CAIT terms Union Budget 2023-24 as a ‘Progressive Economic Document’
Team L&M
The Confederation of All India Traders (CAIT) has welcomed the Union Budget 2023-24 terming it as a comprehensive and progressive economic document which ensures development of each and every sector in a structured way and provides ease of doing business to traders, ensuring robust growth in health sector and other services. “Efforts to benefit the small manufacturing units will leverage the trading sector since the manufacturing goods and consumable income will come to economy and therefore will meet the current challenges of financial liquidity in the trading sector,” said CAIT National President BC Bhartia, Secretary General Praveen Khandelwal in a joint statement. “With seven priorities in the budget, the finance minister has tried to create more demand across the Country which will be advantageous to the trading community directly or indirectly,” they said.
The trade leaders said that the finance minister has given ample scope to create more and more entrepreneurship in the Country. On the other hand creation of five tax slab in Income Tax and declaring tax exemption up to seven lakh is a good step.
Bhartia and Khandelwal both said that against the heavy odds and domestic & global challenges, the Budget sets a future agenda of defined growth of the Indian economy as envisaged by Prime Minister Shri Narendra Modi, in a most impressive way.
However, they regret that no concrete announcement has been made regarding simplification & rationalization of GST tax structure which is far away from “one market-one tax” principle, which is highly disappointing for trader. “But, from the point of view of economy, it is a visionary budget, more so coming in the backdrop of COVID pandemic. IT surely provides a definite roadmap for a robust and well defined growth of India in future,” said Bhartia. Let’s have a look at what others are saying:
Achal Kothari, Co-Founder & VP – Business, ByteBeam, an AI & Iot device management company
The 2023 Budget lays out a clear vision for India’s future with a focus on physical infrastructure, such as roads and rails, and investment in new technologies like AI to spur economic growth. The move to exempt raw materials for Li-ion battery manufacturing and emphasis on reducing carbon emissions is a strong signal that the government is committed to promoting sustainable technologies like electric vehicles. This budget is poised to drive the accelerated adoption of EVs and related technologies like chips, connectivity modules, and TCUs.
Pushkar Singh, Partner, Tremis Capital, an early-stage investment firm
The Union Budget 2023 paves the way for a brighter future and gives a significant boost to the fintech sector by simplifying the KYC and identity verification process. A one-stop solution for identity and address reconciliation using an expanded DigiLocker and the use of PAN as a business identifier for digital systems will significantly reduce compliance for fintech companies. Simplifying KYC norms on a risk-based principle will enable greater ease of transactions and reduce dropout rates. Players will have access to anonymized data, allowing them to provide more innovative and customized financial services to customers, driving financial inclusion and promoting economic growth. The government’s commitment to creating a supportive environment for fintech companies recognizes their critical role in driving India’s economy. This budget is quite favorable for the fintech ecosystem in India.
Gaurav Kapoor, Chief Finance Officer, Baazi Games, an online gaming platform
We welcome the Amrit Kaal Union Budget 2023 with an optimistic perspective. The new income tax regime will result in stimulating local demand and consumption in the economy. The rise of India’s position from an importer to an exporter of mobile phones in India augurs well for the online gaming sector. Moreover, the announcement of setting up 100 labs for developing 5G services apps for smart classrooms, healthcare, and others will open up a new range of opportunities and potential employment. Simplifying the KYC system process will further help in realizing ‘Digital India’ and will enable a seamless experience for consumers. Lastly, the ‘Make in India’ vision will further get a boost with a focus on “Make AI in India and Make AI work for India”, online gaming companies can develop new AI-based advancements that can provide a first-of-its-kind experience to users.
Hiranmay Mallick, CEO & Co-Founder, Tummoc, a public transit app
Glad to see the priority given to ‘Green Growth’ in this year’s budget. Sustainability and steps towards net zero carbon emissions are the need of the hour. With the global climate crisis, it’s time for us all as individuals, entrepreneurs, and changemakers to start playing our roles. The green credit programme planned as a part of this initiative is one that will encourage and incentivize sustainable choices in an otherwise majorly non-sustainable corporate world. Mass transition to public transport as a primary mode of commute will indeed play its role towards reducing carbon emissions.
Monalisha Thakur, CMO & Co-Founder, Tummoc, a public transit app
The Mahila Samman Bachat Patra scheme is a great initiative for blue-collared women employees as it allows them to save more not only for themselves but for their families. The scheme can also be used to allow parents to save more for girl children thus taking a step towards securing their futures. A rate of interest of 7.5% allows them to beat inflation, thus giving them a better chance during rough economic conditions. There are also a number of other initiatives announced in the budget that are a step in the right direction. Especially the priority given to ‘Green Growth’ which will only lead to a cleaner, greener tomorrow for society as a whole.
Shivakumar Ganesan, CEO & Co-Founder, Exotel
We appreciate the government embracing the vital role of startups in driving innovation and economic growth. Policy proposals, such as the extension of tax benefits to startups established before April 1, 2024, will provide a major boost to the ecosystem. Additionally, the planned establishment of 100 labs for developing 5G applications across various industries, including healthcare, smart classrooms, and precision farming, further highlights the government’s commitment to leveraging the opportunities presented by 5G and driving reforms in the telecom sector.”
Sandesh Sarang, Revenue Director- India, Nepal, Bangladesh & Sri Lanka, Infobip
The roll-out of 5G services in October 2022 was a major disruption in the telecom sector, essentially since it opened the doorway to internet connectivity and dependent industries to register enormous growth. However, the service has so far remained limited to select regions in the country, which deterred it from fulfilling its purpose of accelerating digital growth. We are happy that the government has taken cognizance of this issue in today’s Union Budget by announcing 100 dedicated labs to effectively develop 5G services in India. This move will expand the reach of the 5G network from an existing 50 cities to even the remotest corners of the country, which is a welcome step towards propelling the government’s vision of creating a ‘Digital India’.
Shruti Jain, CSO, Arihant Capital
It’s a budget for everyone. The government has put forward a very thoughtful budget that focuses on fiscal prudence. It’s a very progressive budget that didn’t just focus on building physical infrastructure but also on digital and social infrastructure. Capping the fiscal deficit to 4.5% by FY2026 is very promising. The push for a green economy with a focus on energy transmission will enhance India’s competitiveness globally and will help the country meet its Paris Agreement goals. The rationalization of custom duties will help make India the manufacturing hub of the world. This budget will revive investment and kickstart a new growth regime. Overall, it is a great budget that addresses everyone’s needs!”
