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Budget 2023: Here’s how the prominent companies reacted

Today, the Indian Budget 2023-24 has been announced and that is a big thing for the economy as a whole along with all the industries associated with it. From manufacturing giants to health insurance companies, a lot of them have got relief thanks to the new policies & updates.

While a lot has said the new budget is not solely focussed on the lower economic people and has also criticized the government for supporting bigger firms only, a capitalistic mind in general. However, prominent companies have shown full support to the government, and though the trickle-down effect in the economy may help the country as a whole to all classes it remains to be seen if that happens so.

Here we have some quotes from many respected companies from various sectors who have reacted to this Indian Budget 2023-24:

Budget 2023: Here's how the prominent companies reacted

Mr. Praveen Vashishta, Chairman, Howden Insurance Brokers India Pvt. Ltd

‘Kudos to the FM for delivering a growth-centric budget – the first budget of Amrit Kaal. The markets have given a thumbs up to what I would say is overall a win-win budget. And why not? With an increased capital outlay, the budget promotes ease of doing business, infrastructure growth, Agri-tech, and a digital India. At the same time, the budget scores well on the social agenda – it promotes inclusive growth, women’s welfare, skilling, green energy, and green mobility. There is relief on the personal tax front including an increase in rebate limit to Rs. 7 lakhs in the new tax regime and a reduction in the highest surcharge from 37% to 25%, thus bringing down the maximum rate to 39%.

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We would have liked to see a few strategic announcements in the Insurance Sector- such as an increase in FDI to 100%, a reduction in the Tax rate for Foreign Reinsurance Branches, and the introduction of Captives. We were also expecting some Tax concessions such as a reduction of the GST rate on health & life insurance from 18% to 5%, creating a separate section for Life insurance premium exemptions instead of including it in an already crowded 80C and an increase in the maximum deduction for tax benefits from health insurance premiums from Rs 50,000 to Rs 1 lakh under 80 D. With a forward-looking government, I am sanguine that we will see more on these areas in the time to come.’


Mr. Vineet Nayar Founder of Sampark Foundation and former CEO of HCL Technologies

“We welcome govt’s move to provide continuous professional development and learning for school teachers and related funding. With the further enhancement of ICT implementation, govt. can focus on pruning non-strategic investments in education to create a larger pool for strategic investments in the use of frugal technology and an increasing number of teachers and their capacity. Reading is the foundation for our children’s creative minds and this renewed focus on ramping up public libraries would help them to choose and create their own career choices.”

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Budget 2023: Here's how the prominent companies reacted

Mr. Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India Pvt. Ltd

“The budget 2023 is oriented to the economic growth of the country. I am sure that a 33% growth in capital expenditure will result in balanced development. This is a smart move since it will help the country achieve its goal of becoming a 5 trillion-dollar economy and a global powerhouse. I believe that the announcement of setting up 100 labs to effectively develop 5G services and the vision to promote Artificial Intelligence in overall industries is a strong step by the government. This will further lead to automation in the industries which will help in propelling India’s growth and promoting smart cities. The union budget 2023 has come up with positive announcements for different sectors to support the Make In India initiative and can result in balanced growth in the near future.”


Devanshu Bansal Director of UK Realty Budget 2023: Here's how the prominent companies reacted

Mr. Devanshu Bansal, Director, UK Realty

“Considering the prevalent domestic and international scenarios and keeping up with the growth achieved so far, the budget is holistic and growth-oriented. Increased tax rebates will definitely pump in more liquidity in the markets which will provide more disposable income to the lower end of the income spectrum. It may motivate individuals to purchase homes which would further enhance the growth of the real estate sector.”


Roopa Kumar, Founder & Group CEO of Purple Quarter

“A common sentiment across the budget presentation by Mrs. Sitharaman, was on the high integration of technology to push growth across sectors. In the 7 priorities mentioned during the budget, technology came out as the main enabler across all. The focus on AI development and deployment through “Make AI for India” and “Make AI work for India” by multiple initiatives such as the setting up of AI labs and upskilling the youth in software and hardware tech, will create an ecosystem which will act as a catalyst for Indian Tech and Startup Ecosystem to catapult itself as the benchmark globally and will also provide the next generation of tech visionaries and leaders for the world.”


