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Budget 2023 Reaction Quote by: Yogesh Mudras, Managing Director, Informa Markets in India

Yogesh Mudras, Managing Director, Informa Markets in India_II

“Finance Minister Nirmala Sitharaman delivered the Union Budget 2023 today with a long-term focus and has rightly supported and tabled many enablers for several industries. It has infused new energy to the middle class as the tax structure has been eased under a new tax regime. Budget 2023 is a big boost for domestic manufacturing, job creation and ease of doing business. With a clear focus on inclusive development, infrastructure and investment, green growth, youth power and the financial sector, the Government has increased the capital investment outlay by 33% to 10 lakh crores. Sustainable growth in each sector is the Government’s top priority in this year’s budget. There is a big relief for the MSME sector, as the Credit Guarantee Scheme for MSMEs will be extended with an infusion of 9000 crore. New units that commence manufacturing till March 2024 to get a lower tax rate of 15%. With an emphasis on shifting to green fuels, green hydrogen is another paramount of budget 2023; therefore, the announcement of an outlay of Rs 35,000 crores for energy transition investment will help the nation to touch green hydrogen production of 5 million tonnes by 2030. The proposal to set aside Rs 10,000 crore per annum for Rural Infrastructure Development Fund (RIDF) and Urban Infrastructure Development Fund will further boost the infrastructure sector. States are also being incentivised to spend more on infrastructure, and 2.40 lakh crore has also been allocated for Indian Railways. For the further development of state infrastructure, the budget has taken the right step with respect to the continuation of 50 years of interest-free loans to states and easing access to credits, leading to the overall development of the nation. We welcome the Union Budget 2023, hoping for a positive impact on the overall development of the country.”

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