India Budget 2023: Here’s what the experts say


Sushil  Mohta, Chairman , Merlin Group & PRESIDENT , CREDAI –WEST BENGAL :

“The union budget 2023-24 presented by the finance minister Nirmala  Seetharaman is a growth boosting welcome budget with focus on growth of green economy , start up and the infrastructure. The budget provided some reliefs to the middle income group salaried classes that may impact the growth of affordable housing segment or rental residential segment. 

The real estate sector requested  for  the tax benefit on home loan interest and principal repayment , but the budget did not mention any sops on  increasing the limit of home loan interest deduction on income tax returns . There should have been a separate deduction for the repayment of the principal amount of the home loan, which is currently clubbed under section 80C. At present, the ceiling of the deduction for principal repayment of housing loan is Rs 1,50,000 along with other tax saving instruments. However there was no announcement of the raising of the overall ceiling limits of section 80C to Rs 5 lacs which could have spurred investments.

The budget also did  not  reduce capital gain tax and  did not introduce new lending avenues for developers . However PM Awas Yojana outlay  has been  Increased  by 66% to 79000 cr for 2024 and this will boost the real estate sector .  The budget also has encouraged  urban planning reform with housing  for police personnel  and  setting  up of libraries for children .  The tax benefit to startups  may saw an uptick in growth in office segment in real estate as  startups are ramping up  their  physical  presence across the country.

We expected waivers or reduction of GST  on raw materials like cement, steel that would have boosted the real estate segment. Moreover the real estate sector the second largest employer in India did not receive the industry status which is a long overdue.”

Harsh Vardhan Patodia, President, CREDAI National:

“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.”

Ondrej Kubik, CEO, Home Credit India :

Union Budget has paved the way for unleashing the potential of Indian economic growth by strengthening a resilient and inclusive finance, keeping the right balance between pro-growth and fiscal prudence amidst global headwinds. The big boost is government’s growth-oriented push with continued rise in capital outlay, which will give an impetus at various structural fronts, primarily, employment generation, rising consumption, strengthening affordability, and thereby, moderating inflation. We welcome the steps taken to enhance digital infrastructure like single KYC for individuals & businesses and digi-locker, focus on financial inclusion, ease of business & living, skilling youth, and a full thrust to green & clean economy, ensuring policy direction stability and foresighted outlook to keep the economic growth engines on accelerated path. As a consumer NBFC, we are optimistic about the road ahead and will continue to work in alignment with government’s vision and policies.”

N Chandrasekaran, Chairman, Tata Sons :

“Given the challenging macro backdrop of slowing global growth and tightened financial conditions, Finance Minister has aptly prioritized growth.

I welcome the move to more productive expenditure, budgeting capital spending of Rs 10 lakh crore—a 33% increase over the previous year and the highest in the past two decades as a share of GDP. At the same time, the revision of income tax slabs under the new tax regime should increase purchasing power for many. Loan guarantees and other assistance toward MSMEs, a focus on tourism, and measures announced for the care economy (like new nursing colleges) will boost job creation. The budget also remains committed to shared prosperity by extending the free food scheme for one more year.

This budget shows not only the kind of policy support that is necessary for the economy at this moment but also strengthens the strategic foundations for our long-term growth. We are witnessing three major transformations globally: rapid digital adoption, the rebalancing of supply chains, and environmental sustainability.  This budget helps position India to play a leading role in all three transformations.”

Sardar Taranjit Singh, Managing Director of JIS Group : 

“The budget 2023-24 is focused on job creation and added some dimensional value to education. I am glad to know that the Government has decided to launch PM Kaushal Vikas Yojana 4.0 in order to skill the youth for international opportunities and setting up 100 labs for developing apps using 5G services in engineering institutions, which is undoubtedly a great initiative as it will open new doors of opportunity for our engineering students to enrich more and get practical experience. I think the Government has given enough focus on education with Eklavaya Model Residential. I have learnt that the Government has also proposed to set up a National Digital Library for children and adolescents to facilitate the availability of quality books. I am also glad to know that joint public and private medical research will also be encouraged through the budget.”

Abhijit Roy, MD & CEO Berger Paints : 

 “ It’s a great budget, in fact the best delivered by this government. The proposal to raise capex by 33% to 10 lakh crore for the next fiscal will have a multiplier effect on generation of jobs and demand creation. A 9X increase in the capital outlay(against capital outlay in 2013-14) for Indian railways for infrastructure upgrade augurs well for long term mobility requirements of India. 