Budget 2023: Here's how the prominent companies reacted

Mr. Sahil Chopra, Founder & CEO- iCubesWire, India’s leading digital marketing platform

“The 2023 budget looks promising for the digital and technology sector. Emerging technologies such as 5G, Web 3.0, and Metaverse will give rise to new business opportunities. Moreover, implementing a comprehensive legal framework will strengthen personal data protection. Investments in tech innovation and digital asset creation will facilitate the development of a knowledge-based economy, with leading educational institutes taking the lead. With the development of three Centres of Excellence for Artificial Intelligence in its top academic institutions, we will move closer to making AI in India a reality.”


Budget 2023: Here's how the prominent companies reacted

Sanjeev Singh CEO & MD – CMS IT Services

“The infra and capex push of the budget combined with a focus on creating a tech and knowledge-driven ecosystem will accelerate India’s journey to becoming a $ 5 trillion economy. This will also generate tremendous opportunities for the tech industry in multiple advanced domains like 5G, AI, digital, agri-tech & fintech.” 


Piyush Jha, Senior Vice President, Strategy & Technology APAC, GlobalLogic

“As a country with a rich history of innovation and a rapidly growing tech sector, India is uniquely positioned to harness the power of Artificial Intelligence (AI) and drive economic growth and social progress. Over the years, AI has been demonstrating its potential to transform various industries, from healthcare and finance to manufacturing and retail. Today, at the Union Budget 2023-2024, our government’s vision of ‘Make AI in India’ & ‘Make AI Work for India’ and strengthening it by setting up three centers of excellence for AI in top educational institutions is a remarkable step towards leading the AI revolution and becoming a global hub for AI innovation.

Budget 2023: Here's how the prominent companies reacted

Additionally, the establishment of 100 laboratories in engineering institutes for 5G apps will enable India in becoming a center for digital capacity on a worldwide scale. The allocation of funds and initiatives aimed at upskilling the workforce, promoting research and development, and leveraging AI for various sectors, is a positive step towards a future where technology and humanity coexist for the betterment of society. We appreciate our government’s support and strong commitment to digital transformation, and I strongly believe that our country is poised to create a more prosperous and inclusive future for all.”


CA Aditya Sesh, Founder and Managing Director of Basiz Fund Service Private Limited

The fund manager is the regulated entity now. For a long time, the issue of single window applications in GIFT IFSC be it the SEZ or IFSCA, or others have been in discussion. This has now been enabled with powers of SEZ being delegated to the IFSCA. The GSTN registration functions will also be delegated to IFSCA. This will vastly improve the ease of doing business and avoid dual regulation. The announcements concerning GIFT City have been carefully considered. The EXIM Banks subsidiary will be set up, since this is outside the FEMA zone, import and export financing and lines of credit will become much easier.

Also, acquisition financing through GIFT City units will now be enhanced because ECB deals done abroad will now be structured in GIFT city and financed from here. An announcement has been made to recognize offshore derivatives in GIFT however, we await the details for the full text of the scheme. The Budget has introduced the concept of a Data Embassy which is unique to India. This will act as a data backup. Such data embassies will not be subject to the Data Export Laws of India. In a way, this will move GIFT IFSC to be a pure service centre for service that will not relate to India and GIFT IFSC will end up being India’s defacto commercial capital for International financial services and transactions.”


Alok Dubey, CFO of Acer India expects the upcoming budget will stress the development of talent and skills

Alok Dubey, Chief Financial Officer, Acer India

“The Union Budget unveiled today echoes the government’s objective of “Digital Development” for the country. It places a high value on technology and innovation as a whole. Realizing the vision of “Make AI in India and Make AI Work for India” is projected to strengthen the country’s standing in the technology industry globally and generate numerous possibilities for the youth.

The mention of lowering the minimum TDS threshold and clarifying taxability linked to online gaming is an encouraging step towards gaming industry in India, and it is expected to open up more prospects in the following year. This year’s budget also has prioritised sustainability; this is a step toward a green future that allows businesses and SMEs to enter the market with green products and services; this is a commendable and promising move. Overall, the Union Budget 2023 is promising and represents a significant step toward digital transformation and a holistic sustainable growth.”


