What Top Honchos of India Inc said on Budget 2023?

Today, the finance minister announced her fifth consecutive budget for 2023-2024. India Inc has reacted positively to the Union Budget 2023. Here are a few comments and reactions of the Top Honchos of India Inc.

Harsh Goenka, Chairman of RPG Enterprises said - M'bap'pe of a budget, not 'Messi' at all. A budget that puts India on the path to becoming the world champion- all set to score goals on infra development, consumption and inclusion. A big boost for domestic manufacturing, job creation and ease of doing business!

In his tweet, Mr Goenka noted why we at RPG love this budget. It's RRR once again!

- Railways

- Renewables

- Reforms

A Naatu Naatu budget for the whole country putting us on track to conquer the golden globe.

Rajiv Sabharwal, MD & CEO of Tata Capital notes that the 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.

He further added that 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.

N.S.N. Murthy, Partner, Deloitte India said that investments for the development of digital public infrastructure and goods will help startups build assets and products.

Mr Motilal Oswal, MD & CEO of Motilal Oswal Financial Services noted that the budget remains focused on long-term economic growth through capex and sops to boost consumption for the middle-income group. This would support strong corporate earnings with positive bias for sectors like infra, housing, cement, cap goods, auto and tourism. Despite upcoming state elections, the government did not deliver a populist budget and tried to maintain fiscal prudence.

"A well-tuned budget with a strong emphasis on consumption and capex has lifted optimism in the market; however, volatility sparked in the latter half as focus shifted back to the Adani saga and FOMC meeting, said Vinod Nair, Head of Research at Geojit Financial Services.

"Life insurance players witnessed heavy selling as the budget pushed for the new tax regime, making insurance products less appealing as a tax-saving tool," he added.