Budget growth oriented, strengthens foundations for long-term growth: India Inc

New Delhi: Top business houses of India have hailed the Union Budget 2023 as growth oriented which strengthens foundations for long-term growth.

Here's what the leaders of India Inc. have to say on Budget:

N Chandrasekaran, Chairman, Tata Sons: “This budget shows not only the kind of policy support that is necessary for the economy at this moment but also strengthens the strategic foundations for our long-term growth. We are witnessing three major transformations globally: rapid digital adoption, the rebalancing of supply chains, and environmental sustainability. This budget helps position India to play a leading role in all three transformations.”

Anish Shah, Managing Director & CEO, Mahindra Group: "This is an outstanding budget as it is disciplined, growth-oriented, inclusive and sustainable. The Finance Minister has done a commendable job by tabling a budget that is big on consistency and driven majorly by capex. The steep increase in capex, to the tune of Rs 10 lakh crore, will ensure the continuum of cyclical recovery. Capex spending is good because it has a higher multiplier effect: every rupee spent on capex has a multiplier of Rs 3 as compared to just about Rs 0.9 for revenue expenditure." 

Harsh Goenka, Chairman, RPG Enterprises: "As I think about about the progress of the country, it fills me with delight that earlier we thought about the basics- ‘roti kapda and makaan’ and now we are aspiring to be the global leaders in digital, technology and net zero. What an awesome journey!"

Rakesh Bharti Mittal, Vice Chairman of Bharti Enterprises: “A growth oriented Budget with complete focus on inclusive growth. The Budget will go a long way in making sure we have robust GDP growth. The focus on tourism sector will create jobs. The Credit Guarantee Scheme will prove to be great support to the micro, small and medium enterprises (MSME) sector.”

Sanjiv Puri, Chairman and Managing Director, ITC: "Progressive, growth oriented" Budget that is prudent, inclusive, reflects consistency of vision and purpose. The enhanced capital expenditure to spur job creation, make economy more competitive. The sharper focus on energy transition makes economy more competitive."

PepsiCo India President Ahmed ElSheikh: "The Union Budget 2023 maintains the country's robust growth engine with healthy growth predicted on all key metrics. It’s a positive and favourable budget, with the Government's emphasis on infrastructure, technology, and entrepreneurship boosting economic growth".

Prashant Ruia, Director, Essar Capital: "The attention and allocation to building a green infrastructure and a decarbonised energy regime is the core of the union budget which puts India on the path of being future proof. The Rs 35,000 crore allocation for energy transition along with an ambitious target of 5 MMT of hydrogen will unleash new demand impulses across the length and breadth of the country, thereby fielding green growth. This has been complemented by a custom duty and tax reliefs for green mobility." 

Anil Agarwal, Chairman, Vedanta Group: "The Budget is one of the best budgets ever, truly inclusive and addresses the aspirations of every section of society. It empowers India's 1.4 billion people as drivers of the India story. I compliment the PM and FM for the long term vision that was laid out in the Budget speech as well as the many progressive announcements, like increased outlay for capital expenditure, incentives for the start-ups and MSMEs, green energy, a lower tax for the middle class and boost to tourism which will create massive jobs and reinforce India’s position as the fastest growing major economy in the world."

Gautam Hari Singhania, Chairman and Managing Director of the Raymond Group: "This Budget enhances the outlay for PM Awaas Yojana by 66 per cent to over Rs 79,000 crore, another step towards making homes more affordable. With this Budget, the government aims at fulfilling the dreams of a young, aspirational India with technologically-driven learning and skilling initiatives. It lays a strong foundation towards building a developed nation, which is the dream of every Indian." 

Bank of Baroda chief executive Sanjiv Chadha: “The budget push on public capex will nudge private companies which have been holding back investments for many years, to open their purse-strings now, leading to the much-awaited revival of an investment cycle.”

Rajesh Gopinathan, MD & CEO, Tata Consultancy Services (TCS): “The provisions for research in artificial intelligence and 5G implementation, and the government's vision of Make AI in India and Make AI work for India are commendable. Bringing in the National Data Governance policy is also a welcome step. Overall, it's a forward-looking budget that will fortify the digital spine of the country.”

Divya Gokulnath, Co-founder, BYJU'S: “The education sector is a key area of investment, with the launch of PM Schools for Rising India, recruitment of 38,800 teachers, and the announcement of establishment of a National Digital Library for children. These initiatives will help equip students with the skills and knowledge needed for success in the future, and the emphasis on teacher training and innovative pedagogy will ensure that the quality of education in India continues to improve.”

Shenu Agarwal, MD & CEO, Ashok Leyland: "The Budget for 2023-24 is pro-growth and pro-development, with a focus on sustainable development, energy transition for a cleaner tomorrow, and inclusive growth through a tech-enabled economy. It further reinforces nation's ambition to make India "Aatmanirbhar"."

Raghunath K, Country Representative, thyssenkrupp India: “The Union Budget 2023-24 builds a strong foundation for the future with a focus on clean energy in India. It reflects the government’s continued push towards sustainable growth and energy transition. The target for green hydrogen production, viability funding for 4000 MWh battery storage energy system and the renewable energy evacuation plan for the union territory of Ladakh clearly demonstrates this intent to incentivise energy transition.”