSME sector."

As Budget 2023 focuses on promoting coastal shipping, it will play a critical role in the economy's competitiveness, expansion, and long-term sustainability, which is an under tapped sector at the moment. Also, the announcement of 100 Labs for developing applications using 5G services will bring in changes across the transport sector including increasingly smart and efficient logistics and improved urban transportation with the implementation of Mobility as a Service (MaaS) platforms. The Budget 2023 has demonstrated a good balance between today's needs and the future's demand.

"The budget is progressive and growth-oriented given the focus on capital expenditure, green mobility, clean energy, and agriculture. It further defines the roadmap for achieving net-zero emissions by 2070. At SKF, we support India's aspirations of inclusive and sustainable growth, and we remain committed to achieving net-zero emissions across all our production facilities by 2030 and across our supply chain by 2050. We will continue to develop intelligent and clean products and solutions to meet the evolving needs of industries and further support their decarbonization efforts. Further, the budget will also help the Indian economy reap benefits from local manufacturing, infrastructure development, and technology advancements and will firmly position the country on the path to accelerated growth."

"The 66% increase in the allocation to Prime Minister Awaas Yojana to INR 79,000 crores is a sure boost for affordable housing. This is another step towards the government's 'Housing for All' mandate. The Budget lays much emphasis on building the infrastructure of the country, with emphasis on last-mile connectivity. The unwavering focus on infrastructure will indirectly drive real estate growth over the next one year." "Changes in income tax rates, including exempting income up to INR 7 lakh under the new tax system and rates, will undoubtedly benefit the middle class. However, it remains to be seen whether the real estate sector will have a collateral boost."

"The budget has been well-balanced overall, but some concerns still haven't been addressed for Startups like us. One of the key concerns for Startups like us is the inverted tax structure. We pay ~18% input tax but get only ~5% output tax. This creates a net input of over 10% which is not credited to us immediately as cash, thus leading to working capital issues. Secondly, the taxation on startup investments is significantly larger than on investments in public markets. It will really help the startup ecosystem if there is parity between the systems. India is a market with potential for disruption and innovation as there is an extensive reservoir of youngsters who would like to explore the path of entrepreneurship. Ease of business and ironing out these concerns will fast-track our economy and industry toward growth".

This budget has been good for MSMEs like us and common people too. The MSMEs like us now must pay only when we receive payments. This is a huge relief, as we suffered due to the non-receipt of payments from vendors. Funds have been allotted to the handicraft industry, which is a welcome sign. I would have loved to see more incentives for exporting handicrafts; it would have given a further push to the home décor industry like ours. There could have been more players who would have come, and India could have become an export hub for handcrafted artifacts. The budget has taken care of women and senior citizens; women are getting special benefits, and senior citizens have higher tax slabs. Overall, this will be good for the economy.

The budget 2023 is oriented to economic growth of the country. I am sure that 33% growth in capital expenditure will result in balanced development. This is a smart move since it will help the country achieve its goal of becoming a 5 trillion-dollar economy and a global powerhouse. I believe that the announcement of setting up 100 labs to effectively develop 5G services and the vision to promote Artificial Intelligence in overall industries is a strong step by the government. This will further lead to automation in the industries which will help in propelling India's growth and promoting smart cities. The union budget 2023 has come up with positive announcements for different sectors to support the Make In India initiative and can result in balanced growth in the near future.

"Considering the prevalent domestic and international scenarios and keeping up with the growth achieved so far, the budget is holistic and growth oriented. Increased tax rebates will definitely pump in more liquidity in the markets which will provide more disposable income to the lower end of the income spectrum. It may motivate individuals to purchase homes which would further enhance the growth of the real estate sector." -

Balancing the expectations of an aspirational country like ours with fiscal prudence is no mean task. The first budget of 'Amritkaal' did a fine job of balancing the two, especially against a challenging global backdrop. This budget builds up on the reforms initiated over the past few years with a focus on improving India's growth potential and quality of life. Continued focus on capex, job creation and special mention of financial sector reforms are encouraging. Now with the event behind us, markets' focus shifts back to global cues, monetary policy and incoming data points

"The Union Budget 2023 has taken a significant step towards green growth with its focus on green hydrogen, clean energy storage and transmission. This is a welcome move that will help India transition to a low-carbon economy and reduce its carbon footprint. We at Covestro India, are committed to supporting the Government in its efforts to promote green growth and are looking forward to working collaboratively with all stakeholders to develop innovative solutions for a sustainable future."

