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GST exemption on blended CNG is a boon for the common man and an aid to promoting a clean and pollution-free environment. Relief for the common man with the introduction of no income tax up to 7 lakhs of income.
Mr. Taranpreet Singh, Partner, TASS Advisory
This is undoubtedly a future looking announcement which will help India to become one of the prominent players in green hydrogen space and thus reducing the dependency on lithium. With the budget allocated to energy transition we will see a lot of businesses turning to EV fleets. Green credit system will ensure that the startups and MNC’s who is working for making the planet a sustainable place to live are incentivized.
The viability gap funding will ensure that new battery tech will get supported in the early days before it attains economies of scale.
Customs exemption on capital goods and machineries for lithium batteries will reduce the per kilowatt-hour cost of batteries and thus accelerate EV adoption in both personal and commercial segments.
-Visakh Sasikumar, CEO & Co-founder, Fyn mobility
The Budget presented by FM Nirmala Sitharaman builds on the excellent Budget last year, continuing the trend towards more productive expenditure. Like the rest of India, we welcome Budget 2023 with open arms. The Union budget has correctly highlighted the imperative for greater emphasis on innovation, research, and development, which are crucial to helping India reach the aspirational goal of becoming a $5 trillion economy. Focusing on the amplification of emerging technologies can help create a world-class technology ecosystem.
Budget 2023 provided wings to India’s Growth story by focusing on investment, increased expenditure, employment, ease of doing business.& rebate in income tax limit to 7 lakh in new tax regime.
The Budget is consistent with our PM Narendra Modi’s vision of making India Atmanirbhar: a digital superpower, a sustainability leader and a healthy nation. This statement of intent is clearly supported by a plan for the future, and backed by allocations — specifically in the areas of infrastructure, digital transition, planet resilience, education and health — to support Indian ambitions.
Mr. Ashwani Rawat, Co Founder & Director Transerve Technologies.
As expected the current budget has something for all. The Hon FM has touched every aspect of the society. The focus has been on supporting growth and continuing the expenditure on infra building. While the budget seems populist but this has been possible only due to the strong performance of the economy in general. Some of the key impact for startups in the budget which will also help the investment momentum are:
- Provision for agri accelerator will certainly help interest in investment in agri tech and in general in agri business. The accelerator will help working on innovative ideas and may help on packaged food, which will not only help in increasing productivity but also farmer income.
- Setting up of 157 medical colleges will not only help in improving health infra but will also help promote medi-tech startups as they will have more avenues and close to their place then depending on few hospitals for testing their innovation. This will certainly help in promoting health-tech and medi-tech startups
- Special initiative in setting up 3 centres for AI, will help building better startups in AI space and it will help in building resources and testing of innovation.
- FM laid special mention on converting Manhole to Machine-hole. This will certainly help companies like Genrobotic which has built a robotic product to eliminate manual scavenging and help in rehabilitation of people involved in cleaning manual holes. This kind of direct involvement also encourages investors to support startups in the space. Unicorn took the early bet and is glad to have faith in new innovative products in this space. We expect many more development in this space
- While many may think the setting of 50 new airports is a normal announcement, the fact is, it will help in developing the economy in those cities. This will not only help in uplifting of cities but will also help in tourism and also mushrooming of startups and access to cities will be easy. This will also help in lot of job creation
- FM has also given special attention to MSME and startups. Announcements like easing KYC, making PAN as uniform identification for business will go a long way in setting up new businesses especially in the Fintech and Insuretech segment. Increasing the tax relief period from 7 years to 10 years is a big announcement and will help startups redeploy earnings on growth of the business. Also tax rebate to MSME earning upto Rs 3 crore will also help companies to have ease of cash flow
Anil Joshi, Managing Partner, Unicorn India Ventures says
The Budget builds upon the progress made on the legislative and business front, to further ease compliance requirements. We see that there is a stress to introduce new policies, and introduce schemes to augment India’s proficiency in new age technologies and solutions. The Central Government has long intended for the usage of anonymized datasets, for the benefit of MSMEs, startups, and will introduce the National Data Governance Policy in the coming year, to govern such data collection, distribution protocols. The announcement to constitute 3 centres of excellence for artificial intelligence to augment our capabilities in AI development, testing, will be instrumental towards the Digital India goal as well. Added to this, the KYC processes will adopt a risk-based approach rather than a one-size-fits-all approach, to cater to startups, smaller industry players, and allow players to focus resources, R&D towards the development of the next wave of technologies like 5G, Web 3.0 and Metaverse, which will in turn enhance the growth projections of the country.
