Post Budget Industry Reactions on Union Budget 2023

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The Union Budget 2022-2023 has a strong focus on boosting healthcare and infrastructure development. Additionally, it includes provisions to aid small businesses and farmers. The budget also proposes tax benefits for individuals and ways to attract foreign investments

The government proposes to spend Rs 39,44,909 crore in 2022-23, which is an increase of 4.6% over the revised estimate of 2021-22. In 2021-22, total expenditure is estimated to be 8.2% higher than the budget estimate

India Budget 2023

Founder & Chairman, Pinnacle Industries & EKA Mobility (Immediate Past President, Mahratta Chamber of Commerce, Industries, and Agriculture -MCCIA)

“Congratulations to the Hon’ble Finance Minister for presenting a holistic & growth-oriented budget. The focus on capital expenditure with promising prospects for the commercial vehicle, green mobility, and railway sector is indeed encouraging. One of the most progressive announcements is the custom duty removal on capital goods imported for manufacturing Li-ion batteries, for electric vehicles built locally in India, which will ensure the cost rationalization for electric vehicles substantially. This will not only help us achieve our sustainability goals but also promote ‘Made in India’ products & technology. The government is consistent in its focus on green mobility, and budget allocation toward the National Hydrogen Mission will bring new opportunities for growth & innovation for the country.

The automotive sector is also encouraged by the new scrappage policy, which will positively impact the entire value chain by creating more demand in the sector and giving a boost to the economy. Adequate funding to scrap old government vehicles and ambulances will create additional demand for small & medium commercial vehicles, which will also lead to more job opportunities in the sector.

The Government’s biggest-ever allocation for Indian Railways will ensure a more efficient, safe, and sustainable transportation system, it will also trigger new opportunities and growth in the railway component manufacturing, maintenance, and operations systems.

The Government’s achievements so far and plans to strengthen the economic empowerment of women and tourism are highly admirable. Opportunities created by such liberal initiatives will provide a strong impetus to job creation & strengthening macroeconomic stability.”

Venkatram Mamillapalle, Country CEO & Managing Director, Renault India

“Union Budget brings cheers to the automobile industry as it will positively give a push to sales

The budget has laid special emphasis on the Vehicle Scrappage Policy which will not only boost sales but will also enable in the achievement of a clean and green environment for overall sustainable development. Additionally, funds infusion in the scrappage policy is a remarkable step and is in the right direction to achieve India’s goal of being carbon neutral by 2070. This policy would eventually help the entire ecosystem of the automotive industry as this will translate into growing order books of OEMs, increased output, and job creation.

Another significant announcement was made by the government on the customs duty exemption being extended to capital goods and machinery required for the manufacturing of lithium-ion batteries used in EVs. This step is a boost for companies that are / would be manufacturing electric vehicles locally as it will help reduce the cost of EVs.

The automobile industry will witness an increase in sales with the introduction of a new tax rebate limit on personal income which has been raised from INR 5 lacs per annum to INR 7lacs per annum. This step is likely to help the sector as more disposable income with salaried customers may give a supplementary push to demand personal vehicles.”

Mr. Prabhat Chaturvedi, CEO, Netafim Agricultural Financing Agency Pvt. Ltd. (NAFA)

“The union budget announcement is a testimony to policymaker’s intent of touching every aspect of the economy. The formation of the National Financial Information Registry to serve as a central repository of financial and ancillary information is an excellent decision. It is a smart step and will aid in solving the problem of lending, fostering financial stability, and encouraging financial inclusion in the country through aggregated data. It will support smaller NBFCS to bring cost-effective credit underwritings, particularly focused on MSMEs. It will also help to conclude End-to-end digital processing efficiently with standard checks and balances within a prompt turnaround time. The Vivad Se Vishwas initiative will boost the confidence of entities dealing with MSMEs as it covers the performance risk. The announced measure will have a butterfly effect on the credit sector as well as will provide cushion to create an engine of growth.”

