New Delhi: The corporate world has hailed Union Budget-2023 as an effort to make India future ready. Union Finance and Corporate Affairs Minister Nirmala Sitharaman presented the Union Budget in the Lok Sabha on February 1. Krishnan Sitaraman, Senior Director and Deputy Chief Ratings Officer, CRISIL Ratings, said that the budget announcements provide impetus to the financial sector from both near-term and long-term perspectives.

“Near term, on credit growth, we see measures which are expected to provide a troika of tailwinds for banks and NBFCs alike — first, growth in capex outlay by 33 per cent to Rs10 lakh crore should be supportive for corporate credit growth; second, reduction in personal income tax should leave more money in the hands of consumers and should fuel retail credit growth; and third, the revamped credit guarantee scheme should see improved credit flow to the MSME sector, potentially to the extent of Rs 2 lakh crore.”

Harsh Pareek, Regional Sales Director, India and SAARC, Trimble Solutions, said: "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 emission in Amrit Kaal.”

Amisha Vora, Chairperson and MD, Prabhudas Lilladher Group, said that the new budget is a highly pragmatic and growth-oriented, which will help India remain amongst fastest growing economies globally. “FY23-24 budget is walking the talk and continues the government focus on the bottom end of the pyramid with free food grains, taxation relief to the middle class, enhancing agri credit, heightened capex spend with Rs13.7 trillion capex, and focus on green energy, energy transition, etc.”

"To reach our goal of net zero carbon emission by 2070, Green Growth has been made one of the 7 priorities of this year’s budget. The government is implementing various programs for green growth which will help reduce carbon intensity and create green jobs. The Rs. 35000 crores capital investment for achieving energy transition and net zero objective and energy security by the Ministry of Petroleum and Natural Gas will help the country’s goal of decreasing the share of fossil fuels and increasing the share of renewable energy,” said Gautam Mohanka, Managing Director, Gautam Solar. /BI/