Union Finance Minister Ms Nirmala Sitharaman presented the Union Budget 2023 on February 1, 2023. This was the last full Budget before the General Elections that are scheduled for 2024. Since her first Budget presented in 2019, this is Ms Sitharaman’s fifth budget presentation.
Here is a progressive compilation of reactions expressed by the industry to the Union Budget 2023. Please revisit the page for more updates. (Featured photograph sourced from Sansad TV)
Focus on green energy transition
“This budget outlines an integrated ambition using physical and digital platforms to build on the foundation laid last year and accelerate towards an overall structural transformation. Sizeable government capex commitment – at 4.5% of GDP, including the largest ever allocation to rail – is aimed to crowd in private investments in further strengthening of infrastructure across rural, urban & digital India. This, along with measures towards improving investor confidence, will eventually drive inclusive Green Growth, helping reduce India’s carbon intensity and creating green jobs.
Focus on green energy transition shines through with allocations for green hydrogen, energy storage, building next generation talent, etc. While we await measures towards better managing state-level T&D networks, the government’s vision to develop long-gestation ISTS to evacuate and integrate bulk solar power, before setting up fast turnaround solar power plants is a welcome reaffirmation of India’s energy transition.”
—N Venu, MD & CEO, India & South Asia, Hitachi Energy
Growth-oriented Budget
“The inclusive, growth-oriented Budget builds on the foundation of previous years and is consistent with the Government’s efforts to maintain macro-economic stability while focusing on growth. The increase in investments in capital infrastructure, including ‘Green Growth’, sustainable cities and railways & transport infrastructure will give the necessary boost to the domestic economy. I also welcome the enhanced support for MSMEs, exports, domestic manufacturing and value-add, technology and youth, which are all imperative to maintain India’s economic growth.”
—Sunil Mathur, Managing Director & CEO, Siemens Ltd
Building a strong base for future growth
“The budget today has envisioned a constructive growth story for India’s future. The increased focus on infrastructure investment whether via a 33% hike in the capital investment outlay or continuation of 50-year interest free long-term bonds for the next fiscal is a conscious effort to building a strong base for future growth. Infrastructure spending whether in roadways, railways, power or traditional infrastructure sectors is likely to have a multiplier effect on India growth story. The roadmap to funding via UIDF or opening avenues such as municipal bonds are big steps towards funding infrastructure the inclusive way. We welcome the continuous and dedicated effort on futuristic India @100, especially the emphasis on promoting green power and its evacuation, development of a detailed framework for pumped storage projects or looking to deliver 24×7 power with an ambitious VGF funding for 4000 MWh worth of battery based energy storage projects. This will further promote investment in energy sector in the country, while meeting sustainable energy goals the country will need to meet around its 100th anniversary of independence. However, we hoped to see clarity on implementation of NMP and NIP as envisaged in earlier budgets. While guidelines for monetization have been notified at a broader level, monetization process is yet to pick steam. We further hoped that this budget would streamline long term capital gain taxation of business trusts in line with listed equities, since securities transaction tax (STT) is already applicable to business trusts. This would have only helped promulgate business trusts further as an investment choice, especially for retails and domestic institutional investors.”
—Harsh Shah, CEO, India Grid Trust (IndiGrid)
Towards a sustainable future
“Today marks a momentous occasion as we welcome the Union Budget 2023, a reflection of the government’s vision for a prosperous and sustainable future for India. India continues to shine brightly amidst global challenges, offering a beacon of hope and resilience in uncertain times.
The Union Budget presents a positive outlook for the renewable energy sector in India. The allocation of Rs 35,000 crore towards the green energy transition is a step in the right direction and demonstrates the nation’s will for a sustainable future.
The government’s commitment to increasing the use of renewable energy in the country is commendable, and will play a crucial role in reducing carbon emissions and mitigating the impact of climate change. The National Green Hydrogen Mission will complement our efforts towards net-zero.