Mr. Sudhir Pai, CEO of Magicbricks

“The Union Budget 2023 is a bonanza for affordable housing, with the strategic decision to increase the outlay for Pradhan Mantri Awas Yojana (PMAY) by 66%! This decision provides the much-needed impetus towards the vision of “Housing for all”. Further, with a 33% increment in infrastructure outlay, the Government is facilitating economic growth through job creation and investments which have a direct and indirect impact on the real-estate sector. It is also heartening to see that the government is maintaining its focus on furthering urbanization initiatives, especially with the outlay of INR 10,000 crores per annum for an Urban Infrastructure Development Fund (UIDF) for tier 2 and tier 3 cities. This would certainly give the required boost to the real estate markets in these cities, which have emerged as real estate growth engines in the past few years. 2022 saw a year-on-year increase in residential demand in cities like Bhubaneswar (12%), Coimbatore (27%), Jaipur (5%), and Nagpur (66%), amongst others, and this initiative will further elevate the livability index and appeal of these cities. Overall, the Union Budget is definitely positive and growth-oriented for the real-estate sector”, says Mr. Sudhir Pai, CEO of Magicbricks.

Mr. Nirav Dalal, Executive Vice President- Business Development and Chief Investment Officer, Shapoorji Pallonji Real Estate

“We welcome the measures announced by Finance Minister Smt. Nirmala Sitharaman in the Union Budget 2023–24, which indirectly aims to boost the real estate sector’s growth while also providing relief to consumers. The proposed increase in the income tax exemption limit to Rs 7 lakh will help boost real estate investment. This tax break will encourage homebuyers to invest more while simultaneously increasing revenue. Meeting the long-standing demand of the real estate sector, the cap deduction for capital gains on residential housing investment is set at INR 10 crore, which will undoubtedly benefit the real estate industry. As one of the important measures to support the market, there has been a 66% increase in the allocation to 79,000 crores in the Affordable Housing Fund (PMAY). The budget also has an emphasis on developing smart cities. The budget has allocated the Urban Infrastructure Development Fund (UIDF), which will be managed by the National Housing Bank and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities. The infrastructural development in these untapped markets will help the development of real estate here.”

Mr. Ramesh Doraiswami, Managing Director & CEO, National Bulk Handling Corporation (NBHC)

” The Union Budget 2023-24 proposes a continued focus on the key areas of improving farmgate infrastructure and promoting the use of technology to improve farm incomes. The creation of Digital Public Infrastructure for Agriculture is commendable as it will be an open source of information services for crop planning and health, improved access to farm inputs, credit, and insurance & market intelligence, which today are not available readily to farmers thereby limiting their income. The announcement of the Agriculture Accelerator Fund to promote rural entrepreneurship focussed on agriculture is another welcome step. It will be interesting to see the details of this fund since it could also stimulate rural employment. In the “International Year of the Millet”, the announcement to make IIMR Hyderabad a global center of excellence in millets is a big step forward as well. Overall, the budget presents a positive outlook for the agriculture sector and is likely to have a positive impact on the growth of agri-tech companies.”

Mahesh Viswanathan, CFO – Finolex Cables Ltd

“The Union Budget 2023-24 is forward-looking and positive. It reflects continuity in capital expenditure, which will mean increased growth potential and job creation. The government’s focus on the completion of the rollout of 5G services will increase application possibilities in several fields and this will create a high impact on the demand for communication cables and provide opportunities for companies operating in this sector. Additionally, the government’s focus on the electronics manufacturing sector, through incentives and tax benefits, is expected to boost the production of electronic devices, further increasing demand for communication cables. The budget also focuses on enhancing the ease of doing business where more than 39,000 compliances have been reduced. This is a welcome move for all the operating businesses. The revision of income tax slabs will leave more disposable incomes in hand which will boost the consumer durables sector. Overall, the Union Budget 2023 presents opportunities for the communication cables industry, but the ultimate impact will depend on various factors, such as the implementation of the budget’s proposals and market conditions.”

Mr. Mahendra Shah, Chairman, and Group Managing Director, V-Trans (India) Ltd

“The significant progress with many sustainable development goals has increased the Indian economy size from 10th biggest to 5th biggest in last 9 years. The Government has taken several encouraging steps to boost the infrastructure and transportation industry. Logistics, infrastructure, and transportation is the future of our country. This year’s budget has shown the government’s commitment to the logistics and infrastructure sector. This highlights India’s futuristic growth and commitment to elements like the Data Governance Policy, Centres of Excellence on AI, Green Growth, and the conventional thrust areas of infrastructure have also received a big boost. Though the Union Budget 2023 did not provide much specific attention to the logistics and transportation sector. However, the government did announce various initiatives aimed at improving the overall infrastructure of the country, which could have a positive impact on the logistics industry. These initiatives include the allocation of ₹1.97 trillion for infrastructure development, plans to build new airports and modernize existing ones, and investments in the development of the National Highways network. Additionally, the government’s focus on increasing the use of technology in various sectors, including transportation, could also benefit the logistics industry. However, the industry has called for specific measures, such as tax incentives and investment in technology, to boost its growth and competitiveness.”

