‘It is a promising budget’

Let’s take a look at the reactions from a cross-section of industry stakeholders to the union budget. 

Ashish Tandon, Founder & CEO, Indusface:

"The Union Budget 2023-2024 has been one of hits and misses according to us. We welcome the National Data Governance Policy that has been announced by the government to unleash innovation and research by start-ups and academia. This will enable access to anonymized data thereby safeguarding companies against data misuse and insider exploitation risks. 

AI and skill development in areas such as IoT, Robotics through the proposed setting up of AI centers of excellence will go a long way in mainstreaming AI adoption. Considering the digital world that we operate in, there is a massive demand for AI-trained professionals to not only develop a diversity of solutions for various industries, but also to create automated cybersecurity solutions.

AI in cybersecurity can help overcome the limitations of manual cyberspace monitoring and threat detection. For the Digital India to thrive successfully, training of youth on coding, AI, IoT and Robotics are going to be highly beneficial steps and we are glad that the Government is focusing on these areas. However, the fact that despite rapid surge in cyber attacks and a lot of high value Government institutions like AIIMS being attacked, the Government didn’t focus on any cybersecurity allocations or initiatives, is concerning. The need of the hour is to substantially modernize cybersecurity measures and upgrade cybersecurity knowhow of the Government institutions. In the absence of such measures, it is going to be a tricky scenario where increasing footprint of Digital India might become a playing ground for the cyber criminals. We hope that this gap area is addressed urgently." 

Sachin Castelino, Chief Strategy & Transformation Officer, In solution Global LTD: 

"Promoting digital literacy and entrepreneurial skills among artisans is essential for them to step into the ecommerce ecosystem. With Open Network for Digital Commerce (ONDC), the government’s alternative in India’s e-commerce market, coupled with the existing digital payment structures in place, small sellers can boost their productivity, increase connectivity with consumers and their potential income."

Seshu Kumar Tirumala, National head, buying and merchandising, bigbasket:

It is a promising budget based on the tenets of technology, grassroots development, skilling and boosting sustainability through green initiatives. The boost given to the development of technological skills will ensure creation of a wider talent pool and therefore, more employment opportunities for the youth. The government has also envisaged collaboration between farmers, state, and industry for agricultural input supplies, extension services and market access etc. This is a welcome step for players like bigbasket given that all these stakeholders form an integral part of our supply chain. The move to cover small and marginal farmers under a cooperative-based economic development model is in line with our efforts at bigbasket vis-a-vis the ‘Farmers’ Connect’ programme. The digital public infrastructure for agriculture is a great idea and of particular use would be a platform for monitoring the crops from sowing to marketing and providing advice to farmers for timing the harvest and thereby get the best prices for their produce.  The Aatmanirbhar clean plant program for promoting horticultural programs would also go a long way in improving farmers incomes significantly and also enable better availability of fruits and vegetables across all geographies. The announcement towards making India hub for growing millets and supporting Indian Institute of Millet Research in Hyderabad would achieve the twin objectives of improving people's health and also conserving resources in terms of water and fertilizers. India has a unique opportunity for becoming the food bowl of the world and setting up an accelerator fund for supporting agriculture and rural startups can help improve agriculture yields and farmer incomes.  

Technology has always been at the forefront of all bigbasket’s operations in terms of providing the best services to our customers. We were among the earliest e-commerce brands to have introduced green mobility for our delivery services, and over the years, we have constantly expanded our EV fleet for last-mile deliveries. The inclusion of green mobility as one of the 7 key focus areas in this budget comes as a welcome step in this regard. Last but not the least, bigbasket has adopted several sustainable packaging and plastic-free retail measures such as avoiding wrapping fruits and vegetables in plastic etc. We are in line with the government’s vision of doing sustainable and clean business and the policy initiatives announced in this direction come as a much-needed fillip for players like us. 

Kunal Lakhara, CFO, Pocket Aces:

“The Union Budget for 2023–24 will be extremely significant for the Indian startup sector. Given its impressive growth trajectory, this business is regarded as the third largest sector in India. This industry will receive a big boost from the additional year-long extension in terms of income tax benefits.

When it comes to the M&E industry, the government's plan to establish 100 laboratories that would concentrate on creating applications using 5G services will lead to the introduction of seamless streaming and bolstered audio & video services for viewers. The Budget also announced the launch of Pradhan Mantri Kaushal Vikas Yojana 4.0 which will help the youth build new- age skills such as coding, IoT and soft skills amongst much more. With rising demand for such skills especially amongst the startup industry, we are poised to witness increased employment in the country.

Overall, by emphasizing the development of digital infrastructure and youth empowerment initiatives, the much anticipated Union Budget 2023–24 has established a solid base for the economy to expand. We are now anticipating an increased growth rate that will assist India in redefining its place within the global economy.”