Overall, the budget strikes a good balance between economic growth and social welfare, and I am confident that it will pave the way for a stronger and more prosperous India.”
—Girish R Tanti, Vice-Chairman, Suzlon Energy Ltd
Big uplift for working women
As a woman entrepreneur, I believe that financial independence for women is imperative and the announcement of the Mahila Samman Savings Certificate through the 2023- 24 Union Budget is a step in the right direction. As more women are getting educated, it is imperative for the Government to create job opportunities for rural women. The brand promotion and linkage with local and global markets will uplift women belonging from the economically weaker section and give them a chance to showcase their capabilities and talents, not just nationally, but also at a global front.
—Ms Kirti Kabra, Director, RR Kabel
Balanced and inclusive
“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. Together with the initiatives to reduce the compliance burden and de-criminalise several regulatory provisions, it will improve the ease of doing business in India and attract fresh investments.
The Green growth focus will orient the entire economy towards adopting sustainable practices in all areas and put us in a good position to play our role in the efforts to improve the future of our planet. The key to realization of the planned outcomes is effective implementation.”
– Anil G Verma, Executive Director and CEO, Godrej & Boyce
Bold, proactive steps
“Government is walking the talk when it comes to Net Zero commitment. Budget has taken bold steps in adopting new initiatives such as dedicated funds for energy transition and Green Hydrogen mission. In addition, the government has been proactive in identifying the need of storage systems to integrate the ambitious renewable energy capacity plans. Both the Viability Gap Funding for Battery energy storage systems and framework formulation for Pumped Storage Projects will pave way for accelerated adoption of renewable energy”.
—Manish Chourasia, Managing Director, Tata Cleantech Capital Ltd
Green Growth
“The budget has taken Green Growth as one of the Pillars of the economy for the coming financial year. Programs for green fuel, energy, mobility, and equipment have been announced. These initiatives will help create new Investments and Jobs in the Clean Energy sector, of which the EV sector is an important part.
The outlay to the National Green Hydrogen Mission for Rs.19,700 crore is also a step in the right direction as it helps create the eco-system for a completely new Green Energy paradigm.
The announcement of Viability Gap Funding for Battery Energy Storage is a recognition of the criticality of Energy Storage as a core Infrastructure.
Custom duty exemption has been extended to the capital goods and machinery required to manufacture lithium-ion cells in EV batteries. This is going to be a big push for enabling the localization of Cell Manufacturing.”
—Arjun Sinha Roy, Co-Founder, iRasus Technologies
Sharpening focus on green energy
“The Budget 2023 has put a reinstated focus on Green Growth. With the FM allocating Rs 35,000 crore towards this sector, prioritising India’s net zero goals and energy transition, this presents players in this space a unique opportunity to make clean energy solutions like solar and EV charging both accessible and affordable for the people, unlocking mass consumerization. This extensive budgetary allocation for the sector coupled with additional production linked incentives for manufacturing high-efficiency solar photovoltaic modules, will lead to significant advances in the country’s decarbonization initiatives. In addition, quicker approvals for new storage systems, flexible policies allowing storage structure changes after project commissioning without affecting current initiatives, and capacity building efforts for operators are other areas for consideration that will aid India’s accelerated transition to renewable energy.”
—Raman Bhatia, Founder & Managing Director, Servotech Power Systems
Budget will promote Li-ion batteries
“For reaching our goal of net zero carbon emission by 2070, Green Growth has been made one of the 7 priorities of this year’s budget. The government is implementing various programs for green growth which will help reduce carbon intensity and create green jobs. The Rs.35,000 crore capital investment for achieving energy transition and net zero objective and energy security by Ministry of petroleum and natural gas will help the country’s goal of decreasing the share of fossil fuels and increase the share of renewable energy. The Finance Minister highlighted National Green Hydrogen Mission with outlay of Rs.19,000 crore to help achieve annual production target of 5 MMT by 2030 for facilitating the net-zero target. The government highlighted Green credit Program under the Environment (Protection) Act to incentivize sustainable actions which is a net positive for the renewable energy industry. Promotion of Battery energy storage systems by Viability Gap funding of capacity 4000 MWh and extending exemption on machinery for production of Li-Ion battery manufacturing will further increase India’s domestic production capacity.”
