Budget will simplify tax benefits for MSMEs, Start-ups.

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 the passengers and international cargo through nearest international Airport.

 In order to boost ‘Ease of doing business’, the budget has recommended reduction of 39000 compliances for trust-based governance.

 Reduction in customs duty on :
 import of capital goods for Li-ion batteries for more greener mobility.

 Import of raw material for manufacturing of electronic, electrical and chemical products.

 Under ‘Sabka saath Sabka Vikas’ – Inclusive development programme(s) new scheme(s) to promote pharma research will lead to more competitiveness in Global market for pharma exports.

 Continuation of interest free loans to States by the Centre for capital expenditure will ensure further incentive schemes at state level for creation of logistics infrastructure.

Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP:
outlined seven priorities for the ‘first Budget in Amrit Kaal’
• Inclusive development
• Reaching the last mile
• Infra & investment
• Unleashing the potential
• Green growth
• Youth power
• Financial sector

The Budget proposals are likely to enhance business, rural and tax payer sentiment and consolidate India’s growth prospects in a gloomy global setting

National Data Governance Policy to encourage R&D across all regulators. MSMEs will benefit from steps including continued reduction of unnecessary compliances to promote ease of doing business
The government’s focus on green and clean mobility, allocation of funds for replacing government vehicles will go a long way in transforming the automobile industry.”