Budget LIVE: Rs 35,000 cr for net-zero carbon emission goals, says FM

Finance Minister Nirmala Sitharaman presented the last full Budget of the Modi government before general elections 2024 on February 1. Catch all latest updates on Union Budget 2023-24 here

6:59 PM

Rise in capex will have incremental effect on economic growth: Nikhil Agarwal, President, CJ Darcl Logistics

Commenting on the Union Budegt 2023 announced on Wednesday, Nikhil Agarwal, President-CJ Darcl Logistics said, “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."

 

He further added, "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."

6:56 PM

Union Budget 2023: Key announcement for startups

• Agriculture accelerator funds for startups in rural areas
• Carry forward of losses from 7 to 10 years since date of incorporation
• 100 joint commissioners for disposal of small appeals

6:38 PM

The 66% rise in allocation to PMAY is a boost for affordable housing: Samir Jasuja- Founder & CEO- PropEquity

“The 66 per cent 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,” said Samir Jasuja, Founder & CEO- PropEquity.
 

He further said, "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.”

6:15 PM

A smart budget in challenging times, says N Chandrasekaran, Chairman, Tata Sons on Union Budget 2023-24

"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 per cent 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," said N Chandrasekaran, Chairman, Tata Sons.

6:11 PM

Significant and sustained push on Infrastructure spend: Baba Kalyani, Chairman and MD, Bharat Forge Ltd

Baba Kalyani, Chairman and Managing Director, Bharat Forge Ltd. said, "Government policy formulation is a consultative process and the successive budgets including todays is a strong reflection of this process, aimed at promoting a virtuous cycle of growth and employment. Significant and sustained push on Infrastructure spend, Railways, Green Technologies and Defence is a welcome measure. Overall direction to take India on the trajectory of a technology-driven and knowledge-based economy coupled with productive capital investments will have long-standing benefits in driving inclusive financial growth and enhancing per-capita income levels."

6:10 PM

A growth oriented Budget with focus on capital expenditure, consumption: Ajay Piramal, Chairman, Piramal Group

Ajay Piramal, Chairman, Piramal Group said, "The Union Budget FY 24 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 INR 10 lakh crore 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 per cent of GDP for 2023-24 will strengthen public finances and make the financial sector more robust."

 

He further said, "Skilling of youth is pivotal for a developing economy. Initiatives such as The National Education Policy, formulated to provide youth with employable skills will create more jobs. The budget has strongly focused on education to make up for the learning losses incurred during COVID-19. Announcements of setting up a new national digital library for children and recruitment of teachers and support staff are welcome steps towards strengthening the sector. We will continue to assist the Government in the Aspirational Districts Programme as well as the Aspirational Blocks Programme which will focus on 500 blocks and further help in accessibility of essential government services. We welcome the launch of the PMPVTG Development Mission, aimed at improving socio-economic conditions of tribal groups, and would like to collaborate with the government at every step to achieve our overall SDG Goals.”

 

 

6:02 PM

A balanced budget focusing on consumption and capital expenditure: Raghav Swaminathan, CFO, Wipro Enterprises

Raghav Swaminathan, CFO, Wipro Enterprises said that the company believes this is a balanced budget focusing on consumption and capital expenditure, the two pillars driving economic recovery. He said that this will give a positive impetus to equity and Debt market participants and the economy at large.

He said, "The thrust on Capital Expenditure continues to be the key focus area of government which is the need of the hour, and it has a domino impact on all ancillary industries. The total Capital Expenditure projected for FY24 is ~ INR 13.7 Trillion vs. INR. 10.5 Trillion in FY23. The Capex expenditure has grown @ 17 per cent CAGR for the last eight years, reflecting the government's commitment. There is also a significant increase in the allocation towards the transportation Sector which sees a significant jump in excess of 32 per cent for FY24 (Rs. 5.17 Trillion in FY24 vs. INR. 3.9 Trillion in FY23). The focus on the rural sector, with increases in agriculture credit,  allocation of funds towards agri-based startups, and building up the supply chain on Sri Ann, augurs well for the FMCG industry, which could potentially boost rural consumption."