Ashish Fernando, Founder and CEO, iSchoolConnect:

As an AI-enabled firm, we call it a blockbuster budget with an enhanced focus on Artificial Intelligence to create a successful AI ecosystem and nurture high-quality human resources. The 360-degree perspective of the 2023-24 budget is definitely going to yield big, especially with its focus on unleashing the transformative potential of Artificial Intelligence. The vision of “Make AI in India” and “Make AI work for India” and the announcement of establishing 3 Centre of Excellence for Artificial Intelligence in top educational institutions is remarkable.

 We are excited to hear about the launch of the National data governance policy that is endowed with the vision to unleash innovation by startups and academia by enabling access to anonymized data. Another impressive announcement is the launch of PM Kaushal Vikas Yojana 4.0 to skill the Indian youth in new-age courses like robotics, coding, and drones to make them industry 4.0 ready. 

The proposal to set up a national digital library for children and adolescents to compensate for the learning loss during the pandemic and re-envisioning teachers training through innovative pedagogy, curriculum transaction, continuous professional development dipstick survey, and iCT implementation is all going to enhance the outcomes. 

Sarvesh Agrawal, Founder and CEO, Internshala: 

The first Budget proposed under Amrit Kaal is revolutionary in many ways for the youth in providing a strong impetus to growth and job creation is a welcome step and is likely to accelerate the revival of the economy in a sustainable fashion. 

Furthermore, the initiative of establishing 30 Skill India International Centres across different states and the digital ecosystem for skilling will be great tools for empowering well-deserving aspirants from every corner of the country.  Launch of a unified Skill India Digital platform to enable demand-based formal skilling, linking employers including MSMEs with skilled professionals, and providing stipend support to 47 lakh youths are added benefits and great motivation factor for a dedicated workforce in India.

Looking at the current job market landscape courses the scheme will also cover new age courses for industry 4.0 like coding, AI, robotics, mechatronics IoT, 3D printing drones, and other soft skills to skill the youth for international opportunities. In conclusion, Budget 2023 presents a well-rounded approach toward economic growth, emphasizing the importance of inclusive development, youth empowerment, and sustainability. The budget sets the stage for a brighter future and serves as a testament to the government's commitment to the well-being of the nation and its citizens."

 Karan Lalit, Regional Director India, Study Group: 

“The record education budget is good news today that could drastically improve the future. It should deliver improvements to infrastructure and teaching facilities that will help more Indians to access the many benefits of education. Many of today’s biggest global challenges will be solved by international collaborations, so we support the news that three centers of excellence for Artificial Intelligence will be established in Indian institutions. These centres signal India’s commitment to pioneering STEM; the research they produce could be transformational and they will inspire millions to pursue STEM studies and academic which we fully support.”

Samir Kumaar Modi, Managing Director of Modi Enterprises:

"The FMCG industry has exhibited a healthy recovery despite global inflation and economic slowdown during the past two years. With the budget estimating India’s growth at a rate of 7 per cent in FY 2023, this first budget in Amrit Kaal focuses on creating ample opportunities for Indians, especially the youth, and provides a strong impetus to the country’s growth. The proposed exemptions in personal income tax and incentives for skill development are expected to boost consumer sentiment thereby generating demand and spurring consumption. This coupled with the government’s focus on India’s green growth strategy will catalyse our journey to become a more self-reliant nation." 

Shreegopal Kabra, MD & Group President, RR Global:

“This Union Budget, we applaud the Government’s focus on the growth of green infrastructure that supports factors like green building, green energy, and green equipment. These sustainable practices are a step in the right direction to achieve the goal of net zero carbon emission by 2070. At RR Kabel, we support the Government in building a sustainable and safe ecosystem for the future generation.

Additionally, the budget aims to achieve efficient urban infrastructure with programs like Smart Cities Mission for 100 cities and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for 500 urban bodies. The budget also places a lot of emphasis on developing the nation's infrastructure by giving impetus to Tier 2 and 3 cities for developing urban infrastructure.

As a company committed to safety through quality, we hoped the Government would lay emphasis on the need to build safe infrastructure through the use of technologically advanced premium quality products. As we step into a new financial year, we are determined to support the government's objective of a stronger economy that is built on robust infrastructure.” 

Rajesh Kabra, Director, RR Parkon: 

One of the priorities of the Union Budget was the focus on Green Growth which will help accelerate factors like green fuel, green energy, green mobility, green buildings, green equipment, and more. As RR Parkon has always been at the forefront of introducing sustainable solutions for generations to come, we welcome this move wholeheartedly. 

