Budget Reactions on Union Budget FY 23-24

 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 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.”

Gopichand P. Hinduja, Co-Chairman, Hinduja Group

“When India is the lone shining star in the world facing threats of recession, Ms Nirmala Sitaraman
has delivered a perfectly focused growth-oriented budget with massive capital investment outlays
@ 4.5% of GDP while staying on track with the fiscal deficit reduction plan.

What is remarkable is the holistic, sustainable and inclusive approach taken covering every
element of infrastructure and capability building and making the best use of the world-class digital
public infrastructure.
The budget clearly reflects PM Modi’s long-term vision for India and it aims to engage with and
carry every section of society towards the goal of a self-reliant and strong India.”

Post Budget Reaction – Ashok Leyland

Quote attributed to Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland:
“Union Budget 2023-24 is aligned with the Prime Minister’s vision of building a competitive and resilient India,
with inclusive growth. The budget emphasises comprehensive national infrastructure development and expands
on the digitization of the economy. The road transportation sector plays an important role in national
development and would have an even more impactful role, going forward, in supporting the Government's
vision. The announcement that old vehicles owned by the central government and state governments will be
replaced as part of the vehicle scrapping policy presents a significant opportunity for fleet modernisation. This
budget also echoes our sentiment and commitment to clean energy vehicles for a cleaner and greener future, as
part of a national mission to achieve the net zero carbon emission goal.”

Quote attributed to Mr. Shenu Agarwal, MD & CEO, Ashok Leyland:
“The Finance Minister has presented a Budget for 2023-24 that is pro-growth and pro-development, with a focus
on sustainable development, energy transition for a cleaner tomorrow, and inclusive growth through a tech-
enabled economy. The budget further reinforces our nation’s ambition to make India "Atmanirbhar." The entire
budget for this year addresses a wide range of topics to support the economy, including health, education,
infrastructure, and agriculture.”