Arun Krishnamurthi, CEO and Managing Director, AXISCADES

“We believe that Budget 2023-24 has put the right emphasis on boosting infrastructure investment, green energy, and skill development, which will harbinger a positive outlook for the Engineering Services Industry. Enhancement in Capital Investment Outlay to Rs.10 lakh crores and skill development under PMKVY in new technology areas, such as AI and Robotics will not only bring about enhanced outsourcing opportunities to our Industry as well as create the right talent pool to service these opportunities. Identification of 50 new destinations for the tourism sector with attendant airport infrastructure will in turn boost the demand for aircraft and the Aerospace Industry, in which AXISCADES is one of the key players, delivering niche engineering value to Global OEMs in Aerospace.’’  


Mr. Nikhil Agarwal, President-CJ Darcl Logistics

“This is the first Budget of Amrit Kaal, and we believe that this is a budget aimed at fostering growth. We are sure that the huge rise in capital expenditure by 33% will have an incremental effect on the overall growth of the economy. Infrastructure sector is the backbone of any economy, and the government has been pushing for the sector’s growth for its multiplier effect and linkage effects in terms of job creation. Infrastructure and development are among the seven priorities of the Budget 2023. The newly announced one hundred critical transport infrastructure projects will help the country to ensure energy and food security as these are critical for India as it targets to become the third largest economy in the world in the next 6-8 years. The government has also decided to inject 2.40 lakh crore in railways in order to derive a positive outcome on environmental sustainability.

Budget 2023: Here's how the prominent companies reacted

As Budget 2023 focuses on promoting coastal shipping, it will play a critical role in the economy’s competitiveness, expansion, and long-term sustainability, which is an under-tapped sector at the moment. Also, the announcement of 100 Labs for developing applications using 5G services will bring in changes across the transport sector including increasingly smart and efficient logistics and improved urban transportation with the implementation of Mobility as a Service (MaaS) platforms. The Budget 2023 has demonstrated a good balance between today’s needs and the future’s demand.


Mr. Harsh Pareek, Regional Sales Director, India and SAARC, Trimble Solutions

“The Union Budget 2023 sets the vision for a technology-driven and knowledge-based economy. Further, the welcome push for creating sustainable cities of tomorrow, and the announcement of incentives for green building practices has created the perfect storm for the construction industry players to embrace cutting-edge technologies and help India move towards realising its goal to achieve net zero emissions in ‘Amrit Kaal’.

Overall, the Indian construction industry has many reasons to cheer this budget, from the Urban Infrastructure Development Fund for tier-2 and tier-3 cities to setting up of Infrastructure Finance Secretariat for encouraging private investments in infrastructure. The increased outlays for capital expenditure, now at 3.3% of GDP, and higher allocation for the PM Awas Yojna will provide a major boost to urban housing and infrastructure development, in turn creating new growth opportunities for both real estate and infrastructure companies.”


Budget 2023: Here's how the prominent companies reacted

Mr. Harsh Bharwani, CEO & MD at Jetking Infortrain

Union Budget 2023 gives the much-needed boost to the lower middle class and middle-class section of the society. Revised tax rebate is a celebrated move as it will give them chance to invest more in their children’s education which will help in the up-skilling and making them industry ready.

The two new schemes announced by Finance Minister Nirmala Sitharaman, Make AI in India and Make AI Work for India, would undoubtedly benefit students interested in the subject of AI, since the new laboratories will allow them to explore their skills and become industry ready.

FM Shrimati Nirmala Sitharaman also discussed establishing a National Digital Library for children, particularly those in rural regions, scheduled tribes, and other vulnerable groups, who have lost two years of education as a result of the pandemic. With efforts aimed at digitalizing Indian education, this is a promising step forward for the country’s future, as it will assist pupils in developing their talents, upskilling, and reskilling


Budget 2023: Here's how the prominent companies reacted

Sayeed Anjum, Co-founder & CTO, greytHR

“The government has taken an excellent initiative by establishing three centers of excellence in top educational institutions to nurture quality human resources in AI. A national education policy will undoubtedly facilitate job creation at large scale, and the Skill India Digital platform will allow HR service providers and employers to offer desirable jobs to skilled candidates. 

