Budget 2023 is growth-centric: India Inc

Hyderabad: 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. Industry body CII welcomes the budget for new India which addresses the growth imperatives without compromising on the fiscal prudence path.

"Through a slew of measures in forward-looking areas encompassing green growth, digital infra, urban rejuvenation among others, we are happy to note that the budget lays the roadmap for preparing India for the Amrit Kaal, the next 25 years upto India@100, said Sanjiv Bajaj, President, CII, while reacting to the budget proposals.

"It is encouraging to note that the budget has made a bold attempt to invigorate the critical demand drivers of consumption and investment. The move to rationalise personal income tax rates will go a long way in increasing disposable incomes, thus giving consumption a leg-up which will in turn have a salutary aimpact on India Inc's investments," he adds.

The sharp 33 per cent rise in capital spending budgeted for 2023-24 is in line with CII's suggestion and lends credence to government's vision of improving the economy's growth potential through a push to overall productivity of the economy and creation of jobs, Bajaj highlighted. With vision, structure and discipline it puts India on the path to become "the world champion", industry leaders said. 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.

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.