A strong push in the affordable housing segment through 66% increase in PMAY spending will give a big boost to the housing industry. Direct tax benefits given in the budget, will enable more money in the hands of the consumer and will boost consumption and consumer sentiments. On the agriculture front, steps such as Alternative fertilizers and cooperative warehouses will increase the renumeration prices thereby increasing farmers income.

The budget also contained a slew of measures to move towards greater digital inclusion. The proposal to establish a Centre of Excellence for Artificial intelligence will help in strengthening India’s credential in the upcoming field.

With the uptick on spends in critical areas, the target to keep the fiscal deficit at 5.9% of GDP is a welcome step. It will also help in curbing inflation.

 Vijay Soni, Director of Mahabir Danwar Jewellers :

 “Our expectations from the Budget 2023 is that import Duty should be minimized to 10% from the existing 15%. Last year Gold import had reduced by 35% compared to the previous year. A record rally in gold prices has dampened jewellers’ hopes about robust sales in the beginning of the year, owing to the fact that the gold rates are high in the international market.  Also, gold rates in India are higher than the neighboring countries because of high import duty on gold.

Moreover, Gold jewellery appears to have lost its glitter due to the increase in the price of the precious metal as well as the government’s decision to make customers quote their permanent account number or PAN while making purchases of Rs 2 lakh or more. This limit should be increased to 6 lakhs ideally. Especially in rural areas, which account for 60% of India’s annual gold consumption, the new requirement has kept customers away since most farmers don’t have PAN cards, spelling sluggishness in trade of the sort that hasn’t been seen for the past 15 years.” 

Mr. Dinesh Khara, Chairman, SBI :

The Union Budget is growth accretive, fiscally prudent and consumption supportive. The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth. Reasonable Government borrowing numbers will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption. Overall, the budget is forward looking and will support an inclusive economy.”

Mr. Girish Kousgi, MD & CEO, PNB Housing Finance : 

“As our nation marches towards Amrit Kaal, the intended infusion of Rs.79,000 crores towards affordable housing is a positive move. Its’s a win-win situation fortifying our nations rural infrastructure and adding power to lower and middle income groups. The wheels are set in motion towards an inclusive and sustainable economic growth and this 66% increased commitment will bolster higher rural participation”.

Shri Ashish Kumar Chauhan, MD & CEO, NSE :

“This is a growth-oriented budget, one of the best in years, with a focus on both infrastructure and job creation, while reducing income tax for pretty much everyone, and lots of money to states. The Budget would support growth and the Indian consumption story, keep us in good stead, given global headwinds in China and developed markets, and until the rest of the world eases.

Before the budget was presented, investors worried about a rise in capital gains. No change there, has also created a positive reaction. Overall this is a very positive budget for the markets, with something for everyone. I give the Budget 10/10.”

Rajashekhar Reddy Seelam, Managing Director, Sresta Natural Bioproducts :

“Our Honourable Finance Minister referring to Millets as Shree Anna in her budget speech could not have been more appropriate. It rightly highlights the role that millets play in sustainable agriculture and in offering a more balanced, diversified diets. Millets consume up to 70% less water and are key to climate change mitigation. Millets also contain more proteins, fibre, minerals, beneficial phytonutrients and can greatly reduce diabetes, heart diseases. I would like to thank the Govt. for bringing focus on the ‘Mother of all Grains’ and this is a step in the right direction to make millets part of our daily diets.”

B Gopkumar, MD & CEO, Axis Securities :

“An extremely well-balanced budget focussed on growth driven by capital expenditure while giving an adequate push to rural welfare and agriculture. Government borrowing is well-calibrated, and it is a significant positive. The fiscal deficit target of 5.9% indicates a considerable degree of prudence. On top of this, relief to the middle class on the income tax front is the cherry on the cake. At this point, it is difficult to find any shortcomings. The budget has delivered on all the expectations very well. In the short term, we expect the markets to move higher on the back of pro-growth measures announced in the budget and less fear of the government crowding out private investments due to fiscal prudence shown by the government.”

 Vijay Chandok, MD & CEO, ICICI Securities :

“The Union Budget is a testament to the government’s vision of achieving a technology-driven and knowledge-based economy, with strong public finances.