Budget Reaction From Alok Dubey, Chief Financial Officer, Acer India

“The Union Budget unveiled today echoes the government’s objective of “Digital Development” for the country.

It places a high value on technology and innovation as a whole. Realizing the vision of “Make AI in India and Make AI Work for India” is projected to strengthen the country’s standing in the technology industry globally and generate numerous possibilities for the youth. The mention of lowering the minimum TDS threshold and clarifying taxability linked to online gaming is an encouraging step toward the gaming industry in India, and it is expected to open up more prospects in the following year. This year’s budget also has prioritized sustainability; this is a step toward a green future that allows businesses and SMEs to enter the market with green products and services; this is a commendable and promising move. Overall, the Union Budget 2023 is promising and represents a significant step toward digital transformation and holistic sustainable growth.”

Mr. Nemin Vora, CEO, of Odysse Electric Vehicles

Union Budget great encouragement for the automobile and EV sector

“With the budget announcement completed, we can see the emphasis on this year’s budget on wider adoption of Electric Vehicles for the public as well as private use. The introduction of the National Hydrogen Mission in India is a huge step towards making the country greener and more sustainable.

The government’s decision to increase the income tax rebate limit on personal income from Rs 5 lakh to Rs 7 lakh in the new tax regime is a welcome step for middle-class citizens. This step is likely to help the sector as more disposable income with salaried customers may give a supplementary push to demand personal vehicles.

Another significant announcement made by the government is the elimination of customs duty on capital goods imported for the manufacturing of lithium-ion batteries. This step is a boost for companies that are / would be manufacturing batteries for electric vehicles locally. Overall, this move by the Government of India is expected to have a positive impact on the lithium-ion battery industry, making it more accessible and cost-effective for businesses.”

Mr. Atul Temurnikar, Chairman and Co-Founder of, the Global Schools Foundation

“The Budget 2023-24 can be summed up in one sentence – more power to the people. As an educationist and entrepreneur, I see it as a focused attempt to put India on a superhighway of development. The announcement of deeper investments in digital and physical infrastructure for the benefit of the student community comes as great news as GSF looks to invest more in the younger generation for a better future for the country. The decision to start three centers of excellence for Artificial intelligence is also the need of the hour. Top educational institutions including GSF are extensively investing in AI, as an interdisciplinary tool for cutting-edge research and inventions. For schools, the decision to put more resources into teacher training comes as welcome news. With this budget, the aspirations of the youth match the priorities of the government. As a Foundation, now our responsibility has increased 10-fold to ensure that the vision of the government is fructified through committed investment in the Education sector.”

Mr. Suresh KV, President & Region Head, ZF India.

“The 2023-2024 Union Budget is welcome and leads us towards a cleaner and more sustainable mobility solution for a greener and cleaner India. This budget highlights significant positive initiatives for the automobile industry through a slew of announcements supporting state government and municipalities in scrapping pollution-causing vehicles. The scheme makes way for faster electric vehicle adoption and helps transition to cleaner mobility in the long run. Along with that, the prioritization of green growth will aid all energy-generating sectors – wind, hydro, and solar. The national green hydrogen mission, which was recently launched with an investment of Rs 19,700 crore will help the economy transition to low carbon intensity and reduce reliance on fossil fuel imports which would help guide the industry’s services toward smart logistics of the future. The increased outlay for infrastructure will also assist the transportation sector as a whole with a positive effect on logistics, light vehicles, industrial vehicles, and commercial vehicles.

At ZF we welcome this forward-looking budget that focuses on digitalization, green growth strategy, and cleaner mobility solutions for India’s inclusive development”.

Mr. Pratik Gadia, Founder & CEO, of The Yarn Bazaar

“The green growth mission will help the textile industry to get quality raw materials. Also, being one of the biggest polluting sectors, initiatives such as bio inputs research center, and cluster-based approach with a public-private partnership model will help the textile sector to grow as far as cotton and other natural crops are concerned.