There were no significant direct takeaways from the union budget 2023 related to the F&B or the QSR industry. Still, there are some interesting aspects which will help our business. Government will select 50 destinations, to promote tourism on mission mode. The Finance Minister said that with an integrated and innovative approach, at least 50 destinations will be selected through challenge mode. This will increase the movement of people towards these locations thereby giving a chance to increase travel and hospitality businesses that will help us too. This is positive news for the F&B industry as more tourism indicates higher footfalls. Regional air connectivity will be improved in the country allowing more flights, helicopters, and water aerodromes to operate. This again increases tourism and can benefit the F&B as well as the QSR industry. The government has also reduced the income tax rate and raised the income tax limit to 7 LPA, allowing people more disposal income to spend more on food and leisure. Again a positive sign for the F&B industry.

" Seven prong agendas/priorities presented by the finance minister today offer directional visibility around how the government is looking to channelise its resources. The 2023 Union Budget outlines are pretty much on expected lines which are aimed at providing inclusive growth, consumption push and continued thrust on capex while maintaining requisite hygiene and discipline on the fiscal front. Changes brought in the personal income tax regime is a welcome move and aimed at increasing disposable income for households. This augurs well and is likely to push lower and mid-tier consumption baskets. Not tinkering around with the existing capital gain structure did put an end to speculations running around before the budget. Markets we're jittery about how the borrowing numbers will unfold amidst the backdrop of upcoming Loksabha elections. Government has continued on a fiscal discipline path and overall numbers are well within the expected lines. It's heartening to see the quality of fiscal spend which is going to create a multiplier effect given its thrust around infrastructure development. 10 year yields have reacted positively to this development. Capex budgeting is at an all-time high (expected to be around 3.3% of GDP) and picks up from previous budgets. Assumptions around Nominal GDP and disinvestment targets appear realistic given the ready pipeline of potential candidates.Overall thrust on Digital Nation and building the digital ecosystem continues while focus around green growth , mainstreaming and enhancing the entrenchment and prowess of the financial sector were another key highlights"

Budget 2023 is a multi-dimensional budget offering a consumption boost and capital gains tax status quo. The budget focuses on reviving domestic demand and public investments, creating jobs, increasing infrastructure spending, reducing the deficit, and bringing the economy back on track. The exemption limit on individual income tax has been raised to 7 lakhs, leading to a boost in GDP by approximately 80,000 Rs per person. MSMEs have been offered faster payments and reduced compliances, while new manufacturing units will benefit from a 15% corporate tax rate. The budget is pro-growth, with a strong focus on infrastructure, manufacturing, health, agriculture, green initiatives and inclusive growth. The fiscal deficit target has been lowered to 5.9%, boosting investor confidence.

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 a highly performance & growth oriented budget, kudos to Finance Minister Nirmala Sitharaman & the Indian Government.

"With the Finance Minister announcing reduction of 39000 compliances and decriminalizing more than 3400 legal provisions, the budget proposes a series of measures to unlock the potential of our economy and promoting businesses. New age start-ups and unicorns should also feel empowered with the Jan Vishwas bill that will amend 42 central acts to support organizations. In addition, the formulation of the National Information Financial Registry will serve as centralized source of financial information, which will not only empower industry players, but enhance the payments infrastructure as well."

"Promoting digital literacy and entrepreneurial skills among artisans is essential for them to step into the ecommerce ecosystem. With Open Network for Digital Commerce (ONDC), the government's alternative in India's e-commerce market, coupled with the existing digital payment structures in place, small sellers can boost their productivity, increase connectivity with consumers and their potential income."

"It's encouraging to see that the budget includes resources for the middle class. Raising the tax-free income limit to Rs. 7 lakhs per year would give people more money to invest and save. This rise in productivity and taxes across various tax brackets gives an opportunity for consumers to consider investing that money rather than spending it to build long-term wealth. We should also be pleased that DigiLocker will be used for new sorts of documents to help infinite seconds, and that a hundred labs will be formed to promote it. Engineering institutions will develop 5G apps, which is wonderful for technology, and the union budget will place a priority on AI. Because Cube Wealth is also a tech business, this is extremely good news for how finance and technology are being supported by the government."

