Industry gives thumbs up to Budget

New Delhi, February 1

India Inc on Wednesday described Union Budget 2023-24 as a road map for nation building, growth-centric and fiscally prudent with continued focus on capex and inclusion.

With vision, structure and discipline it puts India on the path to become “the world champion”, industry leaders said.

Industry body CII Director General Chandrajit Banerjee said the Budget is growth-oriented and fiscally prudent with continued focus on capex and inclusion.

“The Finance Minister delivered a growth-centric budget building further on the strategy of high capex. The first Budget of India’s Amrit Kaal also lays strong foundations for a Viksit Bharat by 2047,” he said.

The continued thrust on capital expenditure will boost overall economic productivity, crowd in private investment, and drive growth through a multiplier effect, Banerjee added.

FICCI President Subhrakant Panda said the announcements captured the pulse of the economy while retaining credibility both in terms of projections as well as committing to the fiscal consolidation glide path.

Most importantly, he said a “historic outlay” for public capex is a continuation of the heavy-lifting since the time of the pandemic and will have a multiplier effect across myriad sectors of the economy besides crowding in private investment.

“A push to investment and consumption was required to keep the growth cycle in motion. We are happy to note that the government has continued the thrust on capital expenditure with a 33% increase in the capital outlay to Rs 10 lakh crore representing 3.3% of GDP,” Panda said, adding it was a step in the right direction amid a global economic situation which is still not at ease.

Another industry chamber Assocham said the Budget for 2023-24 is a road map for nation building with continued focus on massive public expenditure on infrastructure, sustainable economic growth, encouraging consumption demand while staying on course of strict fiscal prudence. — PTI

Growth-centric

The FM delivered a growth-centric budget building further on the strategy of high capex. Chandrajit Banerjee, CII Director General

Thrust on capex

We are happy that the govt has continued the thrust on capital expenditure. Subhrakant Panda, FICCI President

Push to infra

A jump in the capex demonstrates the govt’s resolve to help India remain the fastest-growing economy. Sumant Sinha, Assocham President

Investment-inducing

The Budget is demand sustaining, investment inducing and growth-oriented. It has been presented at a time when India finds itself in the bright spot. Saket Dalmia, President, PHD Chamber of commerce & industry

Will increase per capita income

Budget with vision, structure, discipline. Sets foundation to increase every Indian’s per capita income exponentially from Rs 1.97 lakh. Uday Kotak, Chief Executive Officer, Kotak Mahindra Bank