Budget puts India on path to become world champion: India Inc

New Delhi: 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 per cent increase in the capital outlay to Rs 10 lakh crore representing 3.3 per cent 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.

"A 33 per cent jump in the capital expenditure to Rs 10 lakh crore clearly demonstrates the government's resolve to help India remain the fastest growing economy in the world, despite global headwinds," ASSOCHAM President Sumant Sinha said.

PHD Chamber of Commerce and Industry (PHDCCI) President Saket Dalmia said the Budget is "demand sustaining, investment inducing and growth-oriented" and it has been presented at a time when India finds itself in the bright spot as the growth of the Indian economy is highest among the leading economies.

Kotak Mahindra Bank CEO Uday Kotak described it as a "Budget with vision, structure, discipline. Immediate benefits to all individual earners. Continues measured path of fiscal consolidation. Sets foundation to increase every Indian's per capita income exponentially from Rs 1.97 lakh( 2400$).True to its name: 1st budget for Amrit Kaal." Taking a football analogy, RPG Enterprises Chairman Harsh Goenka tweeted, "M'bap'pe of a budget, not 'Messi' at all. A budget that puts India on the path to become the world champion- all set to score goals on infra development, consumption and inclusion. A big boost for domestic manufacturing, job creation and ease of doing business! #Budget2023." Godrej & Boyce Executive Director and CEO Anil G Verma said this is a balanced and inclusive budget which will provide further impetus to growth.

"The renewed thrust on investment in infrastructure will drive the productivity of our economy and generate employment. Our competitiveness in the global economy will also be improved through the thrust on research in fields like 5G services, AI and agriculture," Verma added.