Post Budget Quotes from Industry Leaders from various sectors

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Fintech Sector

Tartan
Pramey Jain, Co-Founder & CEO, Tartan
The 2023 budget of India is a beacon of hope for the working class, who form the backbone of our nation. The focus on job creation, skill development and providing social security to the working class is commendable. The emphasis on strengthening the technology adoption through payments infrastructure and Digilocker will go a long way in making a big impact in the lives of millions of Indians. The allocation of funds for skilling programmes, start-up ecosystem, and tax sops will benefit businesses and individuals alike. The budget strikes a perfect balance between economic growth and social welfare, making it a step towards a more equitable and prosperous India for all.”

HR Sector

Batik
Meet Semlani, Co-Founder, Batik – “With the unveiling of India’s budget 2023, the government has taken a significant step towards empowering the HR and salaried workers by providing them with a financial safety net and opportunities for growth. This budget is a testament to the government’s commitment to improving the lives of the hardworking citizens of India.”

Logistics

Avinya Logistics & Industrial Parks
Abhijit Verma, Founder & MD, Avinya Logistics & Industrial Parks: The 2023 budget of India is a beacon of hope for the working class, who form the backbone of our nation. The focus on job creation, skill development and providing social security to the working class is commendable. The emphasis on strengthening the technology adoption through payments infrastructure and Digilocker will go a long way in making a big impact in the lives of millions of Indians. The allocation of funds for skilling programmes, start-up ecosystem, and tax sops will benefit businesses and individuals alike. The budget strikes a perfect balance between economic growth and social welfare, making it a step towards a more equitable and prosperous India for all.”

Real Estate

BCD Group
Angad Bedi, Managing Director, BCD Group – The Union Budget 2023 has provided the much needed ammunition to the real estate industry to fight the recessionary fears with enhanced capital expenditure target and impetus to the salaried class by providing increased disposable income at hand with the higher tax rebate. The enhanced focus on digitalisation which will create more jobs in the IT sector will propel demand for housing and commercial real estate across the country. Particularly for the residential segment, these initiatives will encourage fence sitters and interested homebuyers to invest in this segment and reap rich dividends in the form of an appreciating asset, increased rentals and opportunity of building a passive income source. Furthermore, increasing the outlay for PM Awas Yojana by 66% to over Rs 79,000 crore will propel the growth of affordable housing in the country, a segment which is considered the belly of the residential segment and contribute to the government’s Housing for All mission. As a leading real estate developer for over seven decades, the BCD Group is hopeful of the budget continuing the demand momentum in this and coming fiscal years as well as creating more opportunities for construction companies and associated stakeholders.

Assetz Property Group
Sachin Vora, Chief Financial Officer, Assetz Property GroupIndia’s transition from a low-income society to a middle-income society is indeed one of the largest transformations of this decade. The Union Budget 2023 has accelerated this by increasing spending on infrastructure development, creating more jobs, and accelerating growth, in addition to a slew of other measures announced by the Hon. Finance Minister in the budget presented today. The budget brings relief to millions of families who struggled during the COVID pandemic and its aftermath of inflation by increasing the threshold limit of no tax up to an income of Rs. 7 lacs per year, thereby increasing disposable income. The budget expected some changes to give a boost to the real estate sector by increasing the interest deduction on housing loans, which did not come as expected. The middle class gets a window as an investor class to invest in the fast growing mid-market housing segment while creating a pool of healthy investment assets. This enhanced tax rebate will also elevate homebuyers to mid-market housing societies from low-end apartments as changes in lifestyle and aspiration levels give a fillip to their dreams. Furthermore, the proposal to reduce the highest surcharge rate from 37% to 25% in the income tax will ensure a healthy flow of investments into the premium housing segment and contribute significantly to its growth story. These initiatives will play a significant role in propelling India to become a $5 trillion economy by 2026.

Auto Sector

Yolo Cab
Punit Bhola, Director & co-founder, Yolo Cab- Emphasis on green mobility and removal of customs duty on Lithium- Ion batteries for EVs will have a trickledown effect on the taxi/cab industry. These schemes support cab service providers. The revised taxation structure will also provide more disposable income to the common man which might increase the sale of automobiles, especially EVs. Establishing a EV charging hubs and appropriate infrastructure will provide the necessary impetus to switching to EVs at the earliest and therefore achieve carbon emission targets. Yolo Cab aims to increase its fleet of EVs in the coming year and the budget allocation towards this is a push in the right direction.

Energy Sector

SolarArise
Tanya Singhal, Founder of SolarArise – A solar power producer with about half a GW portfolio across India. My assets have recently been listed as a part of a trust on the London Stock Exchange.So glad to see the allocation of 4000 MWh worth VGF for Battery Storage Solar Solutions (BESS) in the 2023 budget. This is a critical need of the day to make solar a 24 hr reality and make Indian truly atma-nirbhar & self-reliant in its energy needs by ensuring supply of clean power in the peak hours and reducing dependence on fossil fuel imports.  The Rs 35 crore for energy transition and net-zero carbon emission target coupled with the Green credit program for responsive actions by individuals and companies will encourage environment-friendly behavior and help accelerate the journey of building emission-free lifestyles, and thus a green planet. With this and the 7 main priorities, “Saptrishi,” India will be a forefront leader to drive sustainable growth and tackle the global climate crisis head-on.”

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