Union Budget 2023-24: Industry Reaction

Mr. Chetan Jain, Director, Rajdhani Foods

The Union Budget FY 2023-24, doesn’t announce anything specific to the FMCG business, but an increased focus on improving the technology and agricultural infrastructure will serve as a boon for the industry.

The announcement of setting up an agricultural accelerator fund will not only help the agri startups, to take concrete initiatives to come up with innovative and affordable solutions, for the challenges faced by the farmers but it will also help bring in modern technologies to transform agricultural practices. Furthermore, the increase in agriculture credit to Rs. 20 lakh crore will further help in the enhancement of activities. The decision on promoting millets will be a huge welfare to our farmers. Overall, the upcoming year looks promising and we hope for the best.

Mr. Mustafa Johar, Co-Founder, and CEO of Makemyhouse.com

India is yet to reach its full potential, particularly for real estate and the related industries, therefore we are happy with the budget FY 2023-24 laid focus on continued development in the real estate and infrastructure sectors. While the announcement of the Urban Infrastructure Development Fund (UDF) will encourage the growth of infrastructure in tier 2 and 3 cities, the government has also increased the capital expenditure cost for infrastructure by 33% to 10 lakh crore, accounting for 3.3% of the GDP. This rise in funds is advantageous for the infrastructural development in the country. This will also help to increase employment opportunities in the said industry. We are happy that the government has also announced startup-friendly measures and tax reductions in the budget, which will only help the companies scale up operations and provide a boom to the country’s startup ecosystem.

Gurmeet Singh Chawla, Director, Master Capital Services

The prime focus of the Budget 2023 aims at fulfilling youth aspirations, job creation, and macroeconomic stability. The key priorities of Union Budget 2023 are inclusive development, reaching the last mile, infrastructure & investment, unleashing the potential, green growth, youth, and the financial sector. The increase in the CAPEX by 33% to Rs.10 Lakh crore, will push all sectors, specifically the infrastructural growth to new heights. However, the global market cues don’t seem quite favorable given the fear of recession and its impact on the overall Indian markets. In this case, the investors might think twice before putting in their money since there is a drop-in production on the one hand and an increase in expenditures on the other. FIIs might reconsider allocating their investments. Nevertheless, the expenditure reflects that the government is all set to protect and safeguard the interest of Indian market players.

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