Vipin Vohra, Chairman, Continental Carriers says, “This was the first normal budget after the Covid pandemic and amid a global slowdown with 7% growth rate along with Rs 1.97 lakh per annum per capita income. Hon’ble Finance Minister outlined seven priorities ‘Sapt Rishis’ for the ‘first Budget in Amrit Kaal’ • Inclusive development • Reaching the last mile • Infra & investment • Unleashing the potential • Green growth • Youth power • Financial sector It’s a well-balanced Budget that will create strong and stable macro-economic environment for growth and job creation. The Budget is likely to enhance business, tax payer sentiment and consolidate India’s growth prospects during this fiscal year. It has every potential to bring out a broad-based revival in the Indian economy by providing opportunities for citizens with focus on Youth. • Budget laid focus on the introduction of National Data Governance Policy which will ease the KYC process and reduce privacy breaches by using the Aadhar and Digi Locker platforms to simplify individual address reconciliation and verification. • Budget will incentivize the investments in infrastructure which will have multiplier impact on rise in growth and employment.  Increased capital investment outlay by 33.4% to 10 lakh crores.  Highest capital outlay of 2.4 lakh crore for Railways • Simplifying tax benefits for MSMEs and Start-ups. • The decision to scrap old polluting vehicles bodes immense growth for automobile manufacturers and will give a fillip to the electric vehicles industry which in turn will invigorate the components industry.”  Budget 2023 has laid emphasis on reviving of 50 additional Airports under Regional connectivity Scheme (RCS), which it is hoped will ease movement of Domestic cargo also along …

Anish Mathew, Chief Financial Officer (CFO), Gati Ltd: said, “In line with the government’s vision to build an integrated and efficient logistics ecosystem, the budget has proposed a slew of effective measures which will enhance the logistics competitiveness. With the development of transport infrastructure to build end-to-end connectivity, introduction of skill development programmes to build new-age skilled human resources and proposals to boost EV infra and green energy transition reflect an all-encompassing approach towards strengthening logistics efficiency and sustainability parameters. On the other hand, proposals to strengthen the MSME segment will drive demand for logistics service immensely, going forward.”

Mahendra Shah, Chairman, and Group Managing Director, V-Trans (India) Ltd says, “The significant progress with many sustainable development goals has increased the Indian economy size from 10th biggest to 5th biggest in last 9 years. The Government has taken several encouraging steps to boost the infrastructure and transportation industry. Logistics, infrastructure, and transportation is the future of our country. This year’s budget has shown the government’s commitment to the logistics and infrastructure sector. This highlights India’s futuristic growth and commitment to elements like the Data Governance Policy, Centres of Excellence on AI, Green Growth, and the conventional thrust areas of infrastructure have also received a big boost. Though the Union Budget 2023 did not provide much specific attention to the logistics and transportation sector. However, the government did announce various initiatives aimed at improving the overall infrastructure of the country, which could have a positive impact on the logistics industry. These initiatives include the allocation of ₹1.97 trillion for infrastructure development, plans to build new airports and modernize existing ones, and investments in the development of the National Highways network. Additionally, the government’s focus on increasing the use of technology in various sectors, including transportation, could also benefit the logistics industry. However, the industry has called for specific measures, such as tax incentives and investment in technology, to boost its growth and competitiveness.”

Yashpal Sharma, President, ACFI and MD, Skyways Group shares, “The stakeholders in the Logistics Service Providers segment are buoyant by the announcements of enhanced spendings in Infrastructure projects and PLI schemes that will boost manufacturing and eventually greater multi-modal transportation activity and we hope that a decent amount budgeted is spent on Air cargo infrastructure enhancement in the country too. Some Wishlist points were forwarded through MoCA in the pre-budget survey pertaining to exemption of GST on airfreight, compliance difficulty under ITR online filing of (Form 10F), Linking benefits under other products similar to Krishi Udaan would have definitely lifted the spirits in the entire airfreight industry. ACFI is appreciative of the Government’s vision to launch Pradhan Mantri Kaushal Vikas Yojana 4.0. There is a huge need to skill the youth for international opportunities. Opening 30 Skill India International Centres across different States will be a big milestone.”

Gayomard Driver, Group Chief Financial Officer and Board Member, Jeena and Company, suggests, It is a welcome budget as the focus on infrastructure improvement is apparent. Improvement through the revival of airports, helipads, water aero drones, and advanced landing grounds will support quick and efficient logistics. It could also simplify and improve regional air connectivity, further increasing the growth across the logistics sector. The industry is poised to increase commitment towards developing green logistics infrastructure and an increase in green job avenues as a result of the government’s strong focus on green energy and sustainability in the 2023 budget. Globally, supply chain networks are being improved using AI, and now, with the attention on ‘Make AI for India’ and ‘Make AI work for India’, the Indian logistics sector will be able to do that as well. Sustainable practices paired with improved technology will further improve the establishment of lean operations placing a high priority on process optimization, waste reduction, and raising customer value.”

