Interim Budget 2023: Industry Reactions & Key Highlights

New Delhi, Feb 1 (PTI) Following are some of the top reactions from the industry on the interim Budget:



Gopichand P Hinduja, Chairman, the Hinduja Group

The interim Budget is both a time for reflection and visioning for the future while managing adroitly the present. Compliments to FM Nirmala Sitharaman for effectively achieving this.

The interim Budget commendably shunned any populist measures so often resorted to by the governments. But Bharat could certainly do more on its infrastructure capex budgeting which increased nominally by 11 per cent. Some bold measures are needed to increase the annual Foreign Direct Investment (FDI) level of USD 60 billion further.

The banking and power sector reforms, coupled with further impetus on digital infrastructure, are imperatives to Vikasit Bharat with improved sovereign rating. Now, it's over to July 2024.



Ajay Singh, CMD, SpiceJet

It is an India first Budget. A confident Budget of a confident government that focuses on the objective of ensuring that India becomes a USD 5 trillion economy by 2025 and a developed nation by 2047. The emphasis on clean energy, technology and digital infrastructure will make India a world leader. This is India's moment and the Budget is part of a continuous process of making policy that will provide massive opportunities for India and Indians."



Abhyuday Jindal, Managing Director, Jindal Stainless

The unwavering emphasis on infrastructure development is expected to propel the manufacturing sector, aligning with the vision of a viksit, Atmanirbhar Bharat. The Budget's focus on sustainability, particularly through rooftop solarisation, aligns with the stainless steel industry's commitment to environmental responsibility. The industry eagerly anticipates the comprehensive Budget in July, hoping for measures to address long-standing demands and protect against dumping by certain countries, fostering optimism about the future of the stainless steel industry.




Anil Agarwal, Chairman, Vedanta Group

An excellent Budget that will give even more momentum to India's impressive growth story. Higher levels of government capital expenditure accompanied by fiscal consolidation is the perfect recipe for driving up private investment. The three new economic railway corridors will be a gamechanger in logistics for the industry. The FM's focus on youth and women -- the two demographics that will drive India's transformation -- is heartening.



Umesh Revankar, vice-chairman, Shriram Finance

The identification of three major economic railway corridors underscores policymakers' focus on enhancing logistics efficiency, fostering crucial multi-modal connectivity.

The creation of a corpus of Rs 1 lakh crore, coupled with 50-year interest-free loans for research and innovation in sunrise domains will accelerate the digitalisation journey.



George Alexander Muthoot, MD, Muthoot Finance

The interim Budget is balanced from the point of view of adhering to fiscal prudence, boosting infrastructure growth, and prioritising focus on four key sections of the economy -- the poor, women, youth, and farmers. Higher infra outlay will help boost the broader economy and in the long-term will boost investments.



Sudipta Roy, managing director, L&T Finance

By presenting a fiscally prudent Budget, the government has created conducive conditions for the private capex cycle revival. A strong push to rural housing and agri and allied activities augurs well for the business model of retail-oriented NBFCs.


Vishal Kampani, non-executive vice-chairman, JM Financial

The interim Budget has laid the framework for a robust growth with continued focus on fiscal consolidation while balancing the infrastructure development and sustainability goals. Refraining from being too populist, the government has targeted inclusive development by announcing measures that have a far-reaching impact on the economy.



Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance

The extension of tax breaks for startups until March 2025 and the focus on improving taxpayer services demonstrates the commitment to simplify taxation. The allocation of interest-free loans to promote tourism is a positive step.

The expansion of air connectivity through the Udan scheme, along with fiscal announcements emphasising on infrastructure development, demonstrates resolve to modernise transportation and infrastructure.


V P Nandakumar, MD & CEO, Manappuram Finance

By giving a new meaning to GDP -- governance, development, and performance -- the finance minister has laid out a roadmap for us become a developed nation by 2047. Also commendable is the resolve to stay on the course of fiscal prudence while taking steps to ensure sustainable growth and development on a durable basis.



Pralay Mondal, MD & CEO, CSB Bank

The interim Budget is fully aligned to Vision 2047. The path to fiscal consolidation with lower fiscal deficit target at 5.1 per cent shows the government's commitment to its promises.



Sadaf Sayeed, CEO, Muthoot Microfin

Through the implementation of a set of comprehensive programmes with focus on farmers and women, the government is creating opportunities for underserved communities. These initiatives additionally empower key farmers, small business owners, and women entrepreneurs.



A Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC

The interim Budget speech clearly focuses on fiscal consolidation, infrastructure spending, consumption and capex. Providing interest-free loan towards technology spending by the youth is a big positive. Also, consumption will likely get a boost with the focus on the agri economy.



Girish Kousgi, MD & CEO, PNB Housing Finance

The interim Budget is forward-looking and reflects a prudent fiscal policy. The renewed focus on collective progress aligns seamlessly with the "housing for all" mission.