Budget plays always has its strong impact on the growth of the IT industry overall and also on the performance and operations of an individual companies. The following are the reactions of the IT industry.
Mr.Alok Dubey, Chief Financial Officer, Acer India
“The Union Budget unveiled today echoes the government’s objective of “Digital Development” for the country. It places a high value on technology and innovation as a whole. Realizing the vision of “Make AI in India and Make AI Work for India” is projected to strengthen the country’s standing in the technology industry globally and generate numerous possibilities for the youth. The mention of lowering the minimum TDS threshold and clarifying taxability linked to online gaming is an encouraging step towards gaming industry in India, and it is expected to open up more prospects in the following year. This year’s budget also has prioritised sustainability; this is a step toward a green future that allows businesses and SMEs to enter the market with green products and services; this is a commendable and promising move. Overall, the Union Budget 2023 is promising and represents a significant step toward digital transformation and a holistic sustainable growth.”
Mr. Atul Gupta, MD, RX-Infotech-Ltd (Lapcare)
“Finance Minister, Smt. Nirmala Sitharaman communicated about the budget stating that the move is to further deepen domestic value addition in manufacture of mobile phones. This will definitely help India to move ahead of the curve in terms of manufacturing. Finance Minister communicated about the budget stating that the move is to further deepen domestic value addition in manufacture of mobile phones. This will definitely help India to move ahead of the curve in terms of manufacturing.”
Mr. Gaurav Mathur, Director of Lexar Co. Limited
“The budget of FY 2023-24 focused on reducing basic custom duty (BCD) on import of certain mobile phone parts and inputs like camera lens and as well as continuing the concessional duty on lithium-ion cells for batteries for another year. This will recognise the importance of self sufficiency in the electronics sector. It believes that increasing the production of televisions, mobile phones, and other electronic devices through these initiatives is essential in boosting the economic growth of the country. The promised announcements to encourage manufacturing have given industry a green signal that will boost confidence and encourage additional investments and provide the subsequent industry to grow.”
Mr. Vishak Raman, Vice President of Sales, India, SAARC and Southeast Asia at Fortinet
“A steep increase of 33% in capital investments to 10 Lakh Crore almost three times the outlay made in 2019 shows why India is one of the most buoyant economies in the world. While Investments and development programs are all tech-driven the budget realizes the potential of 5G by setting up 100 labs in engineering institution to develop Apps to assists in all verticals including smart classroom, precision farming, smart transport systems and healthcare. The capital flowing into AI-Startups last year was $2.7 billion globally. The race in AI is heating up after the success of ChatGPT and the budget has realized this potential with the vision of Make AI in India and Make AI Work for India. The setting up of 3 centers of excellence for artificial intelligence in top educational institutions will combine tech and computing power with some of the best engineering brain power in our country. A robust financial sector, expanding the scope of Digilocker to allow more documents to be made available and setting up of e-courts will all go hand in hand with maintaining data privacy. There simply cannot be any data privacy without data protection and cybersecurity will require an entire system of people and technology working together to protect data and networks.”
Mr. Rajeev Singh, Managing Director, BenQ India
The Union Budget 2023 is a reflection of a nation’s priorities and aspirations, and it provided a roadmap for its economic growth and development backed by technology. This year’s budget encourages domestic value addition in the manufacturing of mobile phones and televisions by reducing customs duties on specific parts and inputs, thus boosting the economy further. India has made significant advancements over recent years in the domain of technology development and integration across various industries. The budget will help drive both the government and private sector companies to further promote the growth of technology-based businesses and digital infrastructure. The country has also seen growth in sectors such as software development, IT services, and e-commerce, as well as advancements in areas such as artificial intelligence, machine learning, and the Internet of Things (IoT). The rise of Indian start-ups and the increasing availability of venture capital funding has and will continue to contribute to the country’s technological growth.
Mr. Prabhakar Iyer, Executive Director and CFO, Ingram Micro
“A fantastic, growth-oriented budget. FM has taken very good measures for boosting consumption in terms of money made available in the hands of the public and good investments in Infra projects will boost the economy and the demand across all sectors. Reduction in compliances and relaxation of regulatory provisions is a welcome move. Infra expenditure will boost economic growth and consumption helping across all sectors. Continued Digital public infrastructure spending will be a positive move for the technology sector. Credit guarantee schemes for MSMEs will help the growth of this sector. Reduction in tax rate and rationalization of tax rate across slabs is a welcoming measure. This will help middle-class spending. Over the budget is 9 out of 10.”