The government’s focus on capital allocation is a clear indicator of its intention of bolstering growth and employment in the country. We believe the increment in capital investment outlay for the third year in a row by 33 per cent to 10 lakh crore will empower the government to create an efficient ecosystem that renders extensive growth and prosperity in the country.

The new proposed tax regime will provide major relief to all taxpayers, especially middle class people, providing higher disposable income in their hands. This will enable them to explore more investment avenues and leverage the increasing prowess of the Indian economy. Further, the government’s decision of allowing SEBI to develop, maintain and implement norms and standards for education in the National Institute of Securities Markets (NISM) will enhance the competencies of functionaries and professionals in the securities market.”

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.”

Vijay Kr. Singh, Managing Director, SAJ Food Products : 

‘Budget 2023 is a very reasonable one with focus on boosting capital expenditure as well as increasing consumer demand. The changes in Personal Income Tax is expected to result into increase in disposable incomes which is a positive for the FMCG sector. The initiatives taken to ease the compliance burden of businesses like PAN becoming a common business identifier is also a welcome step.’

Ruchir Arora, CEO & Co-Founder, CollegeDekho :


“The Budget of 2023-24 presented by the Hon’ble FM brings some positive news for the education sector. We welcome the government’s massive push to accelerate the education sector with an allocation of ₹1,12,898.97 crore, which is the highest-ever allocation of funds granted to this sector. The establishment of 157 new nursing colleges and the introduction of new programmes in training in medical equipment are significant steps in bridging the skill gap in the medical and pharma sector and we expect demand for more such courses in the coming future. The government’s announcement for Kaushal Vikas Yojana 4.0 is aligned with the Industrial Revolution 4.0 with a major focus on advanced technology, research and innovation-based education. This includes the establishment of 30 Skill India International Centers, offering cutting-edge programs in fields such as coding, AI, IOT, mechatronics, drones, and the enhancement of various soft skills. Also, the numerous infrastructural developments, green growth and financial initiatives proposed in the budget will see an increase in employment opportunities in these sectors. We feel this opens up multiple new career opportunities for students and pursuing courses like BSc in either Agriculture or Forestry, Chartered Accountancy and Master in Integral Logistics to name a few might be plausible. On the whole, the budget is progressive and concentrates on enhancing the skill development of Indian youth which will further propel their employability and lead to overall economic growth.” 

Ameen Khwaja, Founder & CEO, pTron  :

“The Union Budget 2023 is a progressive & far-sighted one that lays significant emphasis on supporting the growth of start-ups & proposes several measures aimed at fostering a favourable environment for startups to thrive & succeed. While there is no big-ticket announcement for the FMCE sector as a whole, there are still a few indirect positive impacts on the industry. As per the Economic survey of 2023, India is now the 2nd largest Mobile manufacturer in the World & also saw a 200% increase in rural internet subscriptions as against 158% in urban areas between 2015 & 2021. As announced in the Budget 2023, the GOI’s(Government of India) invested approach of “Reaching the last Mile” to make the remotest area connected and robust plan to leverage 5G services applications for a digitally strong tomorrow, shall further boost the internet penetration in the rural areas. This shall surely bring a new age of opportunity to the FMCE sector with promising growth due to an increase in demand for FMCE products.” 


Anil Agarwal, Chairman Vedanta :

“This Budget is one of the best budgets ever, truly inclusive and addresses the aspirations of every section of society. It empowers India’s 1.4 billion people as drivers of the India story. I compliment the PM and FM for the long term vision that was laid out in the Budget speech as well as the many progressive announcements, like increased outlay for capital expenditure, incentives for the start-ups and MSMEs, green energy, a lower tax for the middle class and boost to tourism which will create massive jobs and reinforce India’s position as the fastest growing major economy in the world”

Godrej Industries Ltd.’s Chairman and MD – Nadir Godrej : 

“The Union Budget 2023-2024, the first of the Amrit Kaal, strikes a good balance between the country’s growth ambitions and need for fiscal prudence. The sharp increase in capital spending combined with a  focus on reining in the fiscal deficit, will not only spur infrastructure development and job creation for our country’s youth, but do so responsibly.  Capital expenditure will further increase the growth of the economy and even if the deficit rises debt to GDP will fall.

