Post budget reaction (MD &CEOs)- Tata Capital, Bandhan Bank, Tata Cleantech Capital, Euronet Worldwide and Vastu Housing Finance

Macro Economy

Rajiv Sabharwal. Managing Director & CEO at Tata Capital

Budget 2023 has included a series of measures for inclusive socio–economic development. The Indian government with its 7 priorities and a greater focus on Financial Sector and infrastructure & Investment have stepped in the right direction.
The Capex increase of 33% and a capital outlay of INR 2.40 lakh crore for railways is a bold move to create jobs and improve the infrastructure development in the country.
The overall quality of expenditure outlay provides a strong guard against global headwinds and will create impetus for private investments. This will also offer a vast scope for domestic consumption.
Strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy.

Banking and Macro economy

Mr.Chandrashekhar Gosh, MD & CEO of Bandhan Bank

“Budget 2023-24 is a well-rounded progressive & inclusive budget. The focus on important parameters like boosting consumption and inclusion is a welcome measure for our growing economy. The government has laid an important thrust on Capital Investment which will enhance consumption and create employment, both of which have been important areas of attention, especially post the pandemic. Allocation of the Budget to PM Awaas Yojana will further boost the housing sector. Support to MSME sector along with enhancement of credit gaurantee scheme will provide much-needed relief to the sector. The new slabs of taxes will further help boost economic parameters like consumption, thus providing more impetus to economic growth.”

Cleantech & Green

Manish Chaurasia, Managing Director, Tata Cleantech Capital.

“Government is walking the talk when it comes to Net Zero commitment. Budget has taken bold steps in adopting new initiatives such as dedicated funds for energy transition and Green Hydrogen mission. In addition, the government has been proactive in identifying the need of storage systems to integrate the ambitious renewable energy capacity plans. Both the Viability Gap Funding for Battery energy storage systems and framework formulation for Pumped Storage Projects will pave way for accelerated adoption of renewable energy.”

Digital Payments

Pranay Jhaveri, Managing Director – India & South Asia, Euronet Worldwide,

“The government has continued with its focus on a digitally inclusive society that can accelerate growth. With the proposed National Data Governance policy, data security, and user privacy will improve. The KYC process is also proposed to become easier, which will add further impetus to ease of doing business across the sectors and economy.

To consolidate data available across multiple government agencies Digilocker and Aadhar will play a crucial role whereas PAN will act as a single reference point for more frictionless compliance. The budget seems like a step in the right direction and will serve to enhance India’s competitiveness.”

NBFC and Personal Finance

Sandeep Menon, Founder Managing Director and CEO at Vastu

“The budget 2023 is largely focused on improving the social-economic conditions of the country. Improved infrastructure in Tier 2 & 3 cities will lead to residential cluster development in the coming years. With the announcement of enhanced capital expenditure by 33% and increment in the outlay for PM Awas Yojana (PMAY) by 66% to over Rs 79,000 crore, the government has provided much-needed support to the affordable housing sector. Also, the relaxation in income tax slabs provides additional disposable income in the hands of the common man which can directly lead to growth in the affordable homes segment.”

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