Image by Mike Flynn from Pixabay
The Tech Panda sought to know what different industries are viewing the Union Budget 2023.
Finance Minister Nirmala Sitharaman’s Union Budget 2023 sees a mixed reaction from the various industries. Policies like the National Data Governance is reassuring for a country that struggles with cybersecurity issues regularly. The emphasis on AI development will impact most industries positively.
Read more: Union Budget 2023 wish list: Industry
The Tech Panda sought to know what different industries are viewing the Union Budget 2023.
Pawan Gupta, Director, PP Jewellers
“We were hoping that government would propose duty reduction which is the need of the hour to make both trade and consumption of gold and silver easy and fair. We are happy to hear some reduction in the taxes levied, people could now have more money to spend, which in turn would give the economy the boost it needs. India’s growing middle class is expected to drive demand for jewellery. With a growing population of young, urban consumers, the jewellery sector is poised to benefit from an increase in disposable income and a desire for luxury items.
We are happy to hear some reduction in the taxes levied, people could now have more money to spend, which in turn would give the economy the boost it needs
“The Indian government has announced to encourage the indigenous production of lab-grown diamonds, a research and development grant is to be provided to one of the IITs for five years, the policy is expected to address issues such as quality control, branding and marketing, and the development of human resources.”
Tanuj Gangwani, Co-Founder Geniemode
“Today’s budget for the first time offered a package of assistance for traditional artisans through the PM Vishwakarma KAushal Samman (PM VIKAS) scheme. This step is in the right direction and will enable artisans to improve their products’ quality, scale and reach, integrating them with the MSME value chain. While tax rebates on personal income will benefit the commoner, we were expecting decriminalization of GST and TDS, which were not addressed in today’s budget.
Today’s budget for the first time offered a package of assistance for traditional artisans through the PM Vishwakarma KAushal Samman (PM VIKAS) scheme
“Moreover, we were concerned about the high cotton prices and hoped a cotton prize stabilization fund scheme would be installed. While the scheme wasn’t introduced, the budget announcement spoke about adopting a cluster-based value-chain approach, encouraging collaboration between farmers, the state and the government, which will help reduce fluctuations in natural fibre, making it an overall positive value add.”
Rajesh Shah, MD & Chairman, Eurobond
“We express our strong support for the visionary budget presented by Finance Minister Nirmala Sitharaman. This budget places an emphasis on the comprehensive development of the economy through targeted investments in infrastructure, micro and small businesses, and affordable housing. The allocation of 10 lakh crore rupees for capital expenditures will bring the Capex/GDP ratio to a historic high of 3.3%.
Despite the potential for a slowdown in the global market, it is amazing to see how this budget supports India’s continued growth through the encouragement of investments in the manufacturing and export sectors, which will further lead to the creation of substantial employment opportunities
“Despite the potential for a slowdown in the global market, it is amazing to see how this budget supports India’s continued growth through the encouragement of investments in the manufacturing and export sectors, which will further lead to the creation of substantial employment opportunities. Overall, this budget masterfully balances the imperative need for growth and sustainability, keeping de-carbonization as a central consideration.”
Sekar Udayamurthy, CEO & Co-founder, Jidoka Technologies
The duty for lenses that are not manufactured in India has come down and is boosting businesses in the manufacturing sector and supporting industries
“The duty for lenses that are not manufactured in India has come down and is boosting businesses in the manufacturing sector and supporting industries. The initiative to set up three Centres of Excellence for AI in top educational institutions should further promote its adoption across sectors for various functions. The period for startups to carry forward losses has been extended, which is encouraging too.”
Mridu Mahendra Das, Co-founder & CEO, Automovill
“Auto and auto service sector have been facing various challenges. In the current scenario when new age entrepreneurs are trying to explore businesses in unorganised sectors like auto services or similar, it becomes difficult to follow procedures of traditional business, as it comes at a cost, and you only have so much bandwidth in terms of resources.