At the same time, the budget’s commitment to sustainability must be commended. It successfully combines  conservation principles by way of the MISHTI mangrove plantation scheme with steps to speed up the transition to clean energy, underscored by a Rs. 35,000 crore high-priority capital outlay aimed at helping the country meet its 2070 net-zero goal. At the same time, reduced compliance red tape and loosened regulations promise to further fuel our nation’s start-up culture. Lastly, I agree with the Finance Minister that India will be in a unique position to improve its standing in the global economic system while leading the G-20.” It is a wonderful opportunity for India to spread the message of sustainability and inclusive growth.”

Prashant Kumar, MD & CEO, YES BANK :

“The Union Budget 2023 attempts an inclusive growth structure for the economy through various measures that are expected to reach the last mile. The effective capex of the Central government was enhanced to INR 13.7 Lakh crores, or 4.5% of the GDP was an acknowledgment that capital expenditures are crucial for the economy and could boost the growth. As the efficiency of capital expenditures is higher at the state level, the government once again earmarked INR 1.3 lakh crores as a 50-year loan to States, which would incentivize capital expenditure. ECLGS scheme continues with an additional INR 9000 crore added to the corpus which would boost the fund flow for the MSME sector.”

Ramesh Kalyanaraman, Executive Director – Kalyan Jewellers :

“We applaud the government’s efforts to boost India’s economy through a structured policy and regulatory-driven framework. The Union Budget 2023 is progressive setting the stage for a more equitable and sustainable future, paving way for rapid digitisation to ensure Indian businesses emerge as a dominant force on the global stage.

We are confident that increased disposable income due to changes in the tax slab will improve spending power, thus benefiting the overall consumer sector including the organised  jewellery retail industry. Initiatives such as PM Vishwa Karma Kaushal Samman programme are a pioneering step towards empowering traditional artisans and craftspeople – the backbone of our industry. This newly-conceptualised assistance package will be a welcome relief to the community and will enable them to equip and upgrade themselves with changing times. The government’s innovation-led and technology-driven approach reflects in its investment towards research on lab-grown diamonds, which will generate new employment opportunities, while resonating with the export as well as urban Indian market. The increase in the import duty of silver will not have a significant impact for us (Kalyan jewellers), as our primary focus is on gold, diamond and other precious stone studded jewellery.

Laying the foundation for India@100, the Union Budget 2023 is truly a testament to the government’s commitment and consistent efforts towards holistic and inclusive economic growth and its vision to make India the 3rd largest economy in the world. Overall, the reforms in the budget are mostly aligned towards strengthening Government’s schemes like Make in India, Digital India and ease of doing business in the country. This budget is a step in the right direction towards a bright and prosperous future.”


Sumeet Mehta, Cofounder & CEO of LEAD :

“The first Amrit Kaal Budget’s focus on quality of education for all is progressive and encouraging. I welcome the focus on teacher training and upskilling students with Industry 4.O skills.  However, while initiatives such as a National Digital Library and support for Eklavya Model Residential Schools are steps in the right direction to address the massive learning loss from the pandemic, well-designed PPPs are the need of the hour to create innovation at scale for millions of school going students in India. This will make high-quality learning more accessible and affordable, especially for students in small towns who lack resources; and will result in long-lasting impact at scale.  GST rebates on printing of books, assessment material and educational hardware can further enable affordability and access to high-quality, multimodal education in schools.  Going forward, I look forward to policy support in this direction.”

Rajiv Sabharwal, MD & CEO, Tata Capital Ltd :


  • 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.  
  • 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.

Krishna Kumar, Founder & CEO, Simplilearn


“The 2023 Union Budget highlights various initiatives by the Government of India to promote new age frontier technologies as well as youth upskilling across sectors. With India now the third largest ecosystem for start-ups globally, and ranking second in innovation quality among middle-income countries, it is promising to see measures taken by the Government for startups bear fruit. To this front, it is a considerate decision to extend the date of incorporation of income tax benefits for startups showcasing the focus of the Government towards the growth and expansion of India’s startup ecosystem.

In terms of education and skilling, the proposals to bolster student education as well as professional skilling, if fostered well throughout the year will contribute to India’s growth and development. The Government’s decision of formulating the National Education Policy is a testament of its efforts in recognizing and unleashing the potential of the youth through skilling. With three centres of excellence for Artificial Intelligence to be set-up in top educational institutions in line with the vision of “Make AI in India and Make AI work for India”, we can look forward to the growth of new-age technologies such as AI, robotics and more.