Mr. Abhishek Malhotra (Managing Partner of TMT Law Practice).
Mr. Mandeep Arora, MD & co-founder, UBON said, “The 1st budget of Amrit Kaal by honorable Finance Minister Nirmala Sitharaman is well divisional. Starting from skilling for youth, job creation, senior citizens, and digitalization to MSMEs this budget is unturned every stone. Envisioned as modinomics, the budget came with high hopes.
For the manufacturing and electronics industry, this will be a big relief, as customs duty on many
electronics parts imports has been reduced. This means mobiles and consumer electronics will be low cost from now. This will help in value creation, employment generation, and better productivity and provide affordable electronics for Indian consumers. Emphasizing on skill development and value-based knowledge through digital platforms for free is another step to support youth.MSMEs are mentioned as growth engines of the country and I appreciate equal attention of the
government on failed businesses also. This will help the sector grow with the back support of the
government. A 1% reduction in the cost of the MSME credit guarantee will help the industry to grow as well. The infrastructural development has given a major part of the budget, we expect that the government will allocate some funds for the development of more industrial areas and upgrading their infrastructure for MSME.However, Industry is a bit disappointed as Industry was expecting announcements related to Incentives for domestic design, Expanding the PLI scheme, and Strengthening the supply chain which was the need of the hour. We hope the government will consider our request in the next budget and support the industry in becoming a global manufacturing hub and achieving the Atmanirbhar Bharat dream.
Mr. Mandeep Arora, MD & Co-founder, UBON
Addressing the health care announcements made by the honorable FM today he stated , “The newly announced focus on screening and eradicating sickle cell anaemia in the country is a step in the right direction. Anaemias and other haematological disorders are endemic in tribal populations of the country. Use of advanced digital technologies can help vastly increase the scale of screening than what is possible today.”
He also added “The proposed National Data Governance Policy, which provides access to anonymized data, will go a long way in supporting the stated mission of making AI work in India.” as he addressed the AI focused stated in the budget.
Dr. Tathagato Rai Dastidar , Founder & CEO at SigTuple
The intent is good, but progress has been slow in making India’s startup ecosystem compete with advanced economies. This budget is at best a baby step, what we need are leaps to unlock the potential!
BabyG App Founder at Birma Ram
“India’s last budget laid a strong foundation for the world and the economic growth has been recognized across the globe for it’s world class digital infrastructure, unparelled pandemic mitigation and achieving sustainable development goals. The current budget will act as an imperative blueprint to spearhead the next phase of growth on 7 pillars i.e. Green Growth, Youth Power, Inclusive Development, Reaching the Last Mile, Infrastructure and Investment, Digotalistion, and Unleashing the potential. The GDP of India heavily relies on Education, Agriculture, Healthcare & Industry, and the government demonstrates a continued interest to serve these areas with significant policies and schemes. A focus on technological advancements with investments into AI centres and Data reforms is a testimony of India’s goal to be forefront in technology apdation. This will unlock India to build on several emerging Industries and sectors with high employment generating capability. This budget will empower financial literacy in rural areas, Industry 4.0, job creation, seamless compliance windows and capital expenditures. The macroeconomic policies and consolidation will ensure India’s growth in a sustainable manner promoting entrepreneurs to take a big leap in contributing to the growth of our country.”
Rachit Poddar IVY Growth Associates Co-Founder
“The Union Budget for the fiscal year 2023-24 has redefined the landscape of capital investment in the country. Certainly, the new policies launched will revive the startup ecosystem in pan India. As per the finance minister, the revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs. The mentioned policy will be a game-changer for small to medium-scale enterprises in the country. The economy is to grow at 7% in the current year. This is the highest among major economies. India is on the right track despite the time of challenges. Finance Minister Nirmala Sitharaman sticks to the advance estimate for current fiscal year growth of 7 %. Capex’s outlay increased by 33% to Rs 10 lakh crore for FY24. At this level, public capex will be 3.3% of GDP. Equity indices are in the green so far. The Centre’s capex target for 2023-24 is 33 % higher than the budget estimate of Rs 7.5 lakh crore for 2022-23. Overall, it is a great budget for capital investors and investment networks and it will fortify the country’s financial investment ecosystem.”