The adoption of AI and opening up specialized resource centers will educate the youth of the country, and we have already seen AI in cotton farming. A lot of changes will be seen in the textile industry by integrating AI in the textile industry in the coming times.”

This is a growth-oriented budget” – Shri Ashish Kumar Chauhan, MD& CEO, NSE

“This is a growth-oriented budget, one of the best in years, with a focus on both infrastructure and job creation, while reducing income tax for pretty much everyone, and lots of money to states. The fiscal deficit has been reduced from 6.4% to 5.9% of GDP, with a clear path to reach 4.5% in the next three years. The focus on infrastructure, as seen in the rising capex outlay from Rs7.5lakh crore to Rs10 lakh crore, combined with PM Gati Shakti and this Government’s ability to execute, would be visible through roads, railways, ports, and airports and would translate into demand for basic materials like cement and steel on one hand, and consumer goods from all sections of the society, jobs on the other.

For the financial sector, the focus has been on inclusion, credit support to MSMEs, and simplifying, and enabling governance in the GIFT-IFSC through a number of proposed amendments. A single-window IT system across regulators would enhance business activity there. The establishment of data embassies would help against cyber threats. In this context, amendments proposed for improving bank governance and investor protection are welcome. Having an integrated IT portal for the IPEF would help claims on shares and unpaid dividends.

The middle class would welcome the revised tax slabs, higher savings limit for senior citizens, and incentives for the New Tax scheme.

The Budget would support growth and the Indian consumption story, keep us in good stead, given global headwinds in China and developed markets, and until the rest of the world eases.

Before the budget was presented, investors worried about a rise in capital gains. No change there has also created a positive reaction. Overall this is a very positive budget for the markets, with something for everyone. I give the Budget 10/10.”

Siddharth Raman, Deputy CEO of Sportz Interactive

“The increase in the overall budget for sports is quite promising. The next few months will see a huge focus on sports leading up to the Asian Games, the Olympic Qualifiers, and Paris 2024. The budget has provided a strong impetus for Indian athletes to get more global attention while using sport as a powerful tool for nation building.”

Alok Mathur, Co-Founder, Digi2L has the following input for the Post Budget

“The multiple policies for “green growth” and “digital infrastructure ” expressed by the Finance Minister in the budget speech is a welcome announcement for the consumer durable industry. This would promote the adoption of greener technology products and help in recommerce of older products in a sustainable manner to create a positive impact on the environment. Companies that have invested in building a digital infrastructure around this could get benefitted from the support from the government. Benefits announced for start-ups to carry forward losses from 7 years to 10 years is also an encouraging step towards atma nirbhar bharat. Alok Mathur, co-founder and CEO of Digi2L.”

Mohit Ralhan – Chief Executive Officer, TIW Capital

“It’s a forward-thinking budget with a focus on creating a blueprint to make India the third-largest economy. This budget has kept all constituents of the economy in mind, be it infrastructure building, creating manufacturing jobs, marching towards green energy, middle-class taxpayers, rural welfare, and poor citizens. Bridging the infrastructure deficit is the top priority for this decade and the increase in capital expenditure by 33% along with the highest-ever allocation to railways is a big step in this direction. The announcement of several favorable indirect tax proposals, such as a reduction in the highest surcharge rate to 25% from 37%, a reduction in customs duties, etc. should boost domestic manufacturing creating much-needed employment opportunities. The government continues to emphasize on the transition to green and India’s commitment to reach a zero net carbon emission status. The 66% increase in allocation to PM Awas Yojna and the increase in tax exemption limit to INR 7 lakhs should result in an increase in consumption spending. The government has skilfully walked the tightrope between job creation and controlling the fiscal deficit, with the target of getting it below 6% of GDP. overall, I believe this budget has hit all the right notes and provided the right impetus to propel India as a leading economic powerhouse”

Neha Singh, Co-founder, Tracxn

“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 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”

N Chandrasekaran, Chairman, Tata Sons

Given the challenging macro backdrop of slowing global growth and tightened financial conditions, Finance Minister has aptly prioritized growth.

