IT Industry's Reactions on Union Budget 2023

Puneet Gupta, vice president & managing director, NetApp India/SAARC welcomes the Union Budget 2023 and said, “The announcements made by the Hon’ble Finance Minister Nirmala Sitharaman have given us a lot to be excited about

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Puneet Gupta, NetApp

Puneet Gupta, vice president & managing director, NetApp India/SAARC welcomes the Union Budget 2023 and said, “The announcements made by the Hon’ble Finance Minister Nirmala Sitharaman have given us a lot to be excited about. The mission of Amrit Kaal has put us in a strong position to truly call this a digital budget, given its large focus on technology and digital. From the government’s announcement of setting up of 100 5G labs and the development of 3 Centers of Excellence for AI, all of these will go a long way in unleashing the digital potential of the country. In a world that is driven by data and AI, we see numerous and infinite opportunities ahead of us. It will be a privilege for us at NetApp to play our role in building a truly digital nation which is the future of tomorrow.”

Rahul Garg, Founder & CEO, Moglix & Credlix a B2B Commerce company a B2B Commerce company shared his opinion on Budget 2023 by saying, “It’s encouraging to see that despite the global recessionary waves, India's economy is growing. The Union budget 2023–24 builds upon the foundation established by the previous budget, with a vision of a prosperous, inclusive India where the fruits of growth reach all sections. Overall, this budget continued focusing on promoting exports, boosting domestic manufacturing, enhancing domestic value addition, encouraging green energy and mobility, streamlining the supply chain, and providing economic support to MSMEs across the country. Lowered tax rate of 15% for new companies starting manufacturing activities by March 31, 2024, will act as a catalyst, driving the public-private partnership investment in infrastructure, including railways and roads. The thrust on manufacturing & infrastructure will enable the country to achieve the target of achieving a manufacturing potential to export goods worth $1 trillion by 2030. National Green Hydrogen Mission will facilitate the transition of the economy to low carbon intensity and reduce reliance on fossil fuel imports, thus contributing to green growth. According to our commitments at COP26 and COP27 on climate action, the Union Budget signaled the beginning of the decarbonization of India's inbound supply chain. The National Data Governance Policy will unleash innovation and research by start-ups and academia, enabling access to anonymous data. The Unified Skill India Digital Platform would facilitate demand-based formal skilling, employer linkage (including MSMEs). Revamped credit guarantee scheme for MSMEs to infuse Rs. 9000 crore into the corpus. The budget has brought about entrepreneur-friendly measures on the policy and legal fronts to drive operational excellence across sectors. Access to entrepreneurial initiatives to further bolster the economic and human resource foundation of the country will drive start-up ecosystem in the country.”
Sharing Budget reaction Lalit Arora, Co-founder of VingaJoy said, “The Union Budget has tweaked duty on electronics and phone parts in the Union Budget 2023. In today's budget announcement, the Mobile phone production in India increased  from 5.8 crore units valued at over '18,900 crore in 2014–15 to 31 crore units valued at over '2,75,000 crore in the most recent financial year as a result of numerous government initiatives, including the Phased Manufacturing Programme.  We suggest reducing the customs charge on the import of some components and inputs, such as camera lenses, and extending the reduced duty on lithium-ion cells for batteries for an additional year in order to further increase domestic value addition in the production of mobile phones. We appreciate this step taken by the government as it makes electronic devices(mobiles) affordable. Eventually more people can be a part of digitalization and use services like 5G internet."
VingaJoy is an Indian leading  consumer electronics brand which offers products such as Bluetooth Speakers & Headphones, Chargers, Cables, Car Accessories, Care Products and much more. VINGAJOY was launched with the aim of providing new innovations & latest technology at competitive rates and trendy styles to consumers of every sector, vertical, and society.



NetApp rahul garg Puneet Gupta Moglix & Credlix