Anurag Mathur, CEO, Savills India on the Union Budget 2023-2024 comments, “The 2023 Union Budget is a testament to the government’s commitment to inclusive growth, with a focus on strengthening the country’s infrastructure, empowering the rural sector, and driving innovation for a better tomorrow. Although the real estate sector did not feature prominently in the budget, derived benefits are likely to give further boost to the sector especially in these times of a ‘Robust Growth Phase’ post the pandemic affected years of 2020 and 2021. A steep rise in Capex to 3.3% of GDP continues to be the guiding force of the budget, providing a strong impetus to infrastructure and allied sectors. Commercial real estate and manufacturing sector will get derived benefits with focus on green technologies in automotive sector. Furthermore, with an annual allotment of INR 10,000 cr towards Urban Infrastructure Development Fund, real estate growth in Tier II and III cities of the country is expected to pick up significant pace. In our recent discourses and publications, we have repeatedly highlighted India’s need for creating a large pool of urban centres. Simialrly, Life sciences sector, which is a key to India’s future economic growth, stands to benefit from a new program for pharmaceuticals, as research gains greater attention. The Budget has also focused on the development of GIFT City which will boost the growth of the financial sector, creating job opportunities and promoting economic development. Direct real estate announcements, although scant this time, included enhanced allocation to the PM Awas Yojana. With a 66% increase in allocation, the total fund outlay touches INR 79,000 cr. The much-awaited direct tax benefits and changes to the income tax slabs are …

Vineet Agarwal, MD at Transport Corporation of India says, “This “Saptarishi” guiding-priorities based Union budget is holistic, optimistic and it beautifully fleshes out the ambitious schemes announced by the government to boost all critical segments. For the Logistics Sector, a committed focus on all tenets under NLP, will definitely lead the country from recovery to resurgence. The increased Capital Outlay for critical Infra projects under the “Inclusive Development” priority will further boost sectoral development. The steep investment increment in digitization and automation to develop smart warehousing, and an announcement of 100 critical transport infra projects for steel, ports, rail and road will strengthen the much-needed multimodal connectivity. Provisions like coastal shipping with Viability Gap Funding (VGF) for people & freight movement will further facilitate seamless cargo movement while reducing logistics costs. The Government’s Green Growth Priority outlines a relentless sustainability vision. ‘National Green Hydrogen Mission’ targets the transition from fuels to green energy. This movement will enable a smooth shift toward the Net Zero Carbon Emission goal. Moreover, the PM Gati Shakti Vishwavidhyalaya facilitates the “Youth Power Priority”, emphasizing on upskilling and creating opportunities for industry partnership. Overall, the 2023 budget outlines a very futuristic glide-path for improving the supply chain ecosystem in India. It will further enhance the export of networked products, thereby indicating a world-class infrastructure and synergy across the logistics value chain.”

Zaiba Sarang, Co-founder, iThink Logistics shares, “Aadopting green and sustainable practices is the way towards future, which has been acknowledged by the government quite profusely in today’s budget. The Union Budget 2023 places a strong emphasis on environmental responsibility. The ‘Panchamrit’ initiative is aimed specifically at achieving net zero carbon emissions by 2070, thus contributing to the green growth of the nation. Continuing to provide impetus for EV adoption in India, the government has taken robust steps through exemptions on customs duty levied upon the machinery imported for the manufacture of lithium-ion cells for EV batteries. The budget has also adequately covered infrastructure development by allocating INR 75,000 crore, including private investment, towards improving first- and last-mile delivery. As a part of the logistics sector, we are extremely elated at the announcement of these provisions, since they will help solve the current connectivity issues facing the industry, while building a more sustainable future for logistics, where efficiency and environmental responsibility come together to form a sustainable ecosystem.”

Cyrus Katgara, Partner, Jeena and Company says, “The union budget seems very positive towards air cargo and we have seen the due recognition given with 50 additional airports, aerodromes and helipads which will tremendously improve the regional connectivity across the country resulting in the growth and seamless movement of air cargo. Further, the prioritization of 100 identified critical transport projects for last/first mile connectivity for ports and other sectors, will provide the necessary boost for the implementation of the National Logistics Policy. The increase in rebate and simplification of income tax slabs will definitely go a long way in reducing the tax burden on individuals.”

Amit Maheshwari, CEO, Softlink Global says, “The budget holds great promise for the logistics industry with its focus on revitalizing infrastructure and boosting the movement of goods. The emphasis on 50 additional airports, heliports, water aerodromes, and critical transport projects will improve connectivity and bring in efficiency thereby reducing costs. The promotion of coastal shipping in a PPP model for both passengers and freight will further the cause of a cost-effective transportation system. Announcements from the budget that will future-proof the logistics sector also include setting up labs for 5G enabled applications development for intelligent transport systems and thrust on Green Growth in transport that will push India’s goal to become net-zero. The logistics sector is largely driven by MSMEs and the government’s announcements on less stringent contract execution and credit guarantee schemes for MSMEs will help businesses affected by the pandemic. The DigiLocker service will facilitate secure online storage and sharing of documents, further improving efficiency in the business ecosystem. The reduction of taxes for entry and middle income group will also encourage the industries across. By improving connectivity and reducing costs, businesses will have greater opportunities to reach new markets, spur innovation, and create jobs. The budget signals a commitment to a better future for the logistics industry and its positive impact on the economy and the lives of citizens.”