I welcome the move to more productive expenditure, budgeting capital spending of Rs 10 lakh crore—a 33% increase over the previous year and the highest in the past two decades as a share of GDP. At the same time, the revision of income tax slabs under the new tax regime should increase purchasing power for many. Loan guarantees and other assistance toward MSMEs, a focus on tourism, and measures announced for the care economy (like new nursing colleges) will boost job creation. The budget also remains committed to shared prosperity by extending the free food scheme for one more year.

This budget shows not only the kind of policy support that is necessary for the economy at this moment but also strengthens the strategic foundations for our long-term growth. We are witnessing three major transformations globally: rapid digital adoption, the rebalancing of supply chains, and environmental sustainability. This budget helps position India to play a leading role in all three transformations

Mr. Anil G. Verma, Executive Director & CEO, Godrej & Boyce

“This is a balanced and inclusive budget that will provide further impetus to growth. The renewed thrust on investment in infrastructure will drive the productivity of our economy and generate employment. Our competitiveness in the global economy will also be improved through the thrust on research in fields like 5G services, AI, and agriculture. Together with the initiatives to reduce the compliance burden and de-criminalize several regulatory provisions, it will improve the ease of doing business in India and attract fresh investments.

Measures to improve rural incomes and reduce personal income tax rates will deliver more disposable income to the hands of people, driving consumption. This will likely generate a virtuous cycle of fresh investments leading to higher employment, incomes, and productivity, further spurring consumption. The Green growth focus will orient the entire economy towards adopting sustainable practices in all areas and put us in a good position to play our role in the efforts to improve the future of our planet.

The key to the realization of the planned outcomes is effective implementation.”

Kami Viswanathan, Senior Vice President, FedEx Express, Middle East Indian Subcontinent and Africa (MEISA) Operations.

“The Union Budget 2023 demonstrated the Government’s vision to expedite infrastructure development, with the announcement to increase capital expenditure. This will help put the economy on an accelerated growth path.

Furthermore, the budget emphasizes the government’s commitment to the “green growth” approach. The indirect tax proposals to boost green mobility will provide a further impetus to accelerate the adoption of EVs in India. This initiative also resonates well with FedEx’s own global goal of achieving carbon-neutral global operations by 2040.

Lastly, the measures taken to support and enable MSMEs in India, who play a pivotal role in burgeoning the Indian economy, will help accelerate the sector’s growth trajectory.”

Mr. Amar Ambani, Group President and Head- Institutional Equities, YES SECURITIES

“In her shortest budget speech which lasted 87 minutes, the sweet spot, without doubt, was the capex intensity budgeted by the Finance Minister. Spurred by a tax bonanza, thanks to the formalization of the economy and inflation, the FM accelerated the capex run rate. Apart from the central investment, states have been allocated a higher share of money with incentives in place to generate a higher spend on capex.

Even though this was the last budget before elections, it’s not been a populist one, with total expenditure estimated to rise by just 9% yoy. This is justified as a large part of spending and expenditure growth took place during the two years of Covid. Subsidies too have been cut after a big rise in the last couple of years.

On the fiscal front, the deficit numbers are in line with our expectations for FY23 as well as the target for FY24. With the formalization of the economy, we are upbeat on continuance in tax buoyancy and given the present intent on careful expansion in revenue expenditure, it is possible to walk on the FRBM roadmap.”

Dr. Anish Shah, Managing Director & CEO, Mahindra Group

“This is an outstanding budget as it is disciplined, growth-oriented, inclusive, and sustainable. The Finance Minister has done a commendable job by tabling a budget that is big on consistency and driven majorly by capex. The steep increase in capex, to the tune of Rs 10 lakh crore, will ensure the continuum of cyclical recovery. Capex spending is good because it has a higher multiplier effect: every rupee spent on capex has a multiplier of Rs 3 as compared to just about Rs 0.9 for revenue expenditure. That apart, higher capex also creates jobs in the hinterland. The focus on core infrastructure, including increased funding for railways and clean energy, as well as the government’s ambitious plans for the agricultural sector, will help to improve rural incomes. Above all, it is encouraging to see the government setting the pace for climate action by announcing a “green budget” that will pave the way for a greener, cleaner planet.”

Rajesh Jejurikar, Executive Director (Auto & Farm Sectors), Mahindra & Mahindra Ltd.

