Ease of Doing Business and Taxation Benefits for Indian Tax payers Makes Budget 2023 Are Top Attractions

The industry continues to welcome Nirmala Sitharaman's fifth Union Budget Speech for Budget 2023-24. Here are some industry leaders expressing their opinions and observations on Budget 2023.

Mr. Sundararaman Ramamurthy, MD & CEO, BSE commented, “The Budget of 2023 continues from the earlier budgets which successfully guided India during one of the toughest periods for mankind, with a continued focus on Aatmanirbhar Bharat and Amrit Kaal. As a  result of a consultative and inclusive process, suggestions and feedback received from various stakeholders, have been factored in, wherever possible. Various areas of national importance have received their due focus - MSME sector, Infrastructure building which fuels economic development, Ease of doing business which attracts foreign participation and domestic capital creation, Green energy, Tourism, export orientation using custom duty rationalisations, harnessing the power of youth, etc. ‘Shri Anna’ brings a novel concept to food safety, nutrition and self-sufficiency. Personal taxation has received its well-deserved attention too, bringing a smile on the face of the common man. To top it all, strict adherence to prudent fiscal management while keeping the pedal on the accelerator for long-term structural growth initiatives, which in our view, is the hallmark of this Budget.”

Shachindra Nath, EC & MD, U GRO Capital

Mr. Shachindra Nath, Vice Chairman and Managing Director, U GRO Capital also welcomed the Union Budget 2023 by adding, “The demand of NBFCs from the finance minister was to advance hassle-free credit access and the government has given a much-needed boost to the MSME sector.  An allocation of Rs. 9000 crore for the credit guarantee revamp scheme starting April 1, 2023 will give a big relief to MSMEs in the current inflationary conditions. Presumptive taxation for micro-enterprises with a turnover of Rs. 2 crores, unified filing process, entity-based Digi lockers, and formation of National Financial Information Registry will enable better underwriting of credit to MSMEs. It will help Datatech NBFCs like us bridge the needs of India's credit-starved business segment. The government has provided the financial sector much-needed momentum, however an active liquidity support system for NBFCs still remains a request.”