The tax benefits on their incorporation is being extended by another year and the carry forward of losses to set off against future profits will now be allowed for 10 years instead of 7 years, which is going to provide a lot of relief to startups
“Therefore, we value a lot that the budget has taken the same into consideration and by reducing more than 39,000 compliance it has made an effort to add to the ease of doing business in India. Additionally, the tax benefits on their incorporation is being extended by another year and the carry forward of losses to set off against future profits will now be allowed for 10 years instead of 7 years, which is going to provide a lot of relief to startups.”
Sashi Kumar, Head of Sales, Indeed India
“Despite a global slowdown, India has seen sustained job growth in a few sectors. Indeed data shows that overall job postings as of January 2023 stands at 203% above the pre pandemic baseline of February 2020. The government’s strong push towards a technology-driven and knowledge-based economy will boost job creation across sectors, especially in healthcare, technology and renewable energy.
The government’s strong push towards a technology-driven and knowledge-based economy will boost job creation across sectors, especially in healthcare, technology and renewable energy
“According to Indeed’s data, nursing has had the highest job postings as of December 2022 and this is likely to increase with the government’s push towards improving nurse-patient ratio. The focus on reducing the country’s carbon footprint is also expected to create more green jobs in EV and renewable energy sectors. Indeed’s platform saw an increase of 468% for ESG job roles in the past three years.”
“The increased capital expenditure would mean strong growth in the job market especially in the blue collar workforce. Our research revealed that a 9-11 million strong gig workforce is to be added to our job market in the next three years. It will be interesting to see how the job market shifts in the next couple of quarters as India might experience the after-effects of global recession.”
Varun Gupta, Founder & CEO, Boult Audio
“Budget 2023–24 seems promising for the consumer electronics sector. The Indian government plans to set up three Centers of Excellence for Artificial Intelligence with the goal of conducting research and developing practical AI applications in various sectors. Realizing the vision of “Make AI in India” and “Make AI Work in India” will enhance the paths towards success for the consumer electronics sector, thereby increasing opportunities and production with cutting-edge technology.
With the budget announcement regarding the new tax regime to be extended to INR 7 lakh instead of INR 5 lakh as the previous year, middle-class consumers will increase spending on electronics and gadgets
“Enhanced limits for micro-enterprises and professionals to take advantage of presumptive taxation have opened many opportunities for the industry. Furthermore, the key point that a deduction on a payment made to an MSME will be permitted if the payment is made has removed many obstacles. Because the Indian consumer electronics market is expected to expand at a compound annual growth rate, the country provides a global opportunity for average consumer spending. And with the budget announcement regarding the new tax regime to be extended to INR 7 lakh instead of INR 5 lakh as the previous year, middle-class consumers will increase spending on electronics and gadgets. The extended cash withdrawal for cooperative societies—up to INR 3 crores—is an addition to the set of relief aids for the industry.”
Frederick Devarampati, Founder & CEO, HotNot
“As a fashion tech entrepreneur, I am thrilled to see the government’s emphasis on supporting innovation, research, and development in the Union Budget 2023-24. The rollout of the Urban Infrastructure Development Fund (UIDF) is a game changer for the economy, especially the creator economy, providing a major push for the growth of tier 2 and tier 3 cities.
With higher capex spending and a focused effort to reduce the fiscal deficit, this budget presents a huge opportunity for the Indian creator community
“With higher capex spending and a focused effort to reduce the fiscal deficit, this budget presents a huge opportunity for the Indian creator community. At a time when the market is facing challenges, this budget is a beacon of hope and a much-needed stimulus for the economy.”
Kushang, Co-founder & CEO, SupplyNote
“The food and beverage Industry had high hopes for the Union Budget. In the last year, the sector has faced two major challenges: recovering from the aftereffects of COVID-19 and combating rising inflation and food prices.
The food and beverage industry had a mixed reaction to whatever little was doled out as part of the Union Budget 23-24
“However, following the announcement, the food and beverage industry had a mixed reaction to whatever little was doled out as part of the Union Budget 23-24. Nonetheless, the industry is optimistic that consistent measures such as skill development and new investments will help the industry recover from the disruptions caused by the Covid-19 pandemic.”
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