2, Feb 2023
Post Union Budget 2023 Reactions

Arpit Jain, Founder, and CEO of GreedyGame say “We are glad that the budget has given some relaxation for individuals, MSMEs, and enterprises. The finance minister has laid focus on technology by launching an agri-tech accelerator fund for the first time, which is encouraging for the development of the country in the long run. The government has provided relief to start-ups in carrying forward and setting off losses and also extended tax benefits for start-ups which are incorporated till March 31, 2024. We think this is a welcome step and the government has asserted the importance of entrepreneurship for the economic development of the country.”

Mr. Ramesh Jhajharia, Co-Founder and CEO of Tradexa, says “The 2023-24 budget has laid clear emphasis on prioritizing economic growth with a focus on capital spending to generate growth and employment. The announcement relating to MSMEs and the thrust on digital banking will further go a long way in supporting the economy. It is good to see the government’s focus on facilitating the growth of the MSME sector in this year’s budget. MSMEs to get 95% of the forfeited amount for contract failure during Covid-19 which is a highly appreciative move. Another much-needed move by the government is the credit guarantee for MSMEs where the revamped scheme will take effect from April 1, 2023, with an infusion of ₹9,000 crore corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs. A much-required move for MSME’s recovering from the effects of the pandemic.”

Shiv Bhambri, Country Manager, RS India, says, “We appreciate the emphasis on green growth in the Union Budget 2023. The budget is well-thought-out. Climate change is one of the greatest challenges in today’s world, and everyone must take action to decarbonize, reduce risks and invest in opportunities to accelerate the vision of a low-carbon ecosystem.
We, at RS India, intend to bring a positive environmental change to the global industrial sector by developing a cleaner and greener distribution model and bringing together the world’s leading suppliers of innovative and sustainable products & technologies”

Mr. Gaurav Gandhi, Founder and CEO at Echelon Edge Pvt Ltd, Says “The 5G ecosystem in India will get further stimulus from this budget. 100 labs for developing applications using 5G services are to be set up in engineering institutions. These labs will effectively develop 5G services to be implemented in a variety of fields. This holds some potential for private 5G deployment in these institutions and further growth of private networks for research purposes. The setting up of these labs will also help the telecom sector which has been at the center of mobile telephony distribution in India. More than 50 cities in the country have access to 5G services, so these labs will help them cover applications such as smart classrooms, precision farming, intelligent transport system, and healthcare.”

Ms. Pritika Singh, CEO Of Prayag Hospitals Group says “We welcome FM Nirmala Sitharaman’s announcement regarding establishing 157 new nursing colleges in core locations. In addition, the proposal for a multidisciplinary course for medical devices for skilled manpower is also praiseworthy. The dedicated multidisciplinary course for medical devices will be supported in existing institutions to ensure the availability of skilled manpower for futuristic medical technologies and high-end manufacturing and research. The health budget has been increasing yearly, especially after the Covid-19 pandemic. In Union Budget 2022-23, 86,200 crore rupees were allocated to the Union Ministry of Health & Family Welfare, a 16.5 percent increase over the previous year. Apart from that, we also laud the new program for pharma research proposed by the FM. The program will be formulated and the industry will be encouraged to invest in research. The pharmaceutical industry has been asking for incentives to promote R&D investments.”

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