Prateek Tosniwal IVY Growth Associates Co-Founder
The Union Budget 2023 is set to bring a plethora of opportunities for young entrepreneurs. The Government brought in numerous measures such as tax cuts and exemptions that are aimed at helping small businesses grow and expand. These measures will help create more jobs, stimulate economic growth, and encourage innovation in the country. There shall be more incentives for investors and venture capitalists who are willing to invest in start-ups. It is a major step towards providing a much-needed boost to SMEs and start-ups in the country.
Vyom Shah Foodism at Founder & CEO
It is a brave budget considering that Finance Minister is presenting the last full budget before the elections.Instead of loosening purse strings, she ends up setting an aggressive target to reduce the fiscal deficit from 6.4% to 4.5% in 3 years which bodes well for markets and the economy in the long term.The government continued to propel the shift towards an infrastructure-led development model by increasing capital investment outlay to INR 10 Lakh crore, a 33% increase over last year and a 200% increase since 2019.
Rail infra would get an allocation of INR 2.40 Lakh crore which is 9x that of FY 2014.These investments can have long-term positive impacts on manufacturing exports, demand, and incomes.
While there is something for every sector and section in the budget including some elusive concessions on income tax under the new tax regime, instead of concessions, the government has banked on rising incomes in coming years to boost private consumption and demand. It is a big political gamble but markets would relish it.
Karan Aggarwal Elever At Chief Investment Officer
1. AI Machine Learning (AI ML) is a big area and future of every single industry. The big challenge with AIML however is access to data, for you to be able to run algorithms and validate the outcomes, you need humongous amounts of data, be it in the medical field, cybersecurity or banking.
For startups in this space you do not have wherewithal to get access to data. Ability to have access to anonymised data will be a phenomenal capability that really should help overall AIML research, outcomes, solutions, companies, everything becomes significantly better. This is how some of our neighbouring and developed economies have been able to do and having a formal policy in place now will ensure that you are not running afoul of data privacy norms.2. We have a problem of talent. ML & data science is what you need even to understand AI and the traditional courses do not do justice to the requirements of the industry. We really hope that you with these institutions as incubators will not only give access to the right pool of talent but all have carried out research as part of the curriculum so that we get industry ready talent.
3. Data governance policy – it is high time that we had it while the data privacy act is waiting for the parliamentary approval, there is a need to have an overall Data Governance policy framework defining the do’s and don’ts of data consumption for research, education and commercial needs. Again in the context what is needed in the ML without a proper data governance policy it will be very difficult to create a viable business proposition. Just like we liberalised services export regime by SEZs and the telecom policy for communication, we see a proper data governance plocyt to be an enabler to mass utilization and consumption if AI in various fields.
Pankit Desai, CEO & Co-founder Sequretek on AI in India and Data governance policy
The biggest highlight of the budget has been the strong focus on going green and sustainable, which augurs well for the planet, the country and the startup ecosystem. There has been renewed progress over the last 12 months in investing in climate startups, this trend has been kept alive with focus of the budget on green growth.
The broad horizontal directionacross green fuel, green energy, green farming, green mobility, green buildings, and green equipment is unprecedented if executed well.
The schemes announced align well with the net zero target by 2070. With this positive direction we should expect more startups and increased venture capital funding in green startups like ePlane, newtrace.
Encouraging behavioural change for carbon footprint reduction is a new paradigm for the people. This has the potential to change individual and societal behaviour with the Green credit programme, PM-PRANAM and MISHTI
Inputs from Vinod Shankar, Co-founder & Partner, Java Capital
Although the budget does cover some of the important aspects of healthcare, it has not touched on surgical robotics which will be playing an important role in upgrading Indian medical infrastructure to higher standards going forward. Considering the fact that the number of surgeries done in India is spiking up constantly and the integration of surgical robotics has been on rise especially post pandemic, it would have been wiser to allocate a budget to encourage robotic surgeries.
There was a huge expectation that the government would continue giving budgetary allocations for medical tourism which would boost the private healthcare players to thrive in current times of economic uncertainties. Over everything the much needed policy changes to make it easier for the public to claim insurance for robotic surgeries too has not been touched upon during the current budget. However in short I would say the current budget has stayed far away from what was expected.
Dr. Jagadish Hiremath, Chairman at AASRA Hospitals
This budget’s focus on boosting use of artificial intelligence through centers of excellence and the initiative towards setting up 100 labs for app development using 5g services are indeed a great move and a great boost to the respective sectors. In fact ‘Make AI for India’ and ‘Make AI work for India’ are much needed initiatives in present times when artificial intelligence is spreading its arms wide across all the sectors.