Further, the introduction of the Pradhan Mantri Kaushal Vikas Yojana 4.0 would benefit the youth of the country to scale and find suitable job opportunities. The Government’s decision to set up 30 Skill India International Centres across different states is a notable initiative undertaken in the 2023 budget as it would extend youth skills globally and also put Indian youth on the international skill map. The initiatives announced as a part of the Union Budget today are signs of building a new, strong, digital India focused on sustainability and growth.”

Manish Chourasia, Managing Director, Tata Cleantech Capital Limited :


Government is walking the talk when it comes to Net Zero commitment. Budget has taken bold steps in adopting new initiatives such as dedicated funds for energy transition and Green Hydrogen mission. In addition, the government has been proactive in identifying the need of storage systems to integrate the ambitious renewable energy capacity plans. Both the Viability Gap Funding for Battery energy storage systems and framework formulation for Pumped Storage Projects will pave way for accelerated adoption of renewable energy”.

Sunil Agarwal, Chairman of RSH Global :

“This year’s budget is geared towards stimulating consumer spending, driving job creation, and fostering an environment of investment-driven growth. The income tax slab revised to 7 lakhs will give salaried consumers more purchasing power. Additionally, enhanced spending on infrastructure and connectivity will further boost rural consumption, and enable manufacturers to streamline their supply chains and reach customers in newer markets.  

Moreover, MSMEs will benefit from a revamped tax benefits, and the boost to ease of doing business, will have a positive impact on current business environment and bodes well for a mass brand like us. 

At Joy Personal Care, we are devoted to providing our customers with the highest quality of products for them to derive the maximum value for their money. As disposable incomes rise, we anticipate that even the more price-sensitive customers will be incentivised to increase their consumption, driving demand for our multiple product ranges.” 

Sanmeet Singh Kochhar, VP – India & MENA, HMD Global :

“We welcome the promising Union Budget 2023 announced by honourable FM today. While the budget is futuristic with elements like Data Governance Policy, Centres of Excellence on AI, Green Growth, the conventional thrust areas of infrastructure have also received a big boost, which will directly impact device manufacturing in India. Mobile phone production in India has witnessed a phenomenal increase in recent years owing to policy support. The announcement to further reduce custom duty is another great step in this direction. The set-up of 100 labs to develop 5G in the country will better network connectivity in the nook and corner of the country and further help more sectors and communities to access the benefits of 5G networks. The focus on green growth as a priority aligns with HMD Global’s commitment to sustainability, and gives greater impetus to cleaner, greener tech for a better tomorrow.”

Dr. Mona Lisa Bal (Chairperson, KiiTIS) :
 “The goal of Budget 2023-24 included both today’s requirements and the expectations that the world will have in the future. There is a clear emphasis on job creation and skill development that will improve learning strategies and results. I am delighted to know that the government would be setting up a National Digital Library for students to get better access to books from all over the world. Empowering our youth is of utmost importance and I’m happy to see that the government is helping this generation realize their dreams.”
Quote of Anirban Aditya (Chairperson, Aditya Group) :
, “The government’s decision to establish a National Digital Library for children and adolescents will increase access to good-quality books for students all over the country. The declaration to launch PM Kaushal Vikas Yojana 4.0 would allow Indian youths to acquire special skills. I am elated to know that the Government has proposed to set up almost 100 labs for developing apps using 5G services in engineering institutions which will give the students a better understanding and hands-on experience. It is also great to know about the recruitment facility under Eklavaya Model Residential Schools. The budget this year will bring some great opportunities.“



Kuldip Maity, MD & CEO, VFS Capital :

‘I would like to compliment the Hon’ble Finance Minister for presenting a progressive and growth oriented budget. The Union Budget 2023 has a greater emphasis on the rural sector, social sector schemes, infrastructure creation and will go a long way in building a developed India.

We also welcome the measures announced for the MSME sector. Rs. 9000 crore corpus for revamped credit guarantee scheme is expected to address the liquidity stress of micro enterprises and will push the next level of growth for MSME sector in India. We also believe that the reforms announced today will encourage women participation as women entrepreneurs from rural areas have shown immense potential to add value to the Indian economy by setting up their own micro and small enterprises.’

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button