Expert Reactions to the 2023 Union Budget

A Range of Perspectives on Union Budget 2023

The annual budget has always been a hotly debated topic, with experts and industry leaders weighing in on its potential impact on various markets and industries.

Union Budget 2023 has generated a range of reactions; some see it as a step in the right direction, while others are concerned about its implications.

To better understand the diverse perspectives on this year’s budget, we have gathered reactions from various industry leaders and educators.

Read on to learn more about what they have to say on Union Budget.

Ashok Vashist, the Group CEO of a leading mobility company, Aaveg

Ashok has expressed his positive reaction to the Union Budget 2023, which the government of India announced.

He commends the government’s commitment to sustainability and green growth, reflected in the budget’s focus on reducing carbon intensity and promoting alternative fuel technologies, such as electric mobility and battery energy storage systems.

He believes that the budget’s initiatives, such as “Green Credit” and the Green Hydrogen Mission, will help drive the transition to EVs and create new jobs in the industry.

He is encouraged by the support for replacing old, polluting vehicles and promoting battery energy storage systems, which he believes will significantly contribute to the industry’s growth and help achieve a more sustainable future.

Anand Dewan, Group CEO of BYLD Group.

The Union Budget 2023 has brought optimism to the youth of India with the announcement of Pradhan Mantri Kaushal Vikas Yojana 4.0.

This initiative will drive skilling efforts in various industry segments and contribute to the growth of both companies and the economy.

As a young nation, we must focus on empowering the youth to help us achieve our goals.

Rajeev Sharma, Chief Strategy Officer Mitsubishi Electric India

The 2023 Union budget is focused on driving India’s economic growth, as Rajeev stated.

Rajeev believes the 33% increase in capital expenditures will lead to balanced development and help the country achieve its goal of becoming a five trillion-dollar economy.

He also applauds the government’s initiative to set up 100 labs for 5G development and promote AI in various industries, which he thinks will drive automation and contribute to India’s growth and innovative city development.

Rajeev views the budget as a positive step towards supporting the “Make in India” initiative and predicts balanced growth shortly.

Bhavana Udernani, owner of JobStrot

According to Bhavana, the 2023 Union budget is explicitly tailored to different industries while offering benefits to the middle class and micro, small, and medium enterprises (MSMEs).

As a result, she believes the job market will experience a positive impact in sectors such as agriculture (in semi-urban and rural areas), government projects (such as railways and airports), and industries like infrastructure, energy, automation, and technology.

Additionally, the reduction in credit costs for MSMEs and the increase in fundamental exemption tax limits will boost cash flows in the market, which will, in turn, positively impact the purchasing power of the middle class.

Sumanta Datta, Managing Director of Oxford University Press India

Datta, views the 2023 Union Budget as a step towards democratising access to quality content for all.

The government’s emphasis on universalising quality education through new-age technology such as AI and AR/VR will provide students with easy access to high-quality content in both physical and digital formats.

Datta also highlights the importance of promoting reading habits through physical books and online learning portals.

As a repository of quality content, the company has been using new technologies to make its content available in blended formats and aligns with the government’s push towards education.

Datta expresses hope for collaboration with the government to strengthen education in the country.

Monica Malhotra Kandhari, Managing Director of MBD Group

Monica views the 2023 Union Budget as a positive step towards implementing the National Education Policy effectively.

With an all-time high allocation of Rs 1,12,899 crore for the Ministry of Education, the budget strongly emphasises teacher training and skilling.

Kandhari welcomes the budget’s focus on innovative pedagogies, continuous professional development, and the use of ICT in teaching and learning.

The budget’s support for the Eklavya Model Residential Schools, with an increased allocation of Rs 2000 crores for the FY 2022-2023 and the planned recruitment of 38,800 teachers and support staff, will enhance access to and strengthen education at the grassroots level.

Madhur Gupta, Principal at CBSE’s Genesis Global School

Madhur praises the focus on capacity-building and teacher training in the 2023 budget.

Madhur recognises the emphasis on skilling the youth, boosting medical education, and promoting AI in education.

However, she also highlights the importance of multidisciplinary courses and the special attention given to teacher training through pedagogical interventions and continuous professional development opportunities.

Haresh Awatramani, the Founder and CEO of Beehive HR Solutions

Haresh Awatramani, the founder and CEO of Beehive HR Solutions, sees the changes to personal income tax in the Union Budget 2023 as beneficial for the middle class.

Haresh believes that the increased tax exemptions and reduced tax brackets will put more money in the hands of individuals, improving the economy by increasing overall spending power.

In addition, Awatramani believes that this budget will encourage the youth to make strategic investments, particularly in health and life insurance.

Overall, he sees the budget as being very encouraging for Real Bharat.

Krupali Sanghvi, National ICT Awardee(CBSE)

The budget for 2023 has a strong focus on improving education and providing equal opportunities for all students in India.

The emphasis on digital infrastructure and content and the exemption of GST on educational goods and services shows a commitment to making education more accessible and affordable.

Overall, the budget is a positive step towards achieving the goals of the National Education Policy (NEP) of 2020 and fostering the growth and development of the country.

Manikanth Challa, CEO & Founder of Workruit

Manikanth views the 2023 budget as focused on job creation, youth upliftment, and macroeconomic stability.

In addition, he sees the emphasis on developing e-content in all Indian languages and the launch of a “digital university” as a positive step towards improving the country’s literacy rate.

Manikanth is also motivated by the announcement of the National Digital Library and three AI centres of excellence, which he believes will encourage youth from diverse backgrounds to learn about artificial intelligence.

Mahesh Krishnamoorthy, Managing Director of Core Integra

Mahesh views the 2023 Union Budget as a positive step towards aggressive growth and development.

He applauds the focus on sectors such as agriculture, MSME, and tourism and the government’s efforts to improve the ease of doing business and simplify tax compliances.

Mahesh is optimistic about the continued growth of the Indian economy and India’s rising star in the global arena.

Rakesh Goyal, Managing Director of Probus Insurance Broker

The 2023 budget proposal has disappointed the insurance industry as the changes to Section 80C and tax deductions for health insurance premiums were less favourable than expected.

Rakesh believes this budget will have a detrimental impact on the insurance business and anticipates tax benefits for the industry may be further reduced.

The 2023 budget has been a topic of much discussion and analysis in recent times. It includes various initiatives and measures to boost the economy, create jobs, and increase revenue.

While some provisions have received praise, others have been met with criticism. For example, allocating healthcare, infrastructure, and education has been a positive step, while the proposed tax hikes have raised concerns.

Overall, the 2023 budget presents a mixed picture, and its actual impact will depend on its implementation and the broader economic scenario.

We welcome your thoughts on the 2023 budget. Kindly share a brief response, limited to 100 words, with [email protected].