Futuristic Budget: Industry’s Reaction on Union Budget 2023 at FTCCI

The Union Budget for the financial year 2023-24 presented by Union Minister Ms. Nirmala Seetharaman invoked a lot of positive response from the Industry. Several industry experts, who assembled at Federation House for live viewing of the budget presentation, gave their reaction after the budget presentation was over by the Minister.

FTCCI—The Federation of Telangana Chambers of Commerce and Industry organized the live telecast as well as industry reaction to the budget.

It is a futuristic budget with a year full of promises is how Anil Agarwal, President of FTCCI reacted. Sharing his reactions, Anil Agarwal said, it is a growth oriented budget covering all sectors. The seven priorities: Inclusive growth, reaching the last mile, infrastructure development and investment, Unleashing the potential, Youth Power Financial Sector and Green Growth ensure development of all sectors. Tribal development, their housing, Ekalavaya Model schools, fillip to infrastructure development, reviving of 50 airports, helipads, the emphasis on rural development, much need help to MSMEs, thrust on Tourism, Skill Centers, raise of income tax limit to 7 lakhs all good offer good to all including the industry, he said.

Srinivas Garimella, Chair of Industrial Development Committee of FTCI termed it as ‘a very good budget. It is also a well balanced budget’. He appreciated big ticket allocation for the infrastructure development and increase of spending on this sector. The Capex outlay increased by 33% to Rs 10 lakh crore for Financial Year 2024. He gave a big thumbs up to the Union Minister for her well balanced budget which allocated enough funds for every sector. The reduced compliance budget is good for the industry. He thanked the Minister for continuing assistance to MSMEs. He also thanked for infusing Rs 9000 crore into the corpus, reducing the cost of credit. Contract failure protection and returning 95% of the forfeited amount all augur good for the growth of the industry. He gave 7 out 10 to the budget.

It is an all-favorable budget said Sudhir VS, Chairman of GST and Customs Committee of FTCCI. The budget has come to the rescue of several middle class people. The budget focused on Skilling and education which are the need of the hour. The focus on green energy is welcome. It will pave a way for developing alternative and environmentally friendly fuels. It reduces the import budget and saves the much required forex for the nation. Setting up Centers of Excellence for Artificial Intelligence is a right step in a positive direction, he said.

Prem Chand Kankaria, Chairman of Banking, Finance & Insurance Committee of FTCCI said for growth two things are very important. Keeping his reactions limited to banking he said, the two key factors are CAPEX and disposal income in the hands of people to spend more. This will trigger well and will have a ripple effect on the economy. The benefits offered to senior citizens, making PAN the single source of identification, reducing compliance burden and adjusting it with just one form, Vivad se Vishwas initiatives go a long way in making this budget a people friendly budget.

Hari Govind Prasad, Chairman of Direct Taxes Committee, FTCCI said overall the budget is very good. There is no end to ‘yeh dil mange more’. But, this is a very good budget which offers something to every sector. I am pleased to share that the Finance Minister was kind enough to accept some of FTCCI’s recommendations particularly about some relaxations to salaried and pensioned class. The appointment of 100 Joint Commissioners for appeals for tax related disputes is a welcoming one. Leave encashment, KYC process simplification, raising TDS limit, raising personal income tax exemption to 7 lakhs are positive issues of the budget, he observed. Changes made in tax provisions allowing the public to have surplus funds will ensure positive economic growth as their spending capacity will get a boost.

VS Raju, Past President of the FTCCI said this budget puts the Indian Economy in a stronger place. India’s growth at 7 per cent in current fiscal is the highest among major economies. It may be a full budget before the elections, but it is the budget that is planned to do a lot more good to strengthen our economy, he added. Another past president Lakshmi Nivas said the 50 year interest free loan to states for capex has now been increased to Rs 1.3 lakh crore, 30% more than what was allocated for the previous year. The government has outlined their priorities very well. Though there is a scope for improvement, still this budget is a very good one, he concluded.

Several Committee Chairmen, Members, Industry representatives, experts have joined in witnessing the budget presentation in Federation House. It is a customary practice at FTCCI to watch it live together and share reactions, informed Ms. Khyati Naravane, CEO of FTCCI