Mr. Rajiv Srivastava, MD, Redington Ltd.
“In the upcoming Union Budget 2023, we look forward to policy initiatives which will accelerate our journey to a $10 T economy in the near term. Economic growth is now increasingly driven by digital transformation and therefore investment initiatives that lead to the build-out of a quality digital infrastructure – data centres and high-speed internet – will be crucial. India is a global leader in technology services, and we expect incentives for investments in new innovative technologies like Artificial Intelligence, Blockchain, Metaverse, 5G, Internet of Things, and Data Sciences to ensure we maintain our leadership. We have to encourage people to participate in the digital economy and towards this, the budget should also address the need for talent and skilling in digital technologies. This has the potential of creating a range of sustainable jobs. We must aspire to become the global hub for innovation and our capabilities in technology can make that possible. The budget should provide an incentive structure for creating intellectual property in the country. Sectors like Healthcare, Green Energy, Retail, Fintech, Research and Development and others can benefit immensely, help improve the quality of life for all citizens and make us a real powerhouse.”
Mr. Sanjeev Chhabra, MD & CEO, Beetel Teletech
“The Amrit Kaal spirit sets the foundation for future technology and innovation in India. At Beetel Teletech, we are encouraged by the government’s commitment to advancing Artificial Intelligence in the country and the establishment of three Centres of Excellence for cutting-edge technology is a significant step forward. We believe that AI has the power to transform our lives and work, and with the government’s initiative, we look forward to being a part of this journey and contributing our expertise in making AI work for India. We also welcome the Finance Minister’s step of setting up 100 labs for developing applications using 5G services in engineering institutions to realize a new range of opportunities, business models, and employment potential.”
Mr. Sudhindra Holla, Director, India & SAARC, Axis Communications
“The Union Budget for this year focuses on inclusive economic growth in order to strengthen India’s status as a global digital powerhouse. We are optimistic about the government’s saptarishi, or seven pillars, with a renewed emphasis on green growth. We are delighted with the Centre’s focus on tourism and investment in transportation infrastructure projects as this indicates an increase in demand for safety and surveillance solutions. We are aligned to further action India’s vision to transform our cities into ‘sustainable cities of tomorrow’. This will serve as a stepping stone in revitalising Smart Cities planning and urban development. The budget 2023 has a future-ready outlook and compliments the nation’s unmatched growth for digital economy, innovation, and inclusive development.”
Mr. Kuldeep Malhotra, Dy. Managing Director, Konica Minolta Business Solutions India Pvt. Ltd
“We are delighted to have a Union Budget that focuses on introducing new technologies on a wide scale. Since our youth is the backbone of our economy, Finance Minister Nirmala Sitharaman talked about training millions of youth within a period of the next three years under the government’s Pradhan Mantri Kaushal Vikas Yojana 4.0. The scheme will also cover new-age courses for Industry 4.0, like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. These are the technologies that will assist businesses across multiple fields to function smoothly. Additionally, the decision to set up 30 Skill India International Centres will open the doors of international markets to Indian youth. Furthermore, with Budget 2023, the government is taking its sustainability initiatives to new heights. Programs that promote green fuel, green energy, green farming, green mobility, green buildings, and green equipment, are the need of the hour. These green growth efforts help cut down the carbon intensity of the economy and provide large-scale green job opportunities.”
Mr. Vijendra Katiyar, Country Manager, India & SAARC, Trend Micro
“The latest Union Budget for FY 2023-24, presented by Finance Minister Smt. Nirmala Sitharaman places a strong emphasis on talent development, digital skills training, and upskilling. This is in response to India’s current situation where only 48.7% of the country’s youth are considered employable and many companies report a skill gap. The budget includes the launch of PMKVY 4.0, which is aimed at training a large number of youth in emerging technologies such as AI, robotics, mechatronics, and IOT. This investment in technology and skill development is expected to bridge the talent gap, create job opportunities, and empower the current workforce to remain competitive, positioning India as an important digital talent hub for the world. The adoption of AI, ML and cloud computing is rapidly increasing across various sectors, which necessitates the adoption of cybersecurity not only after, but during the build process as well. The strengthening of skilling infrastructure announced in the budget is a timely response to this development. The Data Governance policy, which will enable access to anonymized data, is also a crucial initiative that provides hope in the face of the growing threat of cyber-attacks.”