“The Budget has struck the right balance between managing growth and fiscal prudence. The reduction in income tax and other taxes will put more money in the hands of consumers, driving consumption and growth in the economy. The Government’s focused investments in infrastructure will support long-term sustainable economic growth. The budget enhances the positive sentiment in the country when the global environment has uncertainty.”

Mr. Rampraveen Swaminathan, MD, and CEO, of Mahindra Logistics Ltd

“We welcome this budget as it focuses on sustainable growth and infrastructure development. The announcement of setting up an Urban Investment development fund (UIDF) for Tier 2 and Tier 3 cities will provide a much-needed boost for smoother and faster logistics transportation and will further ensure greater connectivity in tier-2 and tier-3 cities. Identifying 100 critical transport infrastructure projects will have a positive impact on the nation’s last and first-mile connectivity. Additionally, the announcement of 50 new airports, helipads, and aerodromes will enhance the regional air connectivity across the country whereas the highest ever allocated capital outlay to Indian Railways will add to the smooth connectivity between different points of the country and easy and faster freight movement.”

Ms Ranjita Raman, CEO, Jaro Education

“The Budget 2023 saw the Government lay its focus on skilling of youth – students and salaried professionals, which resonates heavily with the work that the edtech sector is doing. The Budget specified that there will be courses provided in areas like AI, IoT, Robotics, and other soft skills, to steer the youth toward meeting the demands of today. At Jaro Education, we have also been striving to provide courses to our consumers around these new-age requirements. The Government encouraging the same goes a long way in putting it under the spotlight. The Pradhan Mantri Kaushal Vikas Yojana 4.0 is now being united with the needs of Industry 4.0 to align education courses that meet the needs of the industry.

The Edtech industry was hoping for support from the Government in the form of schemes and incentives for improving online initiatives. We hope the Government revisits GST on education, especially higher education, and upskilling courses. The current GST on education services is 18%, which is for luxury items. In the current industry dynamics, such education is not luxury but essential and hence, we hope for consideration on the same.”

Mr. Vijay Chandok MD & CEO – ICICI Securities

The Union Budget is a testament to the government’s vision of achieving a technology-driven and knowledge-based economy, with strong public finances.

The government’s focus on capital allocation is a clear indicator of its intention of bolstering growth and employment in the country. We believe the increment in capital investment outlay for the third year in a row by 33 percent to 10 lakh crore will empower the government to create an efficient ecosystem that renders extensive growth and prosperity in the country.

The new proposed tax regime will provide major relief to all taxpayers, especially middle-class people, by providing higher disposable income in their hands. This will enable them to explore more investment avenues and leverage the increasing prowess of the Indian economy. Further, the government’s decision of allowing SEBI to develop, maintain and implement norms and standards for education in the National Institute of Securities Markets (NISM) will enhance the competencies of functionaries and professionals in the securities market.

Consumer Tech Expert Reaction

Mr. Varun Gupta, Founder & CEO, of Boult Audio, said, “Budget 2023-24 seems promising for the consumer electronics sector. As the Indian government plans to set up three Centres of Excellence for Artificial Intelligence with the goal of research and development of practical AI applications in various sectors. Realizing the vision of “Make AI in India” and “Make AI Work in India” will enhance the paths towards success for the consumer electronics sector, thereby increasing opportunities and production with cutting-edge technology. Enhanced limits for micro-enterprises and professionals to take advantage of presumptive taxation have opened many opportunities for the industry. Also, the key point that a deduction on payment made to an MSME will be allowed if the payment is actually made has clarified many obstacles. Considering the fact that the Indian consumer electronics market size is expected to expand at a compound annual growth rate, the country provides a global opportunity for average consumer spending. And with the budget announcement regarding the new tax regime to be extended to INR 7 Lakh instead of 5 Lakh as the previous year; middle-class consumers will increase spending on electronics and gadgets. The extended cash withdrawal for co-operative societies – up to INR 3 Crores is an addition to the set of relief aids for the industry.

