Mr. Kuldeep Malhotra, Dy. Managing Director, Konica Minolta Business Solutions India Pvt Ltd,
“We are delighted to have a Union Budget that focuses on introducing new technologies on a wide scale. Since our youth is the backbone of our economy, Finance Minister Nirmala Sitharaman talked about training millions of youth within a period of the next three years under the government’s Pradhan Mantri Kaushal Vikas Yojana 4.0. The scheme will also cover new-age courses for Industry 4.0, like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. These are the technologies that will assist businesses across multiple fields to function smoothly. Additionally, the decision to set up 30 Skill India International Centres will open the doors of international markets to Indian youth.
Furthermore, with Budget 2023, the government is taking its sustainability initiatives to new heights. Programs that promote green fuel, green energy, green farming, green mobility, green buildings, and green equipment, are the need of the hour. These green growth efforts help cut down the carbon intensity of the economy and provide large-scale green job opportunities.”
Mr. Pankaj Poddar, Group CEO, Cosmo First
“The budget is in line with the vision of the government where the main focus is on infrastructure development and making India Atmanirbhar by strengthening our MSME sector and boosting the start-ups in India not only in fintech side but now also on agritech as well. The decision of introducing ‘Vivad se Vishwas’ to return 95% of bid to the MSMEs in case of failures to execute contracts during the Covid period and bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes is indeed a great relief for businesses. The infusion of Rs 9,000 crore through the revamped credit guarantee scheme and additional collateral-free credit of Rs 2 lakh crore to MSMEs and reducing cost of the credit by about 1%. Through these initiatives, India will emerge to become a 5-trillion dollar economy.
Where the other economies of the world are showing signs of recession, Indian economy will grow by 6.4% – 6.8% in next year. Fiscal deficit will also get reduced to 5.9% next year from the present 6.4%. The industry was expecting a major boost in manufacturing sector by extending the last date for setting up a new manufacturing facility with lower tax rate benefit. However, the overall Union Budget 2023-24 is positive and will drive growth of the MSME as well as the start-up sector and give a boost the infra sector.”