Mr. Manoranjan Mohapatra, CEO, Comviva
“With the ongoing 5G rollouts in India, the government’s decision to establish 100 5G application Labs is a timely move to spur innovation in developing the 5G ecosystem and India relevant use cases. There is a great opportunity to combine 5G and AI to improve network speed, responsiveness, and efficiencies. The special emphasis on establishing AI centres of excellence shall help produce specialized talent to enable India preserve its global advantage and leadership. These are extremely positive initiatives and shall bring technological advancements to the country as AI and 5G are the two most critical elements to enable futuristic innovations and developed related 5G ecosystem.”
Mr. Pramod Sharda, CEO, IceWarp, India and Middle East
“The Union Budget 2023-24 by FM today has announced attractive incentives and rebates. The Income limit for rebate of Income Tax increased from 5 Lakhs to 7 Lakhs is a welcome note for the employee base. The budget includes renovations in the digital framework of the nation focusing on increasing the accessibility of these services for rural and tribal areas. We highly support the government’s initiatives to create jobs, and are keen on contributing towards the projected employment generation initiatives. We are excited to witness the development of a tech-driven economy while contributing towards the same and enabling the growth-bound MSMEs sector, which will be infused with Rs 9,000 crore in revamped credit guarantee scheme, with our affordable, seamlessly integrated, secure Email & Collaboration solutions to effectively communicate and collaborate towards the growth path. It certainly boosts our morale when we noticed that investment and job creation continue to be the government’s top priority as they announce capital investment outlay being increased by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP. Announcement of National Data Governance policy is also a positive move to protect the data privacy.”
Mr. Hemant Tiwari, Managing Director, India, Hitachi Vantara
“This year’s budget spells growth and inclusion overall. The government’s initiative around Fintech services, enhancing the usage of the national level cloud platform DigiLocker, will further boost technology adoption among individuals and MSMEs. The introduction of National Data Governance Policy will enable safe access to anonymized data and increase transparency. Moreover, with the AI revolution happening globally, the AI centres of excellence will provide exciting opportunities for cutting-edge innovations to be deployed across important sectors such as healthcare and sustainable cities, while providing new employment opportunities. Additionally, ‘The Green Credit programme’ as well as the initiatives towards building ‘Sustainable cities of tomorrow’ are strong leaps forward in building India’s green future. These are indicators of our nation’s commitment to climate action and efficient use of resources.”
Mr. R. Dinesh, Executive Vice Chairman of TVS Supply Chain Solutions and President Designate of the Confederation of Indian Industry (CII) for 2022–2023
“The finance minister deserves kudos for presenting a landmark budget that provides a substantial growth impetus to the economy while at the same time maintaining a prudent fiscal framework. CII welcomes the emphasis on demand-led growth, higher public investment on infrastructure, addressing social sector priorities and ensuring fiscal credibility to uplift the economy. The seven key priorities outlined in the budget namely inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, youth power, financial sector and green growth are in resonance with our journey towards Amrit kaal and the vision of India@100, which the Indian industry has articulated. Apart from steps for boosting the economy, the finance minister has also announced a host of measures to further inclusion drive. Many of the budget provisions are indeed path-breaking. The focus on capital expenditure especially on infrastructure is especially welcome, as it would sustain recovery and create jobs at a time when the world is reeling under extreme global uncertainty and headwinds. Specifically, the increased allocation for ports, roads and the highest allocation for rail etc would raise the efficiency of logistics and supply chain that would spur manufacturing competitiveness. Similarly, of the announcements on fiscal consolidation, ease of doing business, promoting Atmanirbhar Bharat through customs duty rationalization on inputs used by domestic industry are commendable and deserve to be applauded. Similarly, a bold agriculture thrust, higher allocation on health, education, skills, attention to start-ups and MSMEs, income tax concessions to boost consumption in the middle class would promote all round growth. Overall, the Budget is in sync with the dreams of an aspirational nation while envisioning a blueprint and a Strategy for a New India@100.”
Mr. Hitesh Garg, India Country Manager, NXP Semiconductors
“The government has brought a progressive budget that will support green mobility and innovation in the automobile sector. Major steps like National Green Hydrogen Mission and extending the subsidy on EV batterieswill help the country to have a seamless transition towards a low carbon intensive and fossil fuel dependent economy, empowering the country to achieve its net zero goals. The three centers of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’ will stimulate an effective AI ecosystem and nurture quality human resources in the field of technology. It will also boost the Public-private partnership in conducting research and developing cutting-edge applications and scalable solutions across industries. In line with the government’s vision of digital India, all these initiatives will help us transform into a digitally empowered society and knowledge economy.
