attention and allocation to the creation of a green infrastructure and a decarbonised energy regime is at the core of union budget Which leads India on the path to being future proof, said Prashant Ruia, director, Essar Capital.
“The allocation of ₹35,000 crore for energy transition with an ambitious target of 5 MMT hydrogen will spur new demand across the length and breadth of the country leading to green growth. This has been complemented by custom duty and tax relief for green mobility.
Yogesh Mudras, Managing Director, Informa Markets in India said, “Sustainable development in every sector is the top priority of the government in this year’s budget. With the emphasis on green fuel, green hydrogen is another paramount of Budget 2023; hence, ₹30,000 crore for energy transition investment will help the nation touch green hydrogen production of 5 million tonnes by 2030,” he said.
“In times of unprecedented volatility and uncertainty, the government has maintained a consistent stance on five fixed themes – follow the path of fiscal prudence, keep pressing capex accelerators to support growth and boost private sector investment Provide adequate support to the most vulnerable sections and those who have been hit the most by the pandemic, follow conservative and pragmatic budget maths and move towards simplification and reforms,” said Sanjeev Chadha, Managing Director & CEO, Bank of Baroda .
Bhargav Dasgupta, MD & CEO – ICICI Lombard said on the Union Budget, “The Union Budget for FY 23-24 is extremely progressive and inclusive, with a strong focus on infrastructure and capex growth while maintaining the fiscal consolidation path Fiscal deficit brought down to 5.9% as well as capital expenditure of ₹10 lakh crore (highest ever) provided at a very rapid pace; will effectively convert revenue expenditure into capital expenditure which has a higher multiplier effect .
Agnishwar Jayaprakash, Founder CEO, Garuda Aerospace said, “The announced Union Budget will certainly prove to be beneficial. The announcement by Finance Minister Nirmala Sitharaman has highlighted several points for the scope and growth of the start-up economy.”
“Garuda Aerospace’s virtual skills and training universities aim to empower 1 lakh youth by providing them training and skills to become drone pilots. Along with this, Garuda will also provide them employment opportunities.
Sudhir Mehta, Founder and President, Pinnacle Industries and EKA Mobility said, “The focus on capital expenditure with promising prospects for the commercial vehicle, green mobility and railway sector is really encouraging. One of the most progressive announcements made locally in India Removal of customs duty on imported capital goods for manufacture of Li-ion batteries for manufactured electric vehicles, which will ensure cost rationalization for electric vehicles to a great extent.
“This will not only help us achieve our sustainability goals but also promote ‘Made in India’ products and technology. The government is continuing its focus on green mobility, and the budget allocation for the National Hydrogen Mission has increased the development and will bring new opportunities for innovation,” he said.
KV Hariharan, Senior Vice President – FP&A, Data Analytics & Strategic Planning, Amway India said, “The government has laid emphasis on upskilling, job creation, infrastructure development and strengthening digital capabilities with inclusive growth at the core of the announcements . India’s path to $5 trillion economy.