RC Bhargava to Sanjiv Puri: BS jury welcomes focus on digital infra, growth

Private sector investments will be further facilitated by continued emphasis on infrastructure development and a higher provision for capital expenditure, said R C Bhargava, Chairman, Maruti Suzuki

Sunil Bharti Mittal, Founder & chairman, Bharti Enterprises

Today’s Budget cements India’s impressive growth trajectory. From a digital standpoint, the decision to set up centres of excellence; labs; and skilling units on artificial intelligence; 5G and futuristic technologies respectively is a prescient move. Increase of outlays to Rs 10 trillion on capital investment in infrastructure will foreseeably have positive ripple effects across India Inc.; and will contribute to additional employment generation. The consistent move to simplify compliances will undoubtedly aid our efforts to develop India as a manufacturing hub and attract more investments, ensuring we reach our target of becoming a $10-trillion economy.

R C Bhargava, Chairman, Maruti Suzuki

The government’s priorities for several years have been economic growth, creation of employment and better living standards of the weaker sections. Private sector investments will be further facilitated by the continued emphasis on infrastructure development and a higher provision for capital expenditure; by the drive to make doing business easier; by the steady move towards financial consolidation and by digitisation and speedier settlement of tax disputes. The programmes to benefit the weaker sections and create employment also continue with enhanced budgets. The various moves towards a greener economy are welcome. Overall, a very professional and excellent budget.

Sanjiv Puri Chairman & MD, ITC

I must congratulate the FM for presenting a progressive and growth-oriented Budget that addresses the key priorities of sustainable, competitive and inclusive development, guiding India’s journey into the Amrit Kaal. The Budget is futuristic with multi-dimensional measures that will reinforce India’s predominant position in the global economy whilst having a transformative impact on farmers, youth, women and the bottom of the pyramid. Path-breaking interventions in agriculture, including the Agri Accelerator Fund to encourage agri-tech start-ups, increase in agri-credit, adoption of cluster-based agri value chains will augur well for the rural economy.

TV Narendran, CEO & MD, Tata Steel

The Budget is consistent and comprehensive. It has continued the focus on infrastructure and has also tried to address issues related to consumption as well as employment. There are a number of actions to address the short-term issues while also allocating resources for the long-term transition to a greener future. The focus on tourism as well as on the middle class and the salaried employees helps ensure there is something for everyone.

N Chandrasekaran, Chairman, Tata Sons

Given the challenging macro backdrop of slowing global growth and tightened financial conditions, finance minister has aptly prioritised growth. I welcome the move to more productive expenditure, budgeting capital spending of Rs 10 trillion — a 33% increase over the previous 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, rebalancing of supply chains, and environmental sustainability.  This Budget helps position India to play a leading role in all three transformations.

Amit Syngle, MD & CEO, Asian Paints

A well-intentioned Budget with emphasis on laying the groundwork for long-term inclusive and sustainable growth trajectory. Initiatives like focus on the skilling agenda, ease of doing business... augur well for the long-term India story. In the immediate term, it targets fiscal consolidation providing the much-needed macro stability in an uncertain external environment and yet provides strong impetus for fostering growth by large outlays on capital & infrastructure spends and boosting domestic consumption. This will lead to a strong multiplier effect with the private sector also looking at investments, specifically in manufacturing, as we look to play a larger role in the global supply chain networks.

Ajay Piramal, Chairman, Piramal Group

The Union Budget FY24 should be seen in the light of the potential global economic headwinds in the time to come. Towards that, a growth oriented Budget with focus on capital expenditure, consumption with an eye on fiscal consolidation is commendable. I believe the Budget spells out measures that will help steer India’s economy. The steep increase in capital expenditure by 33% to Rs 10 trillion is a welcome move as it will create additional job opportunities and enable sustained economic growth. The government’s projection of fiscal deficit at 5.9% of GDP for 2023-24 will strengthen public finances and make the financial sector more robust.

Dinesh Khara, Chairman, SBI

The Union Budget is growth accretive, fiscally prudent and consumption supportive. The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and agriculture will broad base the credit growth. Specifically, the PM VIKAS scheme will enable the integration of artisans with the MSME value chain. The creation of digital public infrastructure for agriculture will substantially reduce cost of operations and the savings can be passed on to farmers by lowering lending rates. Reasonable government borrowing numbers will support lower interest rates.

Sajjan Jindal, Chairman, JSW Group  

A 40% increase in the income tax rebate limit from Rs 5 lakhs to Rs 7 lakhs is a huge comfort that this budget has given to our middle-income group and is a great step to strengthen their finances. More money in the pockets, more spending! The scheme to support central & state government and municipalities in replacing their old polluting vehicles is another master stroke. This government has been giving a huge push to the infrastructure upgradation and an increase in spending on road & rail infrastructure is a testament to their philosophy. This will help maintain the momentum of our economic growth, contrary to the world scenario. Overall, I believe it's a great Budget and will complement India's growth story.

Ashok Hinduja, Chairman, Hinduja Group of Companies (India)
 

Overall an excellent Budget with focus on all sectors. Clearly, the Centre has given a lot of thought on specific areas needing attention.  Funding for agricultural innovation, millets and food grains is commendable. The Rs 79,000 crore outlay under the PM Awas Yojana will give an indirect boost to lower-income groups. Focus on green hydrogen, facilitating growth of renewable energy, environment-related initiatives on vehicle scrapping policy and replacement outlay, waste management and governance initiatives like E-courts, ease of compliances and boost to public digital infrastructure are great initiatives. FM’s direction on improving regulation making of financial markets is most welcome.