Had its scope been extended to the telecom sector along with the other three sectors the initiative would have been more fruitful.While there are initiatives towards promoting Artificial Intelligence and 5G through dedicated budgetary allocations, the current budget has not taken into account the necessity of supporting telecom tech.
With telecom players in India and abroad increasingly preferring to integrate various new age technologies developed by Indian players to ease their business in the current market scenario, the current budget could have given the much expected budgetary allocation to boost telecom tech players in the country. Budgetary allocations and policy support would have enabled India to stand atop of the world with Indian telecom tech players leading global markets.
Pramod Gummaraj, CEO of Aprecomm
The budget is indicative of the continued economic growth resolve that the government has underlined via a slew of reforms, rebates and announcements all aimed at turning India into a consumption economy. Increased infra push of 10 lac Cr will boost trade and transit economy alike, resulting in rapid growth corridors fueled by public infrastructure spending. Announcements regarding Tax Reforms and rebates for companies incl. tax implications, unified filing, ease and transparency in data access and governance, with focus on MSMEs underlines continued government efforts in ensuring ease of doing business and boosting entrepreneurship across industries.
Direct Tax reforms with revised tax slabs under new Tax Regime will benefit masses, yielding higher take-home salaries. Simplified tax filing will further boost individual tax payer confidence. From insurance perspective, announcement revision of tax exemption limit from proceeds of high value insurance policies is noteworthy as insurance companies typically receive 12-15% of their overall premiums with individual premiums of ₹ 1 Cr and above. As further details emerge, one will get more clarity on exact specifics.
Increased infra push augurs well for general insurance companies as new project insurance related opportunities will get created. For senior citizens, revision of limit to 30 lac will help get better reruns on higher saving amount. This is a positive development for LIC and Post Office. To sum up, this budget is forward looking and progressive, with the common man benefiting from Ease in Access to Quality Education, Housing and Skill Development & Enhancement while boosting economic growth and spurring entrepreneurship.
Susheel Tejuja, Founder & MD, PolicyBoss.com
The Union Budget 2023-24 by FM today has announced attractive incentives and rebates. The Income limit for rebate of Income Tax increased from 5 Lakhs to 7 Lakhs is a welcome note for the employee base. The budget includes renovations in the digital framework of the nation focusing on increasing the accessibility of these services for rural and tribal areas. We highly support the government’s initiatives to create jobs, and are keen on contributing towards the projected employment generation initiatives.
We are excited to witness the development of a tech-driven economy while contributing towards the same and enabling the growth-bound MSMEs sector, which will be infused with Rs 9,000 crore in revamped credit guarantee scheme, with our affordable, seamlessly integrated, secure Email & Collaboration solutions to effectively communicate and collaborate towards the growth path.
It certainly boosts our morale when we noticed that investment and job creation continue to be the government’s top priority as they announce capital investment outlay being increased by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP. Announcement of National Data Governance policy is also a positive move to protect the data privacy
By Pramod Sharda, CEO, IceWarp, India and Middle East
Additionally, the National Data Governance Policy unleashes innovation and research by startups and Academia to access anonymized data from both government and private entities for research and innovation in order to boost development in the country.
Here at Pataa, we are excited about these developments as with these policies, we can also become an aid for the quest of a Digital India. Our advanced addressing system can complement a few of the services proposed, such as in the 5G sector, intelligent transportation systems can be integrated with our smart addressing system to make it even more efficient and effective.
In terms of artificial intelligence, Pataa’s location based predictive proximity location intelligence system can greatly aid agriculture and healthcare services with precision location and digital addresses that can be used to provide services. Additionally, Pataa can be integrated into the advanced digilocker technology for provision of geotagged and verified addresses. We are all set to launch applications for enterprises and organizations based on location intelligence and augmented reality to help in operational efficiency and excellence.”
Mr. Rajat Jain, co-founder of Pataa Navigation
The Union Budget has tweaked duty on electronics and phone parts in the Union Budget 2023. In today’s budget announcement, the Mobile phone production in India increased from 5.8 crore units valued at over ‘18,900 crore in 2014–15 to 31 crore units valued at over ‘2,75,000 crore in the most recent financial year as a result of numerous government initiatives, including the Phased Manufacturing Programme.
