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Post-budget Reaction from Mr. Vinod Aggarwal, President, SIAM and MD & CEO, VECV
“33 % increase in capital outlay with an effective provision of Rs 13.7 lakh crores will spur growth in the economy resulting in positive impact on the Auto sector.”
Adding further, he stated, “The Auto industry is fully aligned with the initiatives on Sustainability and Decarbonisation and increased focus on Hydrogen, Ethanol Blending, Bio Gas, Electric Vehicles and Battery Storage.
Announcement for funding various Government Departments for replacement of old vehicles is also commended.
Another appreciable feature of the budget is putting more money in the hands of the individuals by some lowering of effective personal income tax rates that should increase consumption and consequently lead to more demand.
All in all, this is a growth-oriented budget with positive impact on the Auto Sector.”
Post-budget Reaction from Mr. Sundararaman Ramamurthy, MD & CEO, BSE
“The Budget of 2023 continues from the earlier budgets which successfully guided India during one of the toughest periods for mankind, with a continued focus on Aatmanirbhar Bharat and Amrit Kaal. As a result of a consultative and inclusive process, suggestions and feedback received from various stakeholders, have been factored in, wherever possible. Various areas of national importance have received their due focus – MSME sector, Infrastructure building which fuels economic development, Ease of doing business which attracts foreign participation and domestic capital creation, Green energy, Tourism, export orientation using custom duty rationalisations, harnessing the power of youth, etc. ‘Shri Anna’ brings a novel concept to food safety, nutrition and self-sufficiency. Personal taxation has received its well-deserved attention too, bringing a smile on the face of the common man. To top it all, strict adherence to prudent fiscal management while keeping the pedal on the accelerator for long-term structural growth initiatives, which in our view, is the hallmark of this Budget.”
Budget Reaction quote by Mr. Balram Yadav, Managing Director, Godrej Agrovet Ltd.
“Picking up the strings from the last year’s budget, the Union Budget 2023-24 is a step forward in leveraging technology for improved agriculture in India. Educating farmers on the new-age technology and realigning crop planning based on climatic conditions is a necessity and it is herein that digital open infrastructure will play critical role – improving access to farm inputs as well as intelligence. With our country’s startups playing a critical role in building innovative and affordable solutions for farmers, enhanced collaboration within the eco-system will go a long way in enhancing farmers productivity and profitability. Parallelly, the agriculture credit and insurance initiatives would aid farmers to invest in better techniques while the duty reduction in marine products would motivate shrimp manufactures. With India emerging as a net exporter of agriculture and allied products, this budget can be termed tech-focused-inclusive budget for Indian farmers – the one which focuses on supply and input sides to enable farmers get better price for their produce.”
Mr. Mayank Tiwari, Founder & CEO, ReshaMandi on the initiatives in the budget for the startup ecosystem
“We welcome each of the initiatives and policy decisions taken by the Union Government to bolster growth in the agriculture sector. The government’s initiative of creating a special accelerator fund for agriculture is a step towards turning agri-tech into a sunrise sector for investments. This will further provide a much-needed boost in productivity, besides improving efficiency, and reducing crop failure, to farmers, and all other stakeholders in the supply chain, who will now gain access to new-age technology developed by agritech start-ups. The accelerator fund is certain to drive innovation in the sector, which will ensure optimal utilization of all resources, including the vast labor pool currently engaged in farming. Agritech has for long been a fertile ground for the start-up ecosystem but is yet to attract the droves of entrepreneurs it was expected to.
The government’s decision to relax taxation for start-ups for up to 10 years, coupled with the setting up of bio hubs in rural areas, will greatly ease the process of setting up units in villages. Our efforts to improve the supply-chain network for all our stakeholders in the natural fibre ecosystem supply chain receives a major boost from the decision to support collaborative projects between farmers, states, and businesses to provide input supply extension services and market connections. Besides providing direct access to global markets, ready access to the internet will expose the farming community to the best trade and agricultural practices the world over. Promise of financial assistance to traditional artisans such as weavers, who are ReshaMandi’s strategic stakeholders and partners, is a decision we welcome with much delight .”