Mr. Sudipta Ghosh, Partner and Leader Data & Analytics, PwC India
“Using data as an asset to drive insights requires two critical things — availability of reliable data and the ability to cross-reference data across multiple data sets, and the Union Budget 2023 has addressed both the issues effectively. On the back of the data governance policy, bringing the academia and corporates on a common platform will enable innovation across multiple use cases. This will boost India’s AI leadership for solving grassroots problems.”
Mr. Ramanujam Komanduri, Country Manager, Pure Storage India
“The Union Budget presented by the Hon’ble FM is growth-oriented and inclusive. The impetus for the ‘Digital India’ vision is clear from budgetary allocations across sectors like infrastructure, skill development, sustainability, MSME, and entrepreneurship. This budget provides numerous growth opportunities for the technology industry by bringing digital solutions and innovation in legacy sectors like infrastructure, manufacturing, education, railways, healthcare, financial services, and regulatory bodies to turn India into a technology-driven, knowledge-based economy. Also commendable is a clear intent and investment in making India a net zero carbon emission country by 2070 through National Green Hydrogen Mission. Overall, the budget 2023 promises to sustain and catalyze India’s economic and digital growth with a strong role played by technology.”
Mr. Piyush Somani, CMD, ESDS Software Solution Ltd
“The Union Budget 2023-24 has put a lot of emphasis on Agritech, fintech, Co-operatives and future technologies like AI, ML, IoT and etc., signaling a positive push towards technologically advanced Digital India & a greener India. The government’s emphasis on digital infrastructure through 100 labs to facilitate apps employing 5G services will aid technology adoption that will help the country advance towards more digital applications like smart classrooms, precision farming, intelligent transport systems, and healthcare in order to realize new range of options, business models, and job potential. The emphasis on the co-operative sector, Millets, agriculture sector by facilitating Agri-based rural startups certainly will improve the livelihoods of farmers, increase food security and boost exports through open-source digital public infrastructure. The national data governance policy to be released to encourage innovation and research by startups and academic institutions and will make it possible to obtain anonymous data. Overall, this budget focuses more on Capex spending from the government, while most of the technology related announcements had no budget allocated at the moment. We need to wait for next couple of months to see some budget getting allocated to the technology related initiatives.”
Mr. A. Gururaj, MD, Optiemus Electronics Ltd
“This year’s budget is a strong effort to consolidate the Indian economy in post-pandemic dynamics, raising the personal tax exemption limit will certainly boost consumption and the electronics industry will surely benefit from it. Continuing the import duty cuts on Camera Lens and batteries for mobile manufacturing is a welcome step and this will continue to fuel the remarkable growth India has witnessed in domestic manufacturing.”
Mr. Kapil Bardeja, CEO & Co Founder, Vehant Technologies
“Setting up of three centres of excellence for artificial intelligence in top educational institutions of India is a very positive step in boosting the relationship between industry and academia. As an industry participant, we believe that this will lead to path breaking research in Artificial Intelligence. Industry will be able to work on new technologies together with the upcoming talent from institutions and boost the technology quotient of the country in AI.”
Mr. S Durgaprasad, Co-Founder, Director, and Group CEO, Bahwan CyberTek.
“Budget 2023: Doubling down on digital, knowledge-based inclusive development for future well-being.The political will to invest in people and research for technology-driven growth is clear. The announcement of three centers of Artificial Intelligence and 100 labs for 5G apps to nurture R&D in India with the vision to Make AI in India and Make AI work for India will further strengthen India’s position vis-à-vis global counterparts. The 30 Skill India international centers focused on emerging technologies, with a strong focus on, on-the-job training, will contribute to the country’s expanding knowledge capital, positioning India as a strong digital contender. The reduction of compliances to improve ease of doing business, the 33% hike in capital expenditure, along with the continuation of interest-free loans to state government will catalyse economic growth providing job opportunities. Budget 2023 is a progressive step towards building a stronger digital and green India.”