We suggest reducing the customs charge on the import of some components and inputs, such as camera lenses, and extending the reduced duty on lithium-ion cells for batteries for an additional year in order to further increase domestic value addition in the production of mobile phones. We appreciate this step taken by the government as it makes electronic devices(mobiles) affordable. Eventually more people can be a part of digitalization and use services like 5G internet.
Mr. Lalit Arora, Co-founder of VingaJoy
“The budgets’ focus on the travel and tourism sector will indeed be beneficial for the event industry. This will be reflected through a significant increase in the number of MICE events being curated this year. Right from the ‘Dekho Apna Desh’ initiative to the Swadesh Darshan Scheme, these initiatives bode well for the industry providing integrated opportunities for growth and expansion on both national and international platforms.
The revised income tax slabs have increased spending power which might lead people towards attending more experiences. Additionally, the budget’s emphasis on technology, the future for the Indian economy seems bright. The common man emerges from this budget the happiest and the evident shift in the government’s approach this year will definitely detect an upwards trend, one which is even better than the pre-pandemic years.”
Amit Relan, Co-Producer, Woot Factor – Brand Architects
This year’s budget is a brickwork laid out for growth with the MSMEs breathing great relief as the credit guarantee scheme is revamped by 9000 crores. MSMEs to receive 2 lakh crore in collateral free finance. The government has also extended a tax holiday for startups till March 2024. The budget has also introduced several incentives for importing parts by relaxing duties, mainly supporting manufacturers in the IT, Pharma and Renewable Energy sectors
Mr. Shalin Gandhi, Managing Director, SUBMARINE PENS
The key announcements around the MSME sector are likely to help the self-employed and small businesses. High focus on firming up digital infrastructure and capital expenditure will have a snowballing effect on employment generation and new business opportunities.
Also, the Union Budget has given freedom of choice to the salaried class and professionals by making the new tax-regime as the default and increasing the taxable slab above Rs 7 lakh, and proposing to reduce the highest surcharge rate from 37% to 25% under the new tax regime.
In my view, these measures will go a long way in sustaining the `India growth story’ by increasing the momentum in private consumption, which incidentally contributes to approximately 60% of the GDP and its growth, by ringing in fresh demand in the economy. On the other hand, it may also lead to a higher household savings rate in financial assets, which is very important for sustaining the overall economic growth of the country.
Mr. V P Nandakumar – Managing Director & CEO of Manappuram Finance Ltd
The Union Budget 2023-24 is applaudable at various levels. The initiative to launch Pradhan Mantri Kaushal Vikas Yojana 4.0 for the skill development and digital skill training of youths on Industry 4.0 courses like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skill is greatly appreciated. This will unlock significant opportunities for growth and economic development and position India as the world’s tech hub.
While there is no direct mention of the blockchain sector, e-governance is on high priority in this year’s budget. Blockchain technology has the potential to play a crucial role in the e-governance sector. It is commendable to see the government prioritizing e-governance by stretching digital outreach, and data sharing for transparency.
Moreover, this year’s budget focuses on enhancing productivity by incentivizing the use of technology to make India ‘Atmanirbhar’ and future-ready. Technology being the core suite to build on a successful business ecosystem and the honorable Finance Minister has left no stone unturned to give a boost to new age technologies in the budget 2023.
Nikhil Goyal, CEO & Founder, Beyond Imagination Technologies (A Blockchain / Web3 Company)
The Union Budget 2023-24 presented by the Finance Minister reiterated the importance of Entrepreneurship for a country’s Economic Development. India still proudly holds the position of the ‘3rd largest ecosystem for startups’ globally and ranks ‘2nd in innovation quality’ among middle income countries. And I positively believe that the ranking for innovation is going to go up in the next few years – thanks to the Pradhan Mantri Kaushal Vikas Yojana 4.0 which seeks to further entrepreneurship in the country by focusing on skilling lakhs of youth in new age courses like Coding, AI, Robotics, Mechatronics, IOT, 3D Printing and Drone technology.
More on the Modi Government embracing technology is the fact that there will be dedicated Centers of Excellence (CoEs) to boost Artificial Intelligence (AI) in India. These centers will be established in top Indian institutions to ensure that ‘we make AI in India’ and ‘make AI work for India’.
Also, there is bound to be a noticeable upsurge in startups focusing on Agri-tech owing to the Agri-Accelerator fund which the Budget has aligned to boost startups contributing to this space. And rightly so, considering that India is a nation of farmers – what better way to create the best of both worlds than to combine the most ancient livelihood in the country with that of emerging, cutting edge technology.