—Gautam Mohanka, Managing Director, Gautam Solar
A significant step forward
We welcome the budget proposals presented by the Hon’ble Finance Minister. The focus of the budget on expanded support for infrastructure investment, growth of small industry and agriculture sectors, while committing to fiscal consolidation, strikes the right balance. In the context of overall geopolitical and economic outlook, the outlay of Rs.35,000 crore for energy transition and energy security is a significant step forward. We believe the Finance Minister has presented a Green Budget that demonstrates Government of India’s unwavering commitment to achieving Net Zero by 2070.
For the clean energy sector, there are several welcome announcements. Support for Battery Energy Storage Systems (requested by ReNew Power during pre-budget consultations), the transmission infrastructure to evacuate power from Ladakh, the allocation for biogas to energy projects and the initiatives for scrapping of old vehicles of the central and state governments are all significant steps in the right direction. We look forward to seeing further details on the recently announced Rs. 19500 crores allocation for the National Green Hydrogen Mission.
The budget will give a thrust to accelerating clean energy in India and ReNew Power is committed to support Government of India in this endeavour.”
—Sumant Sinha, Chairman & CEO, ReNew Power
Game-changer for green growth
“The Budget for 2023 has reinstituted a focus on green growth in light of the government’s heightened emphasis on increasing the proportion of renewable energy in the total energy mix. The FM has allocated Rs.35,000 crore to this sector, prioritising India’s net zero goals and energy transition. The generation, transmission, and storage of renewable energy will be supported by these funding. This gives players in this market a special opportunity to make clean energy solutions accessible and affordable, enabling mass consumerization. The inclusion viability gap funding for battery storage, renewable energy evacuation, and green credit policy coupled with domestic and foreign debt funding makes this a game-changer in the making.”
—Bharat Bhut, Co-Founder & Director of Goldi Solar
Ushering in green transition
“The FY24 Budget appears to usher a phase of ‘green transition’, guiding the economy toward a sustainable development pathway. By focusing on implementing various initiatives to increase energy efficiency and lower carbon intensity, it demonstrates a commitment to foster green growth in the nation. The proposed budget places a strong emphasis on the creation of large-scale green job opportunities to prepare young people for mitigating the effects of climate change. The National Green Hydrogen Mission’s outlay of Rs.19,000 crore would also support and contribute to green growth and a net zero carbon future. The provision of Rs.35,000 crore for energy transformation and net zero emissions would indeed help the nation in achieving its goal of net zero emissions by 2070. India will become a responsible and energy-secure country owing to the Honourable Prime Minister’s vision for Lifestyle for Environment (LiFE), which will accelerate the country’s transition to a low-carbon economy and lessen dependency on fossil fuels.”
—Dr. Satish Kumar, President & Executive Director, Alliance for an Energy Efficient Economy (AEEE)
Accelerating decarbonization of power sector
“The Union Budget 2023 has outlined a strong foundation for the Indian energy sector, with green growth emphasised as a priority for the government. The Rs.35,000-crore allocation for energy transition, focus on promoting green hydrogen and incentivising environmentally sustainable actions through the green credit programme, will accelerate decarbonization of the power sector. The emphasis on energy storage projects, critical to scale up renewable energy capacity, complements India’s net-zero carbon emissions target of 2070.
With the positive direction provided by the Union Budget 2023, IEX will continue to support the government and industry through new initiatives and technological innovations in energy market.”
—S N Goel, Chairman & Managing Director, Indian Energy Exchange Ltd (IEX)
Nurturing Green India
We applaud the government for considering ‘green growth’ as one of the seven priorities perfectly titled as “Saptarishi” to guide the country’s growth in the AMRIT KAAL.