Also, Pradhan Mantri Kaushal Vikas Yojana 4.0 scheme is an exceptional project to expand skill training in areas like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. While 30 new skill India International centres will not only help professionals from varied sectors but also MSMEs and start-ups who look for relevant candidates to do the work. The credit guarantee scheme will work as a cushion for growing companies to stay sustainable in difficult times. All in all, the entire economy will benefit on a large scale giving numerous scaling opportunities on various levels”.


Budget 2023: Here's how the prominent companies reacted

Dr. Manas Fuloria, CEO and Co-founder, Nagarro

“It is definitely a responsible budget with an eye on the fiscal deficit. We are cheered by the steps taken to increase the ease of doing business, such as the use of PAN as the universal ID and the introduction of Digilocker; however, we hope the concept of ease of working between regulators and industry percolates to the operating levels.

Investments in green energy are very welcome. Similar levels of investment to combat other sources of air pollution would have been desirable since the challenge there is equally acute and more immediate. The increase in the education budget is praiseworthy, along with the moves to promote AI, but the increase is still small. The productivity revolution that AI will bring may be fundamentally disruptive, and much higher levels of investment are needed, in my opinion, to thoroughly modernize our education.”


Budget 2023: Here's how the prominent companies reacted

Mr. Raunak Karwa, Founder & CEO – FinLearn Academy

“The Union budget was an inclusive one with a focus on most sectors. The allocation on Education has been hiked by 13% to Rs 5.17 Lakh Crore. This will help build new capacity in rural areas, and improve the existing facilities. The outlay will help develop new skills and earning streams via passive means.

The announcement under Pradhan Mantri Kaushal Vikas Yojana (PMKVY) for skilling of youths. The 30 new Skill India International Centers across different states will help develop talent and thereby output. The AI centers will help the acceptability of machine learning.”


Mohit Ralhan – Chief Executive Officer, TIW Capital

It’s a forward-thinking budget with a focus on creating a blueprint to make India the third-largest economy. This budget has kept all constituents of the economy in mind, be it infrastructure building, creating manufacturing jobs, marching towards green energy, middle-class taxpayers, rural welfare and poor citizens. Bridging the infrastructure deficit is the top priority for this decade and the increase in capital expenditure by 33% along with the highest-ever allocation to railways is a big step in this direction.

Budget 2023: Here's how the prominent companies reacted

The announcement of several favourable indirect tax proposals, such as a reduction in the highest surcharge rate to 25% from 37%, a reduction in customs duties, etc. should boost domestic manufacturing creating much-needed employment opportunities. The government continues to emphasize on the transition to green and India’s commitment to reach a zero net carbon emission status.

The 66% increase in allocation to PM Awas Yojna and the increase in tax exemption limit to INR 7 lakhs should result in an increase in consumption spending. The government has skilfully walked the tightrope between job creation and controlling the fiscal deficit, with the target of getting it below 6% of GDP. overall, I believe this budget has hit all the right notes and provided the right impetus to propel India as a leading economic powerhouse”


Mr Muneer Ahmad, Vice President, Sales and Marketing, ViewSonic India

“We are happy to see that the budget 2023 talks at length about decreasing the digital divide by introducing National Digital Libraries that will facilitate access to quality books for children and adolescents across geographies, languages, genres, and levels. Furthermore, the centre’s mission to re-envision teachers’ training through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation will help boost the sectoral growth and knowledge sharing with the District Institutes of Education and Training set to be developed as vibrant institutes of excellence for this purpose.

Furthermore, we are excited to see that the centre is working towards setting up of three Centres of Excellence for AI (Artificial Intelligence) in top educational institutes. It is a progressive measure that will help boost knowledge sharing and technology development in the education sector. However, we expected substantial measures in the budget for the allocation of resources for the development of technology in the educational sector. This would have supported higher investment and opened doors for new ventures in the industry.”


Mr. Nihar Sripad Madkaiker, Co- Founder iXR Labs

“In the budget 2023-24, we are happy to see a significant inclination towards start-ups and skill development. The government is providing an advantage to the start-ups by offering tax benefits by extending until March 31, 2024. This year we also see the demand for workers with digital skills is increasing in a wide range of industries.

