Pune : Budget Reaction Quotes 2023-2024
- Mr. Sudhir Pai, CEO Magicbricks –
“The Union Budget 2023 is a bonanza for affordable housing, with the strategic decision to increase outlay for Pradhan Mantri Awas Yojana (PMAY) by 66%! This decision provides the much-needed impetus towards the vision of “Housing for all”. Further, with a 33% increment in infrastructure outlay, the Government is facilitating economic growth through job creation and investments which have direct and indirect impact on the real-estate sector. It is also heartening to see that the government is maintaining its focus on furthering urbanization initiatives, especially with the outlay of INR 10,000 crores per annum for an Urban Infrastructure Development Fund (UIDF) for tier 2 and tier 3 cities. This would certainly give the required boost to the real-estate markets in these cities, which have emerged as real estate growth engines in the past few years. 2022 saw a year-on-year increase in residential demand in cities like Bhubaneswar (12%), Coimbatore (27%), Jaipur (5%), and Nagpur (66%), amongst others, and this initiative will further elevate the livability index and appeal of these cities. Overall, the Union Budget is definitely positive and growth oriented for the real-estate sector”, says Mr. Sudhir Pai, CEO Magicbricks.
- Mr. Nirav Dalal, Executive Vice President- Business Development and Chief Investment Officer, Shapoorji Pallonji Real Estate –
“We welcome the measures announced by Finance Minister Smt. Nirmala Sitharaman in the Union Budget 2023–24, which indirectly aims to boost the real estate sector’s growth while also providing relief to consumers. The proposed increase in the income tax exemption limit to Rs 7 lakh will help boost real estate investment. This tax break will encourage homebuyers to invest more while simultaneously increasing revenue. Meeting the long-standing demand of the real estate sector, the cap deduction for capital gains on residential housing investment is set at INR 10 crore, which will undoubtedly benefit the real estate industry. As one of the important measures to support the market, there has been a 66% increase in the allocation to 79,000 crores in the Affordable Housing Fund (PMAY). The budget also has an emphasis on developing smart cities. The budget has allocated the Urban Infrastructure Development Fund (UIDF), which will be managed by the National Housing Bank and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities. The infrastructural development in these untapped markets will help the development of real estate here.”
- Mr. Ramesh Doraiswami, Managing Director & CEO, National Bulk Handling Corporation (NBHC) –
“ The Union Budget 2023-24 proposes a continued focus on the key areas of improving farmgate infrastructure and promoting the use of technology to improve farm incomes. The creation of Digital Public Infrastructure for Agriculture is commendable as it will be an open source of information services for crop planning and health, improved access to farm inputs, credit, and insurance & market intelligence, which today are not available readily to farmers thereby limiting their income. The announcement of the Agriculture Accelerator Fund to promote rural entrepreneurship focussed on agriculture is another welcome step. It will be interesting to see the details of this fund since it could also stimulate rural employment. In the “International Year of the Millet”, the announcement to make IIMR Hyderabad a global centre of excellence of millets is a big step forward as well. Overall, the budget presents a positive outlook for the agriculture sector and is likely to have a positive impact on the growth of agri-tech companies.”
- Mahesh Viswanathan, CFO – Finolex Cables Ltd –
“The Union Budget 2023-24 is forward-looking and positive. It reflects continuity in capital expenditure, which will mean increased growth potential and job creation. The government’s focus on the completion of the rollout of 5G services will increase application possibilities in several fields and this will create a high impact on the demand for communication cables and provide opportunities for companies operating in this sector. Additionally, the government’s focus on the electronics manufacturing sector, through incentives and tax benefits, is expected to boost the production of electronic devices, further increasing demand for communication cables. The budget also focuses on enhancing the ease of doing business where more than 39,000 compliances have been reduced. This is a welcome move for all the operating businesses. The revision of income tax slabs will leave more disposable incomes in hand which will boost the consumer durables sector. Overall, the Union Budget 2023 presents opportunities for the communication cables industry, but the ultimate impact will depend on various factors, such as the implementation of the budget’s proposals and market conditions.”
- Mr. Mahendra Shah, Chairman, and Group Managing Director, V-Trans (India) Ltd –
“The significant progress with many sustainable development goals has increased the Indian economy size from 10th biggest to 5th biggest in last 9 years. The Government has taken several encouraging steps to boost the infrastructure and transportation industry. Logistics, infrastructure, and transportation is the future of our country. This year’s budget has shown the government’s commitment to the logistics and infrastructure sector. This highlights India’s futuristic growth and commitment to elements like the Data Governance Policy, Centres of Excellence on AI, Green Growth, and the conventional thrust areas of infrastructure have also received a big boost. Though the Union Budget 2023 did not provide much specific attention to the logistics and transportation sector. However, the government did announce various initiatives aimed at improving the overall infrastructure of the country, which could have a positive impact on the logistics industry. These initiatives include the allocation of ₹1.97 trillion for infrastructure development, plans to build new airports and modernize existing ones, and investments in the development of the National Highways network. Additionally, the government’s focus on increasing the use of technology in various sectors, including transportation, could also benefit the logistics industry. However, the industry has called for specific measures, such as tax incentives and investment in technology, to boost its growth and competitiveness.”
- Budget Reaction From 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. Nemin Vora, CEO, Odysse Electric Vehicles –
Union Budget great encouragement for the automobile and EV sector
“With the budget announcement completed, we can see the emphasis on this year’s budget on wider adoption of Electric Vehicles for public as well as private use. The introduction of the National Hydrogen Mission in India is a huge step towards making the country greener and more sustainable.
Government’s decision to increase the income tax rebate limit on personal income from Rs 5 lakh to Rs 7 lakh in the new tax regime is a welcome step for the middle-class citizens. This step is likely to help the sector as more disposable income with salaried customers may give supplementary push to demand for personal vehicles.
Another significant announcement made by the government is the elimination of customs duty on capital goods imported for the manufacturing of lithium-ion batteries. This step is a boost for companies that are / would be manufacturing batteries for electric vehicles locally. Overall, this move by the Government of India is expected to have a positive impact on the lithium-ion battery industry, making it more accessible and cost effective for businesses.”
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