Health-Tech Expert Reaction

Mr. Pankaj Balwani, Founder, of Xplore Lifestyle said, “As far as keeping macroeconomic stability is concerned, the budget has definitely ticked all the boxes. The setting up of multidisciplinary courses for medical devices in existing institutions as well as the provision for new-age courses under PM Kaushal Vikas Yojana such as coding, AI, robotics, mechatronics, IOT, 3D printing, drones, etc would definitely have a multiplier effect while also giving an impetus to the skilling and upskilling of MedTech professionals in the country. Relatedly, the promotion of pharma research through sharing of research at ICMR labs and centers of excellence will also help in this endeavor. However, even as we wait for the fine print, as a MedTech solutions provider, we would have expected the government to announce reductions on customs duties and GST on medical devices. Also, the government could have expanded the scope and budget for PLI programs for medical devices in today’s budget.

EV Expert Reaction

Mr. Akshit Bansal, Founder & CEO of, Statiq said, The union budget for 2023-24 will pave the way for the green empowerment of the country and reflects the progressive attitude of the government toward sustainable development. We welcome the vision of the government of India in establishing and boosting the focus on green growth. As India’s new budget envisions 7 priorities, green growth is among the top priorities of it. In its budget, the government has announced a large sum of Rs 35,000 crore to be allocated towards achieving the net zero goal and energy transition. The government has set its target to reach green hydrogen production of 5 MMT by 2030. This will encourage the private sector involved in green renewable energy-based products to expand their business and invest more in the business of green energy. The government’s green growth efforts will help in reducing carbon impact, promote green alternatives and create space for employment. It will enable the use of green-based products at a larger scale among the common public. The government’s green signal to green growth will give an edge to companies like electric vehicle manufacturers to market their products and enhance the opportunities for industry players to cater to their target audiences. This will also help in meeting the carbon offset program of various companies in the green sector.”

Mr. Raghav Arora, Co-Founder & CTO, Statiq said, The big push for artificial intelligence in the union budget 2023-24 signifies that the government is ready to go on a large-scale technological ride. This decision is going to prove constructive for existing and emerging startups. The government’s announcement of setting up 3 centers of excellence for artificial intelligence (AI) to research and develop cutting-edge applications in India will be a major breakthrough for tech-involved companies. These centers will be set up in top educational institutions where students will also learn new innovations in artificial intelligence, upskilling them to become experts in artificial intelligence and its related trends. It will create a space for potential employment opportunities as well. This move will cater to the government’s vision of ‘Make AI in India. Make AI work for India’. With the help of AI advancements, there will be an effective AI ecosystem in which companies can grow beyond expectations. In this system, leading industry players will contribute to conducting research and developing innovative solutions in different sectors.

Edtech Expert Reaction

Mr. Aarul Malviya, Founder of Zamit said*, Union budget 2023-24 reflects that the government is profoundly interested in bringing a digital revolution in the education sector and promoting the use of artificial intelligence in education. We are glad that the government’s new budget is in line with India’s ed-tech sector. With the government’s announcement of establishing a National Digital Library for children and adolescents, the ed-tech sector will definitely get a boost; it will create a digital ecosystem in the education sector and encourage digital education. It will largely benefit the students who are lagging behind due to the pandemic. This budget has also highlighted the importance of artificial intelligence in the education sector by announcing the establishment of 3 ‘Centres of Excellence’ for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’. This step is going to encourage ed-tech companies and start-ups on an enormous scale. The government has introduced the National Data Governance policy which will enable access to anonymized data. The decision of the government to set up 100 labs in engineering institutes for developing apps using 5G services will bring new opportunities in enhancing the concept of smart classrooms and enabling extensive reach of education. However, even as we still wait for the fine print to come out, perhaps the government could have also announced a reduction of taxes on online learning programs as well as incentives for those providing digital education and skilling programs in the private sector.

Sachit Nayak, Country Controller & Finance Director, Eaton, India.

The pathbreaking budget would drive the Indian economy and deliver on Amrit Kal’s goals. FMs seven saptarishi is a step in the right direction and aptly will catapult the Indian economy to newer heights. FM has touched major segments wherein significant investment outlay has been budgeted that are growth drivers i.e. Infrastructure, Railways, agriculture, MSMEs, cooperatives, etc. another notable thing is the discipline to get the fiscal deficit to under 4.50% progressively in the next 3 fiscal years. Middle-class income taxpayers would be in a happy camp with 5 key measures. This should help drive consumption thereby fueling growth in the economy. Reducing basic customs duty structure, simplifying the tax structure and several sops for agriculture & cooperatives are positives. Overall, I will classify this as a growth budget, which will lead to ease of doing business and attract investments.

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