"India has evolved to be the third-largest startup ecosystem globally and is one of the leading countries in terms of funding among middle-income countries. The Indian government has been actively working to support the growth of startups in the country. It all began in 2016 with the introduction of "Startup India," which was followed by numerous other initiatives of a similar nature, including the Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme (SISFS), the Credit Guarantee Scheme for Startups (CGSS), etc. By streamlining procedures and regulations, these initiatives made it easier to do business and to access financing. Multiple helpful policies have been implemented into the current budget to support the nation's startup ecosystem in light of the continuing inflation and funding slowdown. One of the key points announced by the finance minister is the extension of the date of incorporation for income tax benefits to start-ups from FY23 to FY24. In addition, the government has stated that startups will be able to carry forward their losses for up to 10 years. To accelerate the development of AgriTech firms, an agriculture accelerator fund will be established. The creation of a national data governance policy will make anonymized data available for a range of applications, creating a plethora of business opportunities. These are a few of the significant measures that have been announced this year among many more that will all aim to improve the nation's overall startup ecosystem"

"The finance minister has presented a phenomenal budget which will give a major boost to the economy. The measures announced cover capital expenditure, infrastructure, housing, along with job creation, rural connectivity, fisheries, agriculture sector, etc. So it's undoubtedly a common man's budget and the announcements are likely to start showing results in both short and medium terms."

"This is the first Budget of Amrit Kaal, and we believe that this is a budget aimed at fostering growth. We are sure that the huge rise in capital expenditure by 33% will have an incremental effect on the overall growth of the economy. Infrastructure sector is the backbone of any economy, and the government has been pushing for the sector's growth for its multiplier effect and linkage effects in terms of job creation. Infrastructure and development are among the seven priorities of the Budget 2023. The newly announced one hundred critical transport infrastructure projects will help the country to ensure energy and food security as these are critical for India as it targets to become the third largest economy in the world in the next 6-8 years. The government has also decided to inject 2.40 lakh crore in railways in order to derive the positive outcome on environment sustainability. As Budget 2023 focuses on promoting coastal shipping, it will play a critical role in the economy's competitiveness, expansion, and long-term sustainability, which is an under tapped sector at the moment. Also, the announcement of 100 Labs for developing applications using 5G services will bring in changes across the transport sector including increasingly smart and efficient logistics and improved urban transportation with the implementation of Mobility as a Service (MaaS) platforms. The Budget 2023 has demonstrated a good balance between today's needs and the future's demand.