Hon’ble FM, announced that states and cities will be encouraged to create and implement carbon planning strategies, offering viability gap funding support to battery energy storage up to 400 MWh capacity, targeting to reach green hydrogen production of 5 million metric tonnes by 2030, offering INR 20,700 crore investment to construct interstate transmission system for evacuation of 13 GW of renewable energy from Ladakh and allocation of INR 35,000 crore towards achieving net zero goal & energy transition. These are certainly going to be decisive steps towards nurturing green India development.
—Gyanesh Chaudhary, Vice Chairman and Managing Director, Vikram Solar
Lifestyle for environment
“The FY24 budget lays a strong foundation for sustainable development of India in the Amrit Kaal. With the goal of achieving net-zero emissions by 2070, it focuses on energy transition and decarbonization of the economy with a sizeable allocation of Rs 35,000 crore. The vision for ‘LiFE – Lifestyle for Environment’, is deeply ingrained in the budget and reaffirms the government’s commitment to tackle the climate crisis. Globally, India ranks fourth in installed renewable energy capacity and the budget will give a further fillip to the addition of capacities in areas like wind and solar. Key measures are being taken to support green growth, including viability gap funding for battery storage, renewable energy evacuation, National Green Hydrogen Mission, and green credit policy. With an investment of Rs. 10,000 crore, the budget also underlines the need for embracing a circular economy through the GOBARdhan scheme. Furthermore, setting up three centers of excellence for Artificial Intelligence is a welcome step from the government as it bridges the skill gap in the AI space and nurtures talent to develop tech of the future”
—Anil Chaudhry, Zone President, India and CEO & MD, Schneider Electric India Pvt Ltd
A big boost to hybrid renewable energy
“The FY24 budget has reaffirmed India’s focus on Green Growth by delineating it as one of the seven major priorities. The budgetary commitment of Rs.35,000 crore to support energy transition and net zero objectives would strengthen the nation’s journey towards energy security as India seeks to decarbonise its economy. The budget specifically spells out measures to usher in stability in renewable energy supplies by introducing viability gap funding for battery energy storage systems. The budget also plans to introduce a detailed framework on pumped storage projects. Both these measures are expected to boost setting up of hybrid renewable projects and will certainly raise the share of renewable power in the overall energy mix.”
—RPV Prasad, CEO, Envision Wind Power Technologies India Pvt Ltd
Accelerating EV penetration
“The government’s focus on infrastructure with enhanced capex of Rs.2.7 lakh crore for roads and highways and the budgetary allocation for vehicle scrappage, will certainly accelerate the growth of the CV market in India. Meanwhile, in the EV sector, the government’s move to provide customs duty exemption for import of specified capital goods and machinery required for manufacture of lithium-ion cells for batteries is a welcome move, that will play a vital role in making local cell manufacturing cost competitive in the long run. Additionally, green growth being one of the top 7 priorities, with an allocation of Rs.35,000 crore, is a step in the right direction. This will not just aid economic growth but will also accelerate the growth of the auto industry, especially EVs, as the country transitions towards net zero by 2070.’’
—Mahesh Babu, Chief Executive Officer, Switch Mobility Ltd
Promising path for green growth
“The budget has laid down a promising path for the nation’s green growth, clearly identified as one of the seven pillars, with sizable outlay of Rs.35,000 crore. The finance minister has also focused on some of the key issues like battery storage and pumped storage projects to ensure stable and round the clock supplies from renewable resources like solar and wind power. Additionally, the reduction in duties for lithium-ion batteries is a step in the right direction. It has also ushered in a key measure for the financial health of states’ distribution utilities by tying 0.5 per cent of their deficit to power sector reforms. This is an added incentive for the states to reform the discoms. However, along with incentive, a disincentive package for the discoms would have proven beneficial. Power sector also merited a bigger budgetary allocation given it is the fuel that is driving India’s growth engine. Overall, the budget has pushed all the right buttons and is well in line with the macroeconomic goals of the country.”