Another need-of-the-hour focus will be on Healthcare with PharmTech taking prominence in the sector and the emerging startups thereupon. Needless to say, there’s good news for MSMEs in the aforementioned and other sectors with the infusion of INR 9,000 Crores in the revamped credit guarantee scheme – effective 1st April this year. Overall, I think Sitharaman has given us a Budget poised to fuel Innovation and Entrepreneurship in Ind
Mr. Vittal Ramakrishna, CEO and Founder, POD World,
“The union budget 2023-24 is a growth oriented budget and the FM has checked all the boxes – from consumption to capex to spending to middle class to industry. The income tax benefits announced will boost purchasing power for middle-class consumers. It’s a capex-heavy budget, with an announced 33% increase in capex, which will boost infrastructure, logistics and the transportation business.
The government’s focus on Ease of doing business and the expanded corpus for the credit guarantee will mean MSMEs have a lot to gain from this budget. Agriculture and rural development have been given detailed attention which should boost the rural economy and consumption. I believe the announcements made will trigger a pick-up in credit off take for small enterprises, the consumption-driven 2w business and lending to transportation.”
Mr Umesh Revankar, Executive Vice Chairman, Shriram Finance
“Budget 2023-24 is an Infrastructure Spending oriented budget with 7 priorities set by the FM. The budget unveiled tax cuts and set the virtuous cycle of job creation. Out of the overall growth agenda, specifically looking at Banking sector, there are two major proposals. Firstly on Agricultural credit, the target is hiked to Rs.20 Lakh crore, which will help drive rural growth. Additionally, the revamped credit guarantee scheme for MSMEs, with infusion of Rs 9000 crore into the corpus, will enable additional collateral free credit guarantee of Rs 2 lakh crore”.
Venkatraman Venkateswaran, Group President & CFO, Federal Bank
The nucleus of Budget 2023 is enhancing the quality of life, inclusive growth and sustainability. I am sure this vision will narrate the story of ‘’New India, Progressive India”. The green economy is in the centre, and all aspects of the energy transition and security are thoroughly covered. As a result, India should surpass its current standing in the field of renewable energy, including storage and green hydrogen.
The government has taken steps to decarbonize the Indian economy, aided by specific budgets- viability funding for a 4000 MWh battery storage energy system, pumped hydro, Rs 20,700 investment for RE evacuation from Ladakh, and the inclusion of green credit in the Environment Protection Act.
Mr Sameer Gupta, Chairman & MD, Jakson Group
The Union Budget 2023 with an outlay of Rs 35,000 crore for green energy transition, addition to the recently announced Green Hydrogen mission with outlay of Rs.19,500 crore has reiterated GOI’s commitment to achieve net zero targets alongside making India important hub for renewable manufacturing. Encouraging the Net Zero goal the government has firmly put clean energy transition at the centre of India’s economic growth.
A firm step towards green missions of government will give impetus to job creation, research n development as well as export opportunities while contributing to net-zero objectives. These initiatives are likely to boost domestic manufacturing and reduce import dependence for the renewable sector. The Union Budget 2023 clearly indicates, India is ready to establish itself in the leadership position on the global green energy transition.
Mr Bikesh Ogra, MD & CEO, Jakson Green
Several measures have been taken for Digital India from the standpoint of the IT sector. All of these are encouraging signs for the IT industry, as they will increase demand for candidates and services. To begin with, the announcement of a National Data Governance policy will allow access to a wealth of anonymized data.
To realise the vision of “Make AI in India, Make AI Work for India,” the establishment of three centres of excellence for Artificial Intelligence in collaboration with top educational institutions is a bold step. Furthermore, the implementation of the Pradhan Mantri Kaushal Vikas Yojana 4.0 will assist in the skilling of lakhs of youth over the next three years by covering new age courses for Industry 4.0 such as coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills
Mr. Sean Yalamanchi, President, Infovision
The 2023 Budget has indeed witnessed the government make conscious efforts to better the state of Indian entrepreneurship and MSMEs. In a world moving towards Smart and Connected Homes which are technology-led, the governments’ focus on AI, Robotics and other Engineering education across sectors is much appreciated. However, the limited scope of reduced custom duties and subsidies to mature industries such as Fintech, Electric Vehicles, and Mobile Phones, may hinder the growth of nascent sectors.