The Government's goal of having a country with net zero carbon emissions by the year 2070 is a bold and outstanding step in the right direction. Automated Parking Systems are an ideal choice to reduce carbon emissions as the slower the vehicles go, the greater their emissions of Co2 and other greenhouse gases. Automated parking systems are aimed to reduce carbon emissions by 20-30 per cent simultaneously saving the car owners the frustration of finding parking in busy areas. They also play a significant role in saving green spaces as compared to traditional parking systems.

Support for urban infrastructure will also persuade people to embrace sustainable lifestyles and smart home technologies. Cities and states will be encouraged to engage in urban planning and provide enough resources for urban infrastructure through the Smart Cities Mission for 100 cities and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for 500 urban bodies. Being a leader in automated parking systems, we aim to assist the government with these measures by implementing sustainable manufacturing processes and lowering the carbon footprint at our factories. 

Lastly, this Budget has laid a solid foundation to transform India into a technology-driven country by boosting education, skill development, entrepreneurship, R&D, Digital Infrastructure, Green Growth and job creation. As a result, there will be a greater emphasis on investing in technology that will help developing cutting edge applications and scalable problem solutions for a sustainable tomorrow. 

Kirti Kabra, Director, RR Global: 

As a woman entrepreneur, I believe that financial independence for women is imperative and the  announcement of the Mahila Samman Savings Certificate through the 2023- 24 Union Budget is a step in the right direction. As more women are getting educated, it is imperative for the Government to create job opportunities for rural women. The  brand promotion and linkage with local and global markets will uplift women belonging from the economically weaker section and give them a chance to showcase their capabilities and talents, not just nationally, but also at a global front.

Karan Shaha, Co-founder and CEO, Vahak: 

A commendable Budget by the Hon’ble Finance Minister. In line with our expectations, #Budget2023 has focused on incentivising state governments for infrastructure development. The Centre’s support with enhanced outlay of Rs. 1.3 lakh crore will definitely act as the accelerator toward logistics policy creation at the state level. With this in place, we are hoping to see good traction in transportation infra creation, especially related to top freight routes, logistics parks and highways development. Additionally, opening opportunities for private investments in infra will pump in efforts toward roads, urban infrastructure and power sector developments, which are critical for efficient transportation and transition to green mobility.

We also welcome the decision to extend the income tax benefits for start-ups and the formation of the National Data Governance Policy. These were much needed given the market dynamics and the fast-emerging start-up ecosystem. 

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."

 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’.

Dr. Deepak Birewar, Chairman and MD, Inventys Research

The Budget 2023 announcement brings forth a bright opportunity for the innovative minds in India. The government’s initiative to promote pharmaceutical innovation in the country by leveraging centres of excellence is encouraging, and will provide impetus for public-private partnerships to emerge and deliver high-quality products for India and the world. We applaud the government’s efforts to promote education, medical research, and are enthralled by its decision to increase the capital investment outlay for a consecutive third year, which is guaranteed to attract private investments, helping the pharmaceutical and ancillary industries achieve true growth.

 Rikant Pittie, Co-founder, EaseMyTrip

One of the striking features of today’s Budget 23 announcement was the echoing of India’s global recognition as a powerhouse of entrepreneurship and innovation. This was mirrored in the government’s initiative to support the vibrant ecosystem by extending the date of incorporation for income tax benefits from 31 March, 2023 to 31 March, 2024. This will provide opportunity for several startups to flourish, especially in the travel and tourism industry, which are yet to recover from the blows that were dealt during the pandemic. The foresight shown with the proposal of extending benefit of carry forward of losses on change of shareholding of startups from seven to ten years, along with an enabling regulatory framework introduced by developments in GIFT IFSC will further provide employment and entrepreneurial opportunities within the tourism industry, and provide an impetus to budding entrepreneurs in the space. With the commencement of India’s Amrit Kaal, the future of India’s startup ecosystem appears bright, and the travel and tourism industry is all set to play a major role in the economy’s development.

Rishi Sabharwal, Founder & MD, Ardour Group 

Union Finance Minister Nirmala Sitharaman, in the Union Budget 2023-2024 presented in Parliament on Wednesday (February 1), made a slew of welcome announcements that will benefit the MSME sector, in particular. Announcements regarding such sectors as fisheries, agriculture and infrastructure would broadly benefit millions of industries in the MSME sector. The revamping of the credit guarantee scheme for MSMEs proposed in the previous year will take effect on April 1, 2023, through the infusion of Rs 9,000 crore into the corpus. 

This will fuel the growth of industries in the MSME/startup sector and lead to a flourishing economy with an accelerated growth rate. Allocation of funds for MSMEs for building infrastructure will make logistics better and faster, thus cutting down the overall supply chain for companies like the Ardour Group. 

The Budget also focuses on enhancing domestic manufacturing. This will boost the overall opportunities for the packaging industry. The Budget also establishes priority for sustainability and the packaging industry is playing a lead role in offering solutions.