We are delighted to see that the government has focussed on developing hundred labs applications using 5G services that will be set up in engineering institutes. To make this more efficient, it is important to train and upskill workers, learners and educators and this step will encourage employment.

As technology in education continues to advance and becomes more relevant, we anticipated that the government would bring an approach that is more substantial in the education / edtech sector.”


Neha Singh, Co-founder, Tracxn

India has evolved to be the third-largest startup ecosystem globally and is one of the leading countries in terms of funding among middle-income countries. The Indian government has been actively working to support the growth of startups in the country. It all began in 2016 with the introduction of “Startup India,” which was followed by numerous other initiatives of a similar nature, including the Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme (SISFS), the Credit Guarantee Scheme for Startups (CGSS), etc. By streamlining procedures and regulations, these initiatives made it easier to do business and to access financing.

Budget 2023: Here's how the prominent companies reacted

Multiple helpful policies have been implemented into the current budget to support the nation’s startup ecosystem in light of the continuing inflation and funding slowdown. One of the key points announced by the finance minister is the extension of the date of incorporation for income tax benefits to start-ups from FY23 to FY24. In addition, the government has stated that startups will be able to carry forward their losses for up to 10 years. To accelerate the development of AgriTech firms, an agriculture accelerator fund will be established. The creation of a national data governance policy will make anonymized data available for a range of applications, creating a plethora of business opportunities. These are a few of the significant measures that have been announced this year among many more that will all aim to improve the nation’s overall startup ecosystem


ByMr Chitranshu Mahant, CEO and Co-Founder, Primebook

“Given that India constitutes the 3rd largest startup ecosystem, we are glad that the government will set up a “Skill India Digital Platform” where digital skills will be expanded and given focus. Setting up a hundred labs for developing applications using 5G services would be an area we at Primebook will look forward to supporting. Moreover, the infrastructure for Digital Library can also be facilitated by PrimeOS; thus, we are excited to see the future of this proposition.

There is a need to encourage digitisation on the grass-root level to help reduce the digital divide. We are glad that the Eklavya Model Residential Schools will be serving 3.5 lakh tribal students and making opportunities more accessible to economically weaker sections. We would have liked to see an allocation to develop smart classrooms because integrating technology for skill development and education is a key way to reach the bottom line and make a real difference. We also missed the government’s push towards the development of infrastructure and education in this announcement which are key pillars for economic growth.”


Budget 2023: Here's how the prominent companies reacted

Mr. Naveen Jangira, Chief Trust Officer of Erasmith Technologies Pvt. Ltd

This is clearly a growth budget given. The govt has set the capex outlay growing at 33% YoY as the engine to making India a 5 trillion $ economy. Plus, with the government razor focused on digital and fintech, we are going to see huge expansions in cloud infrastructure, cyber security, document management, analytics and AI.


Budget 2023: Here's how the prominent companies reacted

Mr. Gagandeep Singh Gandhi, Director & Co-Founder of Integre Solutions Private Limited

Clearly, the government wants to make the most of the global momentum in India’s favour to meet its 5 trillion $ mark. Whether it is capital creation, digital, fintech, AI, 5G, UPI, the government wants to increase the pace of development. This is a superstar budget.


Mr Satyen Kothari, Founder and CEO of Cube Wealth

“It’s encouraging to see that the budget includes resources for the middle class. Raising the tax-free income limit to Rs. 7 lakhs per year would give people more money to invest and save. This rise in productivity and taxes across various tax brackets gives an opportunity for consumers to consider investing that money rather than spending it to build long-term wealth. We should also be pleased that DigiLocker will be used for new sorts of documents to help infinite seconds, and that a hundred labs will be formed to promote it. Engineering institutions will develop 5G apps, which is wonderful for technology, and the union budget will place a priority on AI. Because Cube Wealth is also a tech business, this is extremely good news for how finance and technology are being supported by the government.”

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Raunak Saha
Raunak Saha
A cs engineer by profession but foodie from heart. I am tech lover guy who has a passion for singing. Football is my love and making websites is my hobby.
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