—Pratik Agarwal, Managing Director, Sterlite Power, and Director of Serentica Renewables
Economic growth oriented
The budget 2023 is oriented to economic growth of the country. I am sure that 33 per cent growth in capital expenditure will result in balanced development. This is a smart move since it will help the country achieve its goal of becoming a 5 trillion-dollar economy and a global powerhouse. I believe that the announcement of setting up 100 labs to effectively develop 5G services and the vision to promote Artificial Intelligence in overall industries is a strong step by the government. This will further lead to automation in the industries which will help in propelling India’s growth and promoting smart cities. The union budget 2023 has come up with positive announcements for different sectors to support the Make In India initiative and can result in balanced growth in the near future.
—Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India Pvt Ltd
Boosting sustainable growth
“The Union Budget 2023-24 is a pro-growth budget having a strong focus on green growth that will act as a key motivator for businesses to accelerate their shift towards net-zero goals and boost sustainable growth. There is a significant push to capital expenditure which will further attract private investment. With governments core focus on urban development, infrastructure investment, employment creation and green growth, the intentions have been clear to steer India journey towards sustainable development. The budget has also captured important aspects such as target to reach green hydrogen production of 5MMT by 2030, implementing many programs for green growth across various economic sectors as well as create green jobs, allocation of Rs.10,000 crore per year investment on urban infrastructure development and Pradhan Mantri Kaushal Vikas Yojana 4.0 that will further fuel economic growth and empower our youth. Overall, in my view the budget will serve as the blueprint to make India self-reliant and drive long-term economic growth with ecological sustainability”
—B. Santhanam CEO Asia Pacific & India Region, Saint-Gobain, and Chairman, Saint-Gobain India
A “New India” narrative
The nucleus of Budget 2023 is enhancing the quality of life, inclusive growth and sustainability. I am sure this vision will narrate the story of ”New India, Progressive India”. The green economy is in the centre, and all aspects of the energy transition and security are thoroughly covered. As a result, India should surpass its current standing in the field of renewable energy, including storage and green hydrogen. The government has taken steps to decarbonize the Indian economy, aided by specific budgets- viability funding for a 4,000 MWh battery storage energy system, pumped hydro, Rs.20,700 investment for RE evacuation from Ladakh, and the inclusion of green credit in the Environment Protection Act.
—Sameer Gupta, Chairman & MD, Jakson Group
Reiterating support to Net Zero
The Union Budget 2023 with an outlay of Rs.35,000 crore for green energy transition, addition to the recently announced Green Hydrogen mission with outlay of Rs.19,500 crore has reiterated GOI’s commitment to achieve net zero targets alongside making India important hub for renewable manufacturing. Encouraging the Net Zero goal the government has firmly put clean energy transition at the centre of India’s economic growth. A firm step towards green missions of government will give impetus to job creation, research n development as well as export opportunities while contributing to net-zero objectives. These initiatives are likely to boost domestic manufacturing and reduce import dependence for the renewable sector. The Union Budget 2023 clearly indicates, India is ready to establish itself in the leadership position on the global green energy transition.
—Bikesh Ogra, MD & CEO, Jakson Green
Maintaining the growth momentum
The Union Budget 2023 demonstrates the government’s commitment to building and expanding the infrastructure sector to boost the economy. We welcome the government’s move to announce an enhanced outlay on capital investment by 33.4% to Rs. 10 lakh crore, for the infrastructure sector. This will result in more employment creation, increased manufacturing capacities, and the energy sector’s active participation in nation building. The budget focuses on states and cities to encourage urban planning reforms and making cities more sustainable. We applaud the government’s investment of Rs.35,000 crore to achieve energy transition and net zero goals, and we note that green growth is one of the government’s seven priorities.
We believe the move to create a new infrastructure finance secretariat, which will facilitate the private sector’s investment in infrastructure projects, will play a crucial role. As the economy is expected to grow at a 7% annual rate, we feel this budget has taken all of the necessary steps to continue the growth momentum. We congratulate Union Finance Minister Smt. Nirmala Sitharaman for taking the courageous step of presenting a budget focused on growth.