5:58 PM

Union Health Minister Dr Mansukh Mandaviya hails Budget 2023 for provisions towards ending sickle cell anaemia

Union Health Minister Dr Mansukh Mandaviya said that an important announcement was made in this budget for the Ministry of Health on Wednesday. He said, "A govt lab will be opened for those doing research in the health sector. The country should be free from sickle cell anaemia when it is celebrating 100 years of independence. Sickle cell anaemia is a very common disease in our tribal population. It has been announced in this budget that work will be done in mission mode to eliminate sickle cell anaemia and it will be eliminated by 2047."

5:41 PM

The Budget has persisted on responsible and progressive path: DP Singh Deputy MD & CBO, SBI MF

In his comments on the Union Budget announced Wednesday, DP Singh Deputy Managing Director & Chief Business Officer , SBI MF said, the Budget has persisted on the responsible and progressive path adopted in the last few Budgets. He said, "The focus on infrastructure was expected, but the quantum of allocation for capital expenditure has come as a reassuring and positive surprise. Moreover, the relief in personal income taxes across all levels of taxpayers is likely to act as a sentiment- and consumption-booster for the economy. The budget speech also laid the required emphasis on the financial sector and its contribution to nation building. These measures will positively influence the behavior of investors. Important capacity-building initiatives ranging from financial inclusion to artificial intelligence are long-term positives for the economy. All of this has been done without any compromise on fiscal prudence. Such a balancing act is praiseworthy."

5:39 PM

This is a balanced and inclusive budget, says Anil G Verma, Executive Director and CEO, Godrej & Boyce

According to Anil G Verma, Executive Director and CEO, Godrej & Boyce, it is a balanced and inclusive budget which will provide further impetus to growth. He said, "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-criminalise several regulatory provisions, it will improve the ease of doing business in India and attract fresh investments."

5:33 PM

Budegt focuses on inclusive development, says Samantak Das, Chief Economist at JLL

Samantak Das, Chief Economist, and Head of Research and REIS, India, JLL said, “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.”

5:32 PM

A well-rounded progressive and inclusive budget, says Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank

According to Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank, Budget 2023-24 is a well-rounded progressive and inclusive budget. He said, "The focus on important parameters like boosting consumption and inclusion is a welcome measure for our growing economy. The government has laid an important thrust on Capital Investment which will enhance consumption and create employment, both of which have been important areas of attention, especially post the pandemic. Allocation of the Budget to PM Awaas Yojana will further boost the housing sector. Support to  MSME sector along with enhancement of credit guarantee scheme will provide much needed relief to the sector. The new slabs of taxes will further help boost economic parameters like consumption, thus providing more impetus to economic growth."

5:31 PM

Budget is growth oriented and yet prudent and responsible: Ajay Singh, Chairman & Managing Director, SpiceJet

Ajay Singh, Chairman & Managing Director, SpiceJet said that the budget is growth oriented and yet prudent and responsible. He added, "Coming as it does in a year when India has assumed the presidency of the G20, it is an object lesson in how an economy should be managed in a crisis. Today, our economy is growing at the fastest pace in the world, inflation is reducing, fiscal deficit is under control and the country continues to increase spending on infrastructure. Truly, India is the bright spot in an uncertain world."

5:30 PM

Budget provides a strong guard against global headwinds: Rajiv Sabharwal, MD & CEO, Tata Capital Ltd

While commenting on the Union Budget 2023, Rajiv Sabharwal, MD & CEO, Tata Capital Ltd said, "Budget 2023 has included a series of measures for inclusive socio – economic development. The Indian government with its 7-priorities and a greater focus on Financial Sector and infrastructure & Investment have stepped in the right direction. The Capex increase of 33 per cent and a capital outlay of Rs 2.40 trillion for railways is a bold move to create jobs and improve the infrastructure development in the country. The overall quality of expenditure outlay provides a strong guard against global headwinds and will create impetus for private investments. This will also offer a vast scope for domestic consumption. Strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy."

5:27 PM

Budget good for youth: Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital

"The budget will help in maximising the advantage we have due to the demographic dividend by skilling our youth in AI, Industry 4.0,  green energy & other futuristic technologies. The focus on job creation and skilling in this budget is a step in the right direction to completely rebrand India from a hub for price arbitrage to talent arbitrage. Further, the initiatives mentioned in the budget will not only strengthen India as global office but also as global manufacturing & design destination," said Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital in his remarks on the Union Budget 2023.