Budget 2023 reactions: Finance Minister Nirmala Sitharaman unveiled the Union Budget 2023. Besides making announcements for the various sectors, the Minister also disclosed new plans for the technology, make in India, infra and BPM.
IT, Retail, MarTech, Mobile Accessories, Logistics and BPM industry reacting positively, Leading industry figures have shared their reactions to the Union Budget 2023, and we have compiled some of these below.
Durga Prasad Chalavadi, Chairman and Managing Director, Sai Silks Kalamandir Ltd, one of the largest retailers of ethnic clothing, mainly sarees.
“The Budget 2023 proposals will significantly increase consumption. It has put more money in the hands of the people through relief from Income Tax, which is a very great development. A reduction in income taxes should increase the disposable income of households and promote consumption. All facets of society - women, the middle class, and professionals alike - will profit from the government's commitment to promoting growth and welfare-oriented measures.”
Sridhar Seshadri, CEO, Spotflock Technologies, a deep tech company specializing in AI, machine learning, and natural language processing.
“Government has outlined focus on artificial intelligence (AI) led skill-development by announcing the establishment of three centres of artificial intelligence. The growth of new-age technologies like AI and machine learning (ML) is a great opportunity for India, given its large labour pool, which can be upskilled and reskilled. After ‘Make in India’, we firmly support the government's initiative to "Make AI in India, for India" and turn India into a major global digital force.
Further focus on actively implementing AI in healthcare, agriculture and sustainable cities would open lots of opportunities for Spotflock.”
Ishank Joshi, CEO, Mobavenue Media Private Limited, Adtech and Martech company
“All eyes were on the government's plan for the online gaming industry. However, during her speech, Finance Minister Nirmala Sitharaman said that the government will issue clarity on the taxation regime for online gaming. The gaming industry is growing rapidly in India and is anticipated to expand to new heights in the years to come. The sector can reach its full potential and significantly boost the national economy with the correct government backing. Simplification, harmonization, and capacity building will consolidate the growth path of the economy.”
N D Mali, Founder, KDM, leading consumer lifestyle & mobile accessories brand.
“The reduction in custom duty on certain mobile phone components will not only bring down prices but will also promote manufacturing in the country. A big thumbs up to budget for ‘Amrit Kaal’. It’s a budget for the middle class, Amrit Kaal and Aatmanirbharta. It’s a growth-oriented budget with focus on inclusive growth.”
Akshay Chhabra, Managing Director, One Point One Solutions, a leading player in Business Process Management (BPM).
“The new income tax regime will boost private consumption and demand. This will drive growth of many brands and demand for services which would boost our KPO services which is very positive for us.
The Budget stands out for placing a stronger focus than ever before on the creation of digital infrastructure. Greater employability will be ensured by upskilling the youth in cutting-edge subjects like robotics, AI, and drones through the PM Kaushal Vikaas Yoajna 4.0 and industry partnership. The 30 international Skill India centres, which are centred on developing technologies and strongly emphasise on-the-job training, will add to the nation's growing knowledge capital, positioning India as a strong digital contender.”
Nitin Kalla, Founder and Managing Director, EXZOD India, a leading player in pallets manufacturing.
“All eyes were on the government's strategy for the logistics sector in the hopes that the Budget will propose steps to boost the infrastructure for supply chain management and initiatives like the National Logistics Policy. However, the Finance Minister got points for both economic growth and providing the average citizen with more personal disposable income. This budget will enable domestic consumption growth, while enhancing business and investment sentiment for corporates.”
L N Ramakrishna, MD, Bodhtree Consulting Limited, global IT consultant and software service provider
The Budget has proposed a major digital push with emphasis on digitization across government schemes and enabling growth pathways for the Indian economy. Sectoral initiatives in health, fintech, and agriculture can all create opportunity for businesses like ours, so overall, digital focus is positive for the tech sector.
Dr. Minto Purshotam Gupta, Chairman and Managing Director, Deccan Healthcare, nutraceutical and cosmeceutical products company
The Government’s continued focus on healthcare is commendable, as healthcare as a segment no one can ignore. The focus of the people has moved from healthcare to preventive healthcare especially after Covid 19.
Initiatives like 157 new nursing colleges, new public and private R&D centers in healthcare by ramping up facilities in select ICMR labs, are in the right direction.
Post Covid this is a big achievement. World has started realising the importance of traditional medicine. India is proud to be the location for WHO Global Centre for Traditional Medicine. Covid pandemic has made us explore and get more vigilant towards the ancient traditional medicine for health and wellbeing. Even the most ardent preachers of the nearly 150-year-old modern medicine have softened and are now investing time, efforts and money in traditional medicine that has been there for 1000s of years.