The Rs 35,000-crore capex allocation for energy transition announced in the Union Budget will have multiplier effect in areas like green fuel, green energy, green farming, and green mobility, among others, power sector players said. The industry has long been advocating harnessing Ladakh’s higher solar potential, and allocating capital to create evacuation infrastructure to boost the industry. The GOBARdhan Scheme for promoting a circular economy with a total investment of Rs 10,000 crore is another landmark step and will give a fillip to greening the economy, he said. – PTI

‘The Budget 2023 announcement brings forth a bright opportunity for the innovative minds in India. The government’s initiative to promote pharmaceutical innovation in the country by leveraging centres of excellence is encouraging, and will provide impetus for public-private partnerships to emerge and deliver high-quality products for India and the world. We applaud the government’s efforts to promote education, medical research, and are enthralled by its decision to increase the capital investment outlay for a consecutive third year, which is guaranteed to attract private investments, helping the pharmaceutical and ancillary industries achieve true growth,’ Dr. Deepak Birewar, Chairman and MD, Inventys Research Company

“The 66% increase in the allocation to Prime Minister Awaas Yojana to Rs 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,” says Samir Jasuja- Founder & CEO- PropEquity.

“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,” he added.

“We are elated at the government’s recognition of skill development and education, as an organisation that strives to encourage these values. Arranging for new Skill India centres as well as a new Skill India platform can make the process accessible to every willing and interested student across the nation, along with providing them the proper avenues for on-field experience. The implementation of a pan-India apprenticeship scheme is another step in the right direction. As time flows, we will see the impact of these moves. The right aid and guidance from the government will surely take our nation’s youth ahead,” says Abhishek Mitra, CEO and Founder of Indian Cyber Security Solutions

Sukhbir Singh Badal, president of Shiromani Akali Dal, calls Union Budget 2023-24 as one against farmers. Nirmala Sitharaman has disappointed rural poor and youth, besides failing to do anything to revive the agricultural and the industrial sector in Punjab, says Badal.

‘The Union Budget FY23-24 is an extremely progressive and inclusive one with a huge focus on infrastructure and capex growth while maintaining the fiscal consolidation path. With fiscal deficit being reduced to 5.9% whilst providing an extremely bullish capex investment of Rs. 10 lac crs (highest ever); will in effect convert revenue expenditure to capital expenditure which has a higher multiplier effect. It will also mean net borrowing by the Govt being lower than anticipated at Rs. 11.8 lac crs and that augurs well for the bond market and the corporate sector as a whole. Moreover with tax relief at an individual level would mean an additional Rs. 35,000 crs available for consumption. Fuelled by ease of doing business related policies and regulations, this will bolster growth especially in the highly regulated financial services space. For a category like general insurance, these macro-economic indicators would provide the much-needed thrust for bridging the penetration gap in the country.

There are some pertinent developments that will enable growth for the industry in the longer horizon. The focus on tourism will pave the way for not just generating employment and investments but also travel insurance in the long term. We have always been zealot about capacity and capability building in health arena and Govt setting up nursing colleges is a positive development. Infact I believe the CoE on AI being set up could be a game changer with access to right talent pool in India. On the auto front, the old vehicle and ambulance scrapping policy is a step in the right direction. Overall, the budget this year has been growth oriented while also being fiscally responsible which is laudable,’ Bhargav Dasgupta, MD & CEO – ICICI Lombard

‘The Union Budget 2023 places a strong emphasis on environmental responsibility. The ‘Panchamrit’ initiative is aimed specifically at achieving net zero carbon emissions by 2070, thus contributing to the green growth of the nation. Continuing to provide impetus for EV adoption in India, the government has taken robust steps through exemptions on customs duty levied upon the machinery imported for the manufacture of lithium-ion cells for EV batteries. The budget has also adequately covered infrastructure development by allocating INR 75,000 crore, including private investment, towards improving first- and last-mile delivery. As a part of the logistics sector, we are extremely elated at the announcement of these provisions, since they will help solve the current connectivity issues facing the industry while building a more sustainable future for logistics, where efficiency and environmental responsibility come together to form a sustainable ecosystem,’ says Zaiba Sarang, Co-founder, iThink Logistics.