—Bhupesh Arora, Business Head, Digital Energy, Schneider Electric India
Towards supporting MSMEs
“The Union Budget of 2023 has been exceptionally consistent over the years in focus areas across Infrastructure, Agriculture, MSMEs and ease of doing business.
The capital expenditure has been increased by 33% to a historic high of Rs.10 lakh crore, showing government’s commitment to creating jobs and stimulating expenditure resulting in a multiplier effect pegging GDP growth at 7%.
Investments in development of public digital infrastructure for agriculture, facilitating data embassies in GIFT City, expanding the use of Digi Locker and setting up National Financial Information repository signal towards the continued focus on digitisation and broadening its access to the public.
Revamped Credit Guarantee Scheme for MSMEs is a significant move to support MSMEs’ who have been battered by Covid related disruptions, the infusion of Rs .9,000 crore into the corpus would undoubtedly benefit small business owners.
Concrete actionables towards ease of doing business in the form of PAN being a single identifier, reducing compliances and decriminalizing provisions are legislative steps ensuring ease of doing business.
Overall, it is a promising budget that continues to build on the groundwork laid during the previous budgets.”
—Ram Iyer, Founder and CEO, Vayana Network
VGF for energy storage is a progressive move
“I applaud the government’s continued efforts to accelerate the country’s transition to sustainable development and green growth, focusing on green fuels, energy, building practices and creating new “green” jobs besides leading to reduced carbon intensity. The announcement of Rs.35,000 crore budget for green transition allocation and the proposal of zero carbon emission goal by 2070 are huge steps forward in promoting India’s progression towards green growth. However, the industry looks forward to the government to share more insights about the capex allocation to support the commercial vehicle sector as part of the green growth agenda.
It is also encouraging to see the government’s decision to announce viability gap funding for battery storage solutions and continuation of lower customs duty on lithium-ion cells. The scrappage of old government vehicles and budgetary allocation towards the same, is a positive step in the direction of zero carbon emission goal.
While this budget is impactful, I feel that release of the Battery Swapping Policy covering subsidies and GST rate rationalization from 18% to 5% on EV battery would have added further to the green growth agenda.”
—Chetan Maini, Co-founder & Chairman, SUN Mobility
Strategy for sustainable growth
“The Union Budget 2023-24 lays down a sustainable growth with a multi-pronged strategy for green energy and mobility segment. The schemes and initiatives announced under ‘Green Growth’ will accelerate the new energy sector and push India towards its commitment to Net-Zero targets by 2070.
With a total outlay of Rs.35,000 crore for the energy transition segment, custom duty exemptions on the import of capital goods and machinery for lithium-ion batteries and additional Rs 19,500 crore for National Green Hydrogen Mission will provide a fillip to the EV and allied industries and will reduce dependence on fossil fuels. The support through a viability gap funding to set up a battery storage capacity of 4,000 MWh will create critical infrastructure that makes renewable energy storage a reality. In addition, the other initiatives to re-energise the automobile and EV sector are also a welcome move.”
—Jayadev Galla, Chairman & Managing Director, Amara Raja Batteries Ltd
Growth stimulus for power T&D and telecom
Budget FY 23-24 has several measures that will stimulate the growth of the economy while creating numerous employment opportunities. Increasing capital investment outlay by 33.4 per cent to Rs. 10 lakh crore for infrastructure is a welcome move that will facilitate growth of the sector. Rs.2.4 lakh crore outlay to railways will attract private investment in the sector and boost demand for operational products in the segment.
The budget underscores the initiative of setting up a 13 GW transmission system for grid integration, with an investment of Rs.20,700 crore. The Finance Minister has further proposed setting up of 100 labs to effectively develop 5G services.