Mr. Raman Bhatia, Founder and Managing Director, Servotech Power Systems Limited
“The Budget 2023 has put a reinstated focus on Green Growth. With the FM allocating Rs 35,000 crore towards this sector, prioritising India’s net zero goals and energy transition, this presents players in this space a unique opportunity to make clean energy solutions like solar and EV charging both accessible and affordable for the people, unlocking mass consumerization. This extensive budgetary allocation for the sector coupled with additional production linked incentives for manufacturing high-efficiency solar photovoltaic modules, will lead to significant advances in the country’s decarbonization initiatives. In addition, quicker approvals for new storage systems, flexible policies allowing storage structure changes after project commissioning without affecting current initiatives, and capacity building efforts for operators are other areas for consideration that will aid India’s accelerated transition to renewable energy. The Union Budget 2023 has hinted that all efforts at decarbonization will need supportive policies that incentivize both finance and technology. Developing large-scale carbon markets and green financing through budgetary allocations will shape up the framework empowering energy producers and providers.”
Mr.Rahul Garg, Founder & CEO, Moglix & Credlix (a B2B commerce company)
“It’s encouraging to see that despite the global recessionary waves, India’s economy is growing. The Union budget 2023–24 builds upon the foundation established by the previous budget, with a vision of a prosperous, inclusive India where the fruits of growth reach all sections. Overall, this budget continued focusing on promoting exports, boosting domestic manufacturing, enhancing domestic value addition, encouraging green energy and mobility, streamlining the supply chain, and providing economic support to MSMEs across the country. Lowered tax rate of 15% for new companies starting manufacturing activities by March 31, 2024, will act as a catalyst, driving the public-private partnership investment in infrastructure, including railways and roads. The thrust on manufacturing & infrastructure will enable the country to achieve the target of achieving a manufacturing potential to export goods worth $1 trillion by 2030. National Green Hydrogen Mission will facilitate the transition of the economy to low carbon intensity and reduce reliance on fossil fuel imports, thus contributing to green growth. According to our commitments at COP26 and COP27 on climate action, the Union Budget signaled the beginning of the decarbonization of India’s inbound supply chain. The National Data Governance Policy will unleash innovation and research by start-ups and academia, enabling access to anonymous data. The Unified Skill India Digital Platform would facilitate demand-based formal skilling, employer linkage (including MSMEs). Revamped credit guarantee scheme for MSMEs to infuse Rs. 9000 crore into the corpus. The budget has brought about entrepreneur-friendly measures on the policy and legal fronts to drive operational excellence across sectors. Access to entrepreneurial initiatives to further bolster the economic and human resource foundation of the country will drive start-up ecosystem in the country.”
Mr. Gautam Nimmagadda, Founder & CEO, Quixy
“The union budget is growth focused, a welcome announcement that liberally provides impetus to digital India. The government’s strides in advancing public and private digital services are a testimony to the rising global profile of the Indian Technology industry. The Indian government has recorded a phenomenal improvement in the Taxpayers Services owing to their digital adoption, where the average processing period has been reduced drastically in the past few years. Furthermore, the 3 CoE’s for AI and the 100 labs for developing applications using 5G services will drive digitization and reignite employment potential in the tech ecosystem. Such measures demonstrate the multiplier impact of tech on India’s strides onwards. Yet another stimulus was provided for E-Courts, a novel initiative undertaken to transform the Indian Judiciary by ICT enablement of Courts. A digitally driven government will expedite a digitally driven India. Furthermore, the budget recorded a strong focus on the development of MSMEs and startups, with the extension of the carry forward of losses on change of shareholding of startups to 10 years of incorporation. This measure, coupled with the establishment of the National Data Governance Policy, will boost digital innovation empowered by ease of doing business.”
Mr. Nikhil Goyal, CEO & Founder, Beyond Imagination Technologies (A Blockchain / Web3 Company)
“The Union Budget 2023-24 is applaudable at various levels. The initiative to launch Pradhan Mantri Kaushal Vikas Yojana 4.0 for the skill development and digital skill training of youths on Industry 4.0 courses like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skill is greatly appreciated. This will unlock significant opportunities for growth and economic development and position India as the world’s tech hub. While there is no direct mention of the blockchain sector, e-governance is on high priority in this year’s budget. Blockchain technology has the potential to play a crucial role in the e-governance sector. It is commendable to see the government prioritizing e-governance by stretching digital outreach, and data sharing for transparency. Moreover, this year’s budget focuses on enhancing productivity by incentivizing the use of technology to make India ‘Atmanirbhar’ and future-ready. Technology being the core suite to build on a successful business ecosystem and the honorable Finance Minister has left no stone unturned to give a boost to new age technologies in the budget 2023.”
