More reactions from corporate leaders on the Budget for fiscal 2023:
Rajesh Gopinathan, CEO, TCS: The budget has magnified the digital India vision and importance of technology in all key areas such as infrastructure, inclusive development, sustainability, sunrise industries, and skilling. The budget also provides many opportunities for growth of the technology industry by bringing in world-class solutions and best practices for the Railways, healthcare system, education, financial services, and regulatory bodies to accelerate the overall growth.
The move to introduce E-passport will further streamline the overall citizen experience, enhance security, and facilitate smoother international travel. The plan to allow the RBI to introduce a digital rupee is an extremely futuristic decision as it creates an opportunity for the nation to leapfrog into the digital currency world.
Unsoo Kim, MD, Hyundai Motors India: The vision for clean mobility creating electric vehicle ecosystem is a positive indicator for the auto industry and for its large supply chain. The forward-looking budget will lay modular economic structure for every section of business and society.
Baba Kalyani, CMD, Bharat Forge: The commitment to promote self-reliance and indigenisation by leveraging domestic industry is once again reinforced with the 68 per cent enhanced domestic allocation for defence capital procurement. Earmarking 25 per cent of defence R&D budget for industry, startups and the academia is a forward looking step as it will pave way for investments in frontier technologies and capability development.
Sanjiv Chadha, Managing Director and CEO, Bank of Baroda: Though the budget has kept fiscal prudence in mind, with fiscal deficit being reined in at 6.4 per cent, it will still mean higher borrowing and the resultant jump in interest rates both for bank borrowers as well as the for government.
Vijay Shekhar Sharma, Chairman, Paytm: The budget has made way for digital rupee — a monumental step in driving the next phase of digitisation of financial services and payments, bringing in more efficiency of transactions in its wake.
Tulsi Tanti, founder-chairman, Suzlon Group: The budget will go a long way in stimulating the economy as the government is fully focused on growth in challenging times. The budget is a landmark when it comes to prioritizing renewable energy.
Pawan Munjal, Chairman and CEO, Hero Motocorp: Overall the budget is well balanced and conscious of the needs of all segments of the economy, while staying true to the long-term goal of nation building on one hand and on the other serves as the launch-pad to share the blueprint for our economic trajectory over the next 25 years.
Amit Chadha, CEO & MD, L&T Technology Services: The many steps announced in the budget will shape the country’s journey ahead as digital engineering is the future… budget precisely offers the fundamental impetus to leverage digital technologies to further the nation’s growth and march ahead.
Prashant Kumar, MD & CEO, Yes Bank: Against the backdrop of the pandemic, the budget sets a base for a sustainable long-term growth. Increased capex is expected to further reinvigorate the economy and crowd-in private investment as the budget dovetails well with the earlier announced national infrastructure pipeline. Overall, the government seems conscious of triggering positive growth impulse and the budget strikes the right chords in terms of reviving consumption and boosting investments.
Satyakam Arya, MD & CEO, Daimler India Commercial Vehicles: Fundamentally, the budget focuses on supporting growth as the books go slow on fiscal consolidation thus providing headroom for more spending to support the growth momentum on sustainable basis.
Samir Mehta, Chairman, Torrent Group: The budget focus on energy transition and climate action is commendable and reinforces strong commitment towards sustainable development. Measures proposed by the finance minister in the union budget such as the PLI scheme for manufacturing high efficiency solar modules are also encouraging.
Motilal Oswal, MD & CEO, Motilal Oswal Financial Services: Any sudden and sharp fiscal consolidation steps could have throttled the nascent and uneven recovery of the economy and keeping deficit at 6.9 per cent has alleviated that pain.
Punit Goenka, MD, Zee Entertainment Enterprises: With the holistic focus on a broad-based economic recovery, in the budget is a big positive for India Inc. The steps announced to build domestic capacities in animation, visual-effects, gaming and comics segments will certainly help enhance capabilities, enabling us to compete more effectively at a global stage.
Gautam Hari Singhania, CMD, Raymond: The budget underlines continuity of supply-side reforms including deregulation, simplification of processes, and production-linked incentives among other aspects, leading to overall improved ease of doing business.
PTI
