Tata Steel CEO & MD T V Narendran on Wednesday described today’s budget as a high-quality one.
“The finance minister has presented a high-quality budget that focusses on increasing capital expenditure to build infrastructure while at the same time not compromising on the fiscal discipline that is so essential in an era of rising interest rates,” he said.
“The finance minister has also taken multiple actions to support the agriculture sector and the rural economy. The focus on health expenditure also assuages concerns of the underprivileged sections of the society about unplanned medical expenditure.”
“There is also a more holistic focus on logistics with significant investments in the Railways as well as proposed work on coastal shipping. The budget also assigns resources for the long-term and important transition to a greener future.”
“The support to the tourism sector and to MSMEs were also much needed as these sectors suffered the most during covid. Overall, a very comprehensive budget which has something for everyone.”
Angshu Mallick, MD & CEO – Adani Wilmar, said, ”We congratulate the central govt. for guiding the country to become the 5th largest economy in the world. The Union Budget 2023 reflects upon the government’s plan to stimulate India’s economy with a well-planned policy and regulation-based framework. We believe, the various schemes and policies will play a critical role in laying the foundation for accelerated digitalization and enabling Indian businesses to become prominent players on the global stage. As one of the leading players in the FMCG sector, we are optimistic about a strong uptick in rural demand on the back of ,massive wave of digitisation through an array of infrastructure-led initiatives announced by the Government, thereby empowering the farmers and the agricultural sector. Furthermore, decentralisation in storage facilities will provide further assistance to ensure India’s surplus food produce is not wasted.”
“The total CAPEX outlay in the Union Budget has been enhanced by 33% from 7.5 Lakh Cr to 10.0 Lakh Cr which takes it to an all-time high of 3% of GDP, this positive outlook will surely stimulate consumption, generate opportunities both in rural and urban employment and jack up local production. Overall, the Union Budget 2023 lays a strong foundation for India@100 with enhanced focus on farming sector, which is the backbone of Indian economy as well as digitization that will open new growth opportunities for the economy.”
Rampraveen Swaminathan, MD and CEO, Mahindra Logistics Ltd, said, “We welcome this budget as it focuses on sustainable growth and infrastructure development. The announcement of setting up Urban Investment development fund (UIDF) for Tier 2 and Tier 3 cities will provide a much needed boost for smoother and faster logistics transportation and will further ensure greater connectivity in tier-2 and tier-3 cities. Identifying 100 critical transport infrastructure projects will have a positive impact on nation’s last and first mile connectivity. Additionally, the announcement of 50 new airports, helipads, and aerodromes will enhance the regional air connectivity across the country whereas the highest ever allocated capital outlay to Indian Railways will add to the smooth connectivity between different points of country and easy and faster freight movement.”
Harsh Vardhan Patodia, President, CREDAI National, said, “Through the Union budget 23 – 24, the Government continues to focus on the empowerment of youth, women, OBCs & farmers. With a keen focus on the future of the country with a growth-oriented budget, we applaud the FM’s vision of enabling an inclusive and sustainable development growth chart for infrastructure. An increased capital outlay for a third year in a row to INR 10 Lakh crores amounting to 3.3% of the GDP, a hike of 66% to over 79,000 crores for PM Awas Yojana and the 9000 Cr Credit Guarantee Scheme for MSMEs, will have a positive multiplier effect on economic growth and help realize the PM’s vision for ‘Housing for All’. Continuing its focus on urban planning reforms to develop sustainable cities for tomorrow, the allocation of INR 10,000 crores to the NHB for infrastructure development, the highest ever railway outlay at Rs 2.4 lakh crore and increased regional connectivity through 50 more additional airports, helipads, water aero drones, advanced landing grounds will also boost affordable regional connectivity and will add impetus for infrastructure development, especially in tier-2 and 3 cities which will help the Indian economy to remain less impacted by a global slowdown.”
Satyakam Arya, MD & CEO, Daimler India Commercial Vehicles, “The FY 2023-24 Union Budget shows consistency and an intent for growth. The 33% increase in CAPEX outlay underlines the fact that the Budget is pro-growth and the increase is to step up on the 7% growth achieved in the previous fiscal. Main highlights which stood out for us as a commercial vehicles manufacturer was the eye on digitalization by leveraging 5G, which can help optimize costs and improve efficiency in the sectors it is implemented; the INR 19,500 crore outlay for green hydrogen development is a step in the right direction for the future of heavy-duty trucks and largely, the logistics industry; INR 35,000 crore for renewable energy transition projects is also an interesting initiative but how this pans out in the medium term will mark its significance; the PM Awas Yojana that is planned for boosting rural housing would create more jobs and bring more projects for the CV industry. We also feel that the concept of the Green Credit program can be beneficial if thought through and implemented well. Our overall view of the FY 2024 budget is that it is expansive and pragmatic. The budget clearly indicates a penchant for sustainable growth with a potential of aligning with long-term objectives. While the infrastructure push is a fiscal multiplier, it also gives the CV industry plenty of projects to look out for in the medium term. However, we were also expecting more on the National Logistics Policy, its strategy which was drafted exceptionally and we were eager to see it get implemented or at least have an outlay. A more specific mention on the continuity of the Scrappage Policy would have given a direction to the industry, not just for preparing to replace phased out vehicles with new ones but to encourage the proliferation of scrappage companies to expand their businesses.”
“There is no doubt that India’s economy is more resilient and can withstand headwinds coming from slowing global economies but execution of direction is important to set the country on the path to achieve more success. India is also a great opportunity for global investors to consider investing in our country, to enjoy the long term benefits of an economy that is getting stronger by the year. The FY 2023-24 Budget shows consistency but the near-term capital inflow is worth monitoring and improvising on in order to transform consistency into healthy momentum.”