Union Budget 2023-24: The industry praised the budget, said- there will be an increase in employment

New Delhi. Reacting to the new Union Budget presented in Parliament on Wednesday, Anuj Kumbhat, Founder and CEO of WRMS said that the Union Budget 2023 is very optimistic for the agritech sector. His contribution to economic development has been well recognized. Budget 2023 envisages an open-source digital infrastructure for agriculture and an Agriculture Accelerator Fund focused on youth entrepreneurship in the rural sector is commendable. It will give a fillip to the nascent agri-technology sector and could help boost the sector which employs almost half of the country’s workforce.

Along with this, digitizing the agriculture sector with latest technologies is the need of the hour and very well focused in the budget 2023, he added. It will promote efficient and sustainable agricultural productivity; Help farmers deal with most of the problems they face on an everyday basis and in turn the profitability will increase.

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Mandeep Arora, MD & Co-Founder, Ubon, said that the first budget of Amrit Kaal by Hon’ble Finance Minister Nirmala Sitharaman has been well allocated. Starting from skill development for youth, employment generation, digitization for senior citizens and MSMEs, this budget takes care of it all. Also conceptualized as Modinomics, the budget came with great expectations. He said that this will be a big relief for the manufacturing and electronics industry, as custom duty has been reduced on many electronic parts imports. This means that mobiles and consumer electronics will be cheaper from now on. This will help in value creation, employment generation and better productivity.

However, the industry is a bit disappointed as the industry was expecting announcements related to incentives for domestic designs, extension of PLI scheme and strengthening of supply chain which was the need of the hour. We hope that the government will consider our request in the next budget and support the industry sector in achieving the dream of becoming a global manufacturing hub and self-reliant India.

The co-founder and director of Transserve Technologies said that Budget 2023 builds on last year’s excellent budget, continuing the trend of more productive spending. Like the rest of India, we welcome Budget 2023 with open arms. The Union Budget has rightly underlined the imperative of greater emphasis on innovation, research and development, which are vital to help India reach the ambitious goal of becoming a $5 trillion economy. Focusing on the development and promotion of emerging and growing technologies can help in creating a world-class technology ecosystem. Budget 2023 has filled India’s growth story with new hopes by focusing on investment, increased spending, employment, ease of doing business and relaxation in income tax limit up to 7 lakhs in the new tax regime.

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Marjban Irani, CIO (Debt), LIC Mutual Fund, said, despite spending on capex, the government managed to keep the parallel market borrowing low and parallel follow up of the FRBM Act by keeping the fiscal deficit at 5.9 per cent as against 6.4 per cent earlier. have succeeded in doing. Second, limiting the growth on small savings like FDs for women, senior citizens and MIPs from the post office is a good step. Lastly the focus on health and education by starting nursing centers and skilling people for job creation is a positive step.

Dr. Rajan Samuel, Managing Director, Habitat for Humanity India, said that the budget for 2023-24 is focused on inclusive growth, which is in line with the goals of self-reliant India. The government has sharply increased the allocation for the Pradhan Mantri Awas Yojana to Rs 79,000 crore. This will further boost the government’s program of providing housing for all. This phenomenal increase of 65 per cent as compared to Rs 48,000 crore spent in the previous financial year to complete 80 lakh houses is a welcome step. This fund will help in expediting the construction activities.

Vishal Kampani, Non-Executive Vice-Chairman, JM Financial Ltd. said, “The Union Budget 2023-24 has laid out a roadmap for a sustainable long-term economic path, based on growth and infrastructure. Infra development will encourage private investment and boost employment generation. On the other hand, various skill development and educational programs will not only increase employment but also increase consumption. The new tax regime also augurs well for consumption-led growth. The focus on adoption of green energy and adoption of new age digital technologies will strengthen the sustainable development agenda.

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Ahmed MP, Chairman, Malabar Gold & Diamonds, said, “The decision to promote lab-grown diamonds will further boost our exports. The gems and jewelery industry, however, is disappointed that the import duty has not been cut in the budget. The increase in duty for silver is expected to increase the price of the precious metal. Conversion of physical gold into electronic gold receipts will help in monetization of gold without incurring any capital gains and vice versa.

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