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Union Budget 2023: Industrialists hail new budget

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Union Budget 2023: Industrialists hail new budget

The Managing Director and Group Chief Executive Officer (CEO) of ICRA Ramnath Krishnan sharing his thoughts on the budget said, 'The Union Budget has provided a much larger-than-expected boost to growth-inducing capital spending'

FP Staff Last Updated:February 01, 2023 16:33:59 IST Union Budget 2023: Industrialists hail new budget

Industrialists have hailed the budget.

New Delhi: Union budget 2022 has left big industrialists happy with many hailing the speech given by Finance Minister Nirmala Sitharaman at the Parliament on Wednesday.

The Managing Director and Group Chief Executive Officer (CEO) of ICRA, an investment information agency, Ramnath Krishnan sharing his thoughts on the budget said, “The Union Budget has provided a much larger-than-expected boost to growth-inducing capital spending, while at the same time managing a fair degree of fiscal consolidation.”

Krishnan added, “The Budget proposals are likely to enhance business, rural and taxpayer sentiment and consolidate India’s growth prospects in a gloomy global setting. With the Government’s borrowings similar to market expectations, the bond yields are likely to stabilise, which would also support the private sector capex plans.”

Sharmila Oswal, Founder and MD of Gudmom and Millet Evangelist said, “The government’s focus on food security is commendable with the strategic empowerment of the farmers and the agriculture sector. The agriculture accelerator fund to be set up for agri-startups and empowerment of women by way of self-help groups, is also a powerful step to help women led agriculture start-ups.”

“Railways get a big chunk in Budget,” said Nisha Harchekar, the Head of Equity Research at Fintoo, an automated financial planning platform.

“Railways get a big chunk in Budget 2023-24 – Government announces Rs 2.40 lakh crore capital outlay; this is 9 times the outlay announced in 2013-14. Similar to industry expectations, the Railway outlay has come at a whopping amount. Railway related stocks namely Titagarh, IRCTC, RVNL, IRCON gain,” she added.

The government’s focus on agriculture has also been hailed by many. The founder of Green Portfolio, a SEBI Registered Portfolio Management Service Provider, Divyam Sharma said, “Open-Source Digital Public Infra for the Agri sector, farm inputs, credit, insurance, crop protection, agriculture accelerator fund, agri startup focus will create huge opportunities for the sector. Have over 65% population lives in rural areas and almost 45% population is dependent on agriculture.”

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