These announcements shall help create demand for products in the T&D and telecom sector, which shall be conducive for the growth of relevant companies of these sectors. The budget clearly indicates that the government is committed to propelling infrastructure, engineering and related industries, which will prove to be effective in ensuring the growth of the Indian economy.
—Sharan Bansal, Director, Skipper Ltd
Improving living standards
The budget has several measures that will stimulate the growth of the economy while creating numerous employment opportunities. The enhanced outlay of 66% for PM Awas Yojana, to about Rs.79,000 crore, will not only boost the growth of housing sector but also improve living standards of the common people which is desirable and in line with the SDGs.
This shall boost growth in the sector, and in turn, create demand for pipes and other related polymer based products, which are necessary infrastructural investments required in the industry. This is a welcome development, and shall provide a conducive ecosystem for the manufacturing of Pipes and Polymers in the country.
—Devesh Bansal, Director, Skipper Ltd
Commendable green initiatives
“We welcome the Government’s commitment to upgrading infrastructure and embracing green energy, promoting an environmentally conscious lifestyle as part of the green growth initiative is a highly commendable move. We are looking forward to the increased adoption of innovations, which are perfectly aligned with this endeavour. Polycab is dedicated to promoting green and sustainable growth in India. We believe it is our responsibility to ensure that our operations and products have the least possible environmental impact. We are excited to work with the government to support the growth and expansion of India’s electrical industry.”
—Inder Jaisinghani, Chairman & Managing Director, Polycab
Stress on Green infrastructure
“This Union Budget, we applaud the Government’s focus on the growth of green infrastructure that supports factors like green building, green energy, and green equipment. These sustainable practices are a step in the right direction to achieve the goal of net zero carbon emission by 2070. At RR Kabel, we support the Government in building a sustainable and safe ecosystem for the future generation.
Additionally, the budget aims to achieve efficient urban infrastructure with programs like Smart Cities Mission for 100 cities and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for 500 urban bodies. The budget also places a lot of emphasis on developing the nation’s infrastructure by giving impetus to Tier 2 and 3 cities for developing urban infrastructure.
As a company committed to safety through quality, we hoped the Government would lay emphasis on the need to build safe infrastructure through the use of technologically advanced premium quality products. As we step into a new financial year, we are determined to support the government’s objective of a stronger economy that is built on robust infrastructure.”
—Shreegopal Kabra, MD & Group President, RR Kabel
Focused on India growth story
“Union Budget 2023-24 has continued the government’s focus on the India growth story. In this year’s budget, the GOI has recognized infrastructure and investment as one of the 7 priorities that the budget is based on. The 33% higher capital outlay of Rs 10 lakh crore on infrastructure development will build a foundation for Tier 2 & Tier 3 cities to transform into centers of economic growth. It will have a multiplier effect on the overall economy including the Realty sector and allied industries. The government’s decision to increase the PMAY Fund by 66% to Rs.79,000 crore will give a big boost to affordable housing and contribute to the overall growth and development of the country. Furthermore, the announcement of 50 tourist destinations to be selected through challenge mode and developed as a whole package for domestic and international tourism is a welcome initiative by the government. This has the potential to transform the area from a tourist destination into a second home or weekend getaway. All these moves will unlock new opportunities for the real estate as well as the elevator industry in the long run.”
—Manish Mehan, CEO and MD of TK Elevator India
Pro-development budget
“The Union Budget 2023-24 is pro-development, with sustainable planning; energy transition for a cleaner tomorrow and inclusive growth through tech-enabled economy at its core. Moreover, the impetus on the EV sector in budget is quite encouraging for all Industry players. Drawing from its core, the decision to exempt Lithium-ion cells of custom duties for another year is a welcome move, as its majorly impacts the affordability of EVs in India. Furthermore, the viability gap funding announced to support the Battery Energy Storage Systems, along with a framework of Pumped Storage Projects, is designed to reduce the revenue required to recover costs and offer better returns, especially for the Private sector.”
—Anshul Gupta, Managing Director, Okaya Electric Vehicles