The $30 billion consumer appliance industry has immense potential and could be dominated by Indian companies with the appropriate support. We acknowledge the centers’ steps on reduced tax slabs and the extended loss carry-over period, but hope that startups in new and emerging industries will receive greater attention in the future. Our goal is to establish India as a leading exporter of modern and smart appliances, for which government support is a must
Mahek Mody, co-founder Up
We are thrilled with the announcements made in the 2023 budget; it truly shows the government’s commitment to supporting start-ups in India. One of the biggest problems we face as an ecommerce player is relatively longer delivery timelines which leads to higher cancellation and return rate.
The government’s focus on improving regional connectivity by developing 50 additional airports, heliports, water aerodromes and advance landing groundings is a welcome step. This step will be instrumental in shortening the delivery timelines for our customers in Tier 2 and Tier 3 cities and achieving our larger aim of being present in every Indian home.
Ms Shilpa Bhatta, CFO, The Sleep Company
The first Amrit Kaal budget is certainly a progressive direction by the Government of India to give a boost to the overall technology-driven and knowledge-based economy within the country. The government’s focus on AI and 5G in the Union Budget 2023 will help India’s aspirations of being a global powerhouse of technology, innovation, and digital transformation. The budget comes with a strong promise for development towards the creation and promotion of the vision ‘Make AI in India’ and ‘Make AI Work for India’. This will indeed enable and establish a strong AI ecosystem in India.
As a company, we envisaged the potential of 5G and AI by setting-up COEs and tying-up with prestigious institutions like IIT Madras Research Park to establish FutureTech Business Labs focused on 5G and allied areas. Hence, the Government’s priority on setting-up 100 labs for developing 5G applications in engineering institutions, to realize new range of opportunities, business models & employment potential, is greatly appreciated and applauded
Thompson P. Gnanam, MD & Global CEO, 3i Infotech
The union budget of 2023 has been exceptionally consistent over the years in focus areas across Infrastructure, Agriculture, MSMEs and ease of doing business.
The capital expenditure has been increased by 33% to a historic high of INR10 lakh crores, showing government’s commitment to creating jobs and stimulating expenditure resulting in a multiplier effect pegging GDP growth at 7%.
Investments in development of public digital infrastructure for agriculture, facilitating data embassies in GIFT City, expanding the use of Digi Locker and setting up National Financial Information repository signal towards the continued focus on digitisation and broadening its access to the public.
Revamped Credit Guarantee Scheme for MSMEs is a significant move to support MSMEs’ who have been battered by Covid related disruptions, the infusion of Rs 9000 crore into the corpus would undoubtedly benefit small business owners.
Concrete actionables towards ease of doing business in the form of PAN being a single identifier, reducing compliances and decriminalizing provisions are legislative steps ensuring ease of doing business.
Overall, it is a promising budget that continues to build on the groundwork laid during the previous budgets.
Ram Iyer, Founder and CEO, Vayana Network
The Hon’ble Finance Minister’s announcement in the Union Budget 23-24 to revitalize 50 additional airports, heliports, water aerodromes, and advanced landing zones is a landmark decision. This will jumpstart the fourth industrialization by effectively utilizing drone technology for automation in logistics, transportation, infrastructure, and rural development, as well as create new-age jobs for the nation’s youngsters.
TSAW is committed to supporting the government’s mission by assembling state-of-the-art ‘Made in India’ drones and DRONECO is committed to providing end-to-end drone services for internal sovereignty, last-mile connectivity, agriculture, healthcare and others.
The announcement of the Agri Accelerator Fund by the government will encourage more entrepreneurs to serve Indian rich and heritage agriculture Industry. Being a Drone manufacturer, TSAW sees a big opportunity of collaborating with Agri start-ups to serve and show a real case of Drones in the Agriculture industry
Mr. Kishan Tiwari, Co-Founder and CEO, TSAW Drones
The food and beverage Industry had high hopes for the Union Budget. In the last year, the sector has faced two major challenges: recovering from the aftereffects of COVID-19 and combating rising inflation and food prices.
However, following the announcement, the food and beverage industry had a mixed reaction to whatever little was doled out as part of the Union Budget 23-24. Nonetheless, the industry is optimistic that consistent measures such as skill development and new investments will help the industry recover from the disruptions caused by the Covid-19 pandemic
Mr. Kushang, Co-founder & CEO of SupplyNote
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