Industrialists’ reaction on Union Budget 2023

Taxation, finance

Amit Gupta, MD, SAG Infotech

45% of ITRs are completed within 24 hours, and the Common ITR form will be available soon. Furthermore, to enhance the IT grievance redressal mechanism, and to increase the presumptive taxes limitations at Sec 44AD – Rs.3 crore and Sec 44ADA – Rs.75 lakhs. Income tax incentives for businesses with Startups have been extended by a year till 2024. – Incorporation Date – From 31.3.2023 to 31.3.2024 – 80IAC. Small Income Tax appeals will be handled by 100 joint commissioners. Furthermore, startups can carry forward their lost benefit from 7 to 10 years.

The refund has been enhanced to Rs 7 lakh under the new tax scheme. The new information technology system will act as the default tax regime. Tax assessors will still be able to choose from the prior regime. Salaried and pensioners: the new system’s standard deduction for taxable income exceeding Rs.15.5 lakhs is Rs.52,500. The new system will decrease the six income categories to five: basic exemption up to three lacs, 3-6 lakh 5%, 6-9 lakh 10%, and 9-12 lakh 15%. 12-15 lakhs is 20%, whereas 15 lakhs or over is 30%.

 Real Estate

Nakul Mathur, MD, Avanta India

In the union budget, GOI has once reiterated its commitment to infrastructure development, urban growth, and the housing for all program. The effective capital expenditure will be INR 13.7 lakh Crores, forming 4.5% of the GDP. Likewise, the outlay for PM Aawas Yojna has been increased by 66% to INR 79,000 Crores. The thrust towards infrastructure development in the form of roadways, power, healthcare, railway corridors, water supplies, affordable housing programs, etc. will drive economic growth. This in turn will push demand for housing, urban communities, construction activities, office spaces, etc.


Ridhima Kansal, Director, Rosemoore

The Union Budget this year has a slew of incentives towards the start-up ecosystem, which highlights GOI’s unwavering commitment towards building a powerful & prolific start-up ecosystem in the country. The total fund allocated for start-ups has been close to 1000 Crores. Out of this, 283 Crores have been allocated to the seed fund. This is a marked increase from the past budget, when INR 100 Crores were allocated. GOI has also embarked on an agritech fund to further support, agritech start-ups in India. A new Data governance policy will also be unveiled which will give an institutional framework to use anonymous data. These are all laudable steps.


Sushma Sharma, Director – Career Success Strategy, Veative Group:

Being a part of the world’s fifth-largest economy, which has fostered a growing ecosystem for startups, is a source of great pride. An optimistic view of the future informs the government’s plan to transition to a knowledge and technology-based economy. In addition to providing a significant boost to growth and job creation, the economic agenda for this year also includes the commendable announcement of the establishment of a national digital library for children and adolescents, which will go a long way toward recouping the educational ground lost during the pandemic.

 In India, overall youth employability has grown to 48.7% over the previous year. The most employable age group was determined as 22-25 years old. However, what we are overlooking is that 51.3% of students are still trying to find suitable work. Yet, 88.4% of students are seeking internship, guidance & upskilling to kickstart their careers.

We, at Veative Group, are proud to have played an integral role in India’s ongoing digital transformation by providing innovative tools that broaden and deepen students’ access to education and skill-building. As advocates for the use of technology in the classroom, we have built the largest library of immersive and interactive educational content in the world and are pushing to install virtual reality (VR) laboratories in classrooms across India. Our goal as educators is to prepare students for the future, so we’re excited about the new initiatives funded by the federal budget for education.


Dinesh Pratap Singh, Co-Founder, WoodenStreet: 

The new scheme announced by the Finance Minister falling under PM VIshwakarma Kaushal Samman for artisans and craftsman will enable them to improve the quality, scale and reach of their products, integrating them with the MSME value chain. This will further include financial support and also access to advanced skill training, knowledge of modern digital techniques, brand promotion, linkage with local and global markets, digital payments, and social security. It will greatly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women and people belonging to the weaker sections.


Dinesh Pratap Singh, Co-Founder, WoodenStreet: 

The indirect tax proposals announced for manufacturing will aim to promote exports, boost domestic manufacturing, and enhance domestic value addition. Also, the new co-operatives that commence manufacturing activities till fiscal year 224 will get the benefit of a lower tax rate of 15 per cent, which eventually will promote the growth of manufacturing in the co-operative sector.

Digital India – Technology

Ankita Dabas, Chief Growth Officer, Veative Group

The budget brings laser sharp focus to AI led skill-development by announcing the establishment of three centres of artificial intelligence. As pioneers of immersive learning solutions, Veative Group has invested 1 million+ manhours since 2016 to create a digital ecosystem in AR/VR, applications for training and development, along with making educational content in VR available globally. We are all set to launch the world’s first careers metaverse later this year, giving school-going learners an opportunity to connect with future employers and emerging careers. We are with the govt in making India a leading digital force of reckoning in the world.

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