February 2nd, 2023: The Union Budget 2023 has given significant relief to the middle classes; however, India's vast majorities of working people in rural areas and the cities need more focused attention. We may have come out of the COVID-19 pandemic, but the precarity of employment continues. The Periodic Labour Force Survey (PLFS) and other data indicate high levels of unemployment, particularly among youth, continued precarity and constrained household consumption. Given this, peasants and informal workers of India expected that MGNREGA allocations would at least, if not more, see an allocation of Rs two lakh crores. But, instead, the outlay has been reduced even further to Rs 60,000 crores, which will reduce employment days available, let alone solve the question of payment of pending wages. With high inflation levels, food support could have significantly relieved most Indian households. However, the allocation to food subsidy has seen a major decrease from Rs 2.87 lakh crore in the revised estimate of 2022-23 to 1.97 lakh crore in this year's Budget. The withdrawal of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), and its provision of an extra five kilograms of free food grains to every ration card holder in addition to the entitlement under the National Food Security Act, would put an additional burden on poorer households. Peasants and informal workers were hoping for dignified social security after the registration under e-Shram However these hopes are denied due to stagnating outlays under the National Social Assistance Programme and Ayushman Bharat and the reduction of allocation for Social Security of Workers from Rs 15,845 crore in the last Budget to Rs 12,434 crore in this budget. India must close the global gap regarding 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. In such a situation, a higher allocation on social security was expected. Investing in agri-tech infrastructure and digitising PACS are welcome steps that make this budget innovative and creative. Agriculture remains to be the largest employer at 46.5% of the workforce and has increased marginally from 2019-20 to 2020-21. In the view of contracted agricultural growth as per the economic survey, the headwinds the agricultural sector is facing on account of climate change, inflation and reduction in subsidies, more focus and priority should be given to millions of farming households through the way of greater financial subsidies. Moreover, the question of landless agricultural workers remains with no focus on their protection and welfare. Expectations were high for assistance under PM Kisan Samman Nidhi to be increased to Rs 8,000 per year; instead, the budget outlays for the scheme have been further reduced. In times of rising extreme weather events and climate change, price support, fertiliser subsidies and crop insurance act as safety valves for India's farmers and agricultural workers. However, this budget has reduced allocations to the PM Fasal Bima Yojana, schemes for minimum support price for crop procurement and the fertiliser subsidies being provided. We welcome the renewed impetus for the development of Particularly Vulnerable Tribal Groups (PVTGs). Allocation of Rs 15,000 crore for developing basic facilities like safe housing, clean drinking water, and improved access to education and health of PVTGs communities is a welcome step to address the needs and futures of PVTGs. However, what is missed is the longstanding demand for a similar budgetary allocation enhancement for members of semi-nomadic, nomadic, pastoral and de-notified tribes, comprising 13% of the population, who have historically been at the end of stigmatisation, ostracism and discrimination. The allocation of 40 crores to the Scheme for Economic Empowerment of DNT/NT/SNTs (SEED) is highly insufficient. 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 another welcome step. However, the zero allocation to the 'Self Employment Scheme for Rehabilitation of Manual Scavengers' is a detrimental step. The Honourable Finance Minister's announcement to support poor prisoners who cannot afford bail amount or penalty is welcome. We hope such support will also be provided to the majority of the undertrials, who are from poor and discriminated communities. The initiative of green growth and transition to net-zero carbon and several focused proposals are welcome steps. These include the National Green Hydrogen Mission, capital investments towards net-zero, and MISHTI - the Mangrove Initiative and Amrit Dharovar. Under the latter, recognising local communities as frontline ecological defenders is worth celebrating. Similarly, the initiative to promote millets in the food security programme and providing input support through GOBARdhan and PM-PRANAM is a welcome first step. However, the longstanding demand is to expand the public procurement of millet under the National Food Security Act above the current rate of 1%. In that spirit, this could have been incentivised by providing price support to cultivators through the ecological valuation of climate-resilient agriculture. In this regard, what is missed is the compensation for the impact that frontline communities such as farmers, pastoralists, fishworkers and urban informal workers are facing on climate change. India suffered the second highest loss due to extreme climate events in 2021, racking up nearly $7.6 billion in damages due to flooding and storms, according to the latest report- 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 productivity decline. In such a situation, budgetary allocation for a national loss and damage financing facility would have been a game changer. The increased allocations to higher education are a significant investment in India's future. However, the education expenditure has increased marginally from 2.8% to 2.9% of GDP from 2019 to 2023. The Samagra Shiksha Abhiyan has been provided Rs 37,453 crore, almost identical to last year. On the other hand, PM-POSHAN, which provides nutrition to children in school and anganwadi centres, has seen a reduction in allocation compared to the revised estimates for the ongoing financial year. The latest NFHS-V statistics still mark stunting at 35.5%, wasting at 19.3% and underweight prevalence at 32.1% for children below five years, so expectations for more significant allocations were high. It is also worrying that allotment to education empowerment for minorities has reduced significantly from Rs 2,515 crores in the last budget to Rs 1,689 crores in this one. The announcement for focusing on eradicating sickle cell anaemia, which plagues the large population of India's indigenous communities, is a step in the right direction. However, according to the Union Ministry of Health & Family Welfare's Rural Health Statistics 2021-2022, India's rural healthcare system continues to be plagued by a shortfall on two critical fronts - doctors and infrastructure. While the increase in health expenditure between 2019 and 2023 from 1.4% to 2.1% of GDP and higher allocation for digital health mission is another forward-looking step, expectations were high for more expenditure on the National Health Mission and health infrastructure development. In sum, while the Budget has prioritised inclusive development, as the Honourable Finance Minister mentioned in her budget speech, the financial outlay for ensuring it does not show the zeal as hoped. The Finance Minister has announced that Rs. 35,000 crore revenue would be forgone due to a reduction in personal income taxes, and while a relief to the middle classes is welcome, fiscal prudence is not enough to expand public employment, social security, welfare, education and health expenditures considerably. The need of the hour is to raise revenues through the reduction of revenues forgone and innovative mechanisms such as wealth tax on super accumulation of wealth.