Mr. Arun Balasubramanian, VP & MD, India & South Asia, UiPath
“We are glad that in this year’s budget, a greater focus has been given to Digital India where technology is an enabler for the economic and overall development of the nation. For India to adopt and implement emerging technologies, a robust skilled workforce is needed. And the provision of the Skill India Digital Platform is the right step in making a highly skilled workforce. It will unify and enable demand-based formal skilling, which has been much needed to bridge the gap between academia and industry. With the Skill India Digital Platform and the proposed National Digital Library, we are confident that young Indians will have the resources to upskill in areas like AI, automation, and robotics, which will in turn make Digital India a reality. With the launch of The National Data Governance Policy, Indian users and companies can now access anonymized data, which will provide greater opportunities for innovation. These are exciting times for a tech-enabled India, and soon the country will become a talent powerhouse for the world.”
Mr. Sanjeev Singh CEO & MD – CMS IT Services
The infra and capex push of the budget combined with a focus on creating a tech and knowledge-driven ecosystem will accelerate India’s journey to becoming a $ 5 trillion economy. This will also generate tremendous opportunities for the tech industry in multiple advanced domains like 5G, AI, digital, agri-tech & fintech.
Mr. Mahesh Wagle, Founder and CEO, Cybernetik
“We are pleased with the government’s sustained backing for ‘Make In India’, its flagship initiative aimed at turning the country into a manufacturing hub. To that end, the Finance Minister’s announcement slashing customs duty on machinery and components for the sector is a reflection of the government’s commitment to this vision. The reduction in duty is a step towards enabling the sector to explore the numerous possibilities that recent technological advancements have unveiled. Changes to the indirect tax regime reducing compliance burden on firms too will help the manufacturing sector in the long haul. As a firm with Robotic automation at the very centre of its operations, Cybernetik is equally pleased with some of the policy decisions announced in the budget to ensure the trajectory of the sector’s growth continues to spiral upward. The decision to set up laboratories in engineering institutions to help drive innovations in advanced technologies bodes well for this sector, which will benefit from the influx of bold and new ideas.”
Ms. Rimjhim Ray Vice President – of Marketing, MyOperator
“The triple policies of backing 5G, giving custom relief to smartphones, and special schemes for MSMEs will accelerate the smartphone and mobile apps adoption for the smallest of businesses. This incentivizes larger tech players to build mobile-first software for India’s next billion. SMBs will literally leapfrog the digital divide with smartphone and business app access. We are looking at the era of a million smart businesses emerging from India.”
Mr. Murali Iyer, Country CFO, IKEA India
“The budget is growth-oriented, consumer-friendly, and investment-focused. We welcome the Indian government’s call to identify ‘green growth’ as a priority sector which is aligned with IKEA’s sustainability vision. The 66 % increase in outlay to the PM- Awas Yojana will make housing affordable for the many people and give a boost to the home furnishings sector. The decision to invest Rs 75,000 crores on critical infrastructure, the revival of 50 airports and heliports, and the promotion of coastal shipping will improve the ease of doing business tremendously. We believe that the changes in income tax slabs will revitalize consumption and encourage retail spending.”
Mr. Shrikant Nibandhe, Managing Director, One World Logistics
“With Indian emerging as the fastest growing major economy, the finance minister has given the much-needed push to accelerate India’s growth trajectory. This budget’s focus on strengthening infrastructure development by extending 50-year interest free loans to state govts and enhancing the outlay by 33% to 10lakh cr is a step in the right direction and will provide the much-needed impetus to the logistic sector. Focus on developing 100 critical transport and infra projects for last mile connectivity, developing 50 additional airports, heliports and aerodromes for regional connectivity and increasing the government’s capex to 2.4 lakh cr will provide boost to rural connectivity and reach. The FM’s focus on last mile connectivity, inclusive development and focus skill development of the youth will become the key drivers of nation’s growth.”
To warp up
This year’s budget is a strong effort to consolidate the Indian economy in post-pandemic dynamics, raising the personal tax exemption limit will certainly boost consumption and the electronics industry will surely benefit from it. Continuing the import duty cuts on Camera Lens and batteries for mobile manufacturing is a welcome step and this will continue to fuel the remarkable growth India has witnessed in domestic manufacturing.
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