Budget 2023 expectations: What does these companies expect?

The Union Budget 2023 will be presented by Finance Minister Nirmala Sitharaman on the Parliament on February 1. This year, the budget is likely to be growth-oriented with a focus on capex, manufacturing, infrastructure, and rural economy. 

The first part of the budget session 2023 is expected to continue till February 10. The complete session is likely to begin on January 31 and is expected to conclude on April 6 with a recess in between. 

Different sectors have different expectations from the budget, let’s see what the different organizations expect from below mentioned organizations. 

1) Chandru Kalro, Managing Director, TTK Prestige

TTK Prestige MD said, “The past few years have seen unprecedented volatility and India has outperformed most large global economies thanks to some very good policy moves by the government. My expectation from the budget would be to stimulate demand since we are seeing some slowdown in the second half of FY 23.

The broader focus of the budget should be to continue promote growth with a focus on local manufacturing and exports, keeping in sync with the ‘Make-in-India’ agenda. The supply side has been well managed and the demand side needs more attention.

Inflation has been sticky and difficult for large section of the society and the government must look at reducing some taxes, both direct and indirect so that more money is available with the people.

The middle class is the backbone of the economy. They’re the main drivers of consumption and economic growth and there needs to be a special focus on them. The government must consider tax benefits to the middle class consumer, the salaried employees who have paid their taxes honestly always. This will have a significant impact on their finances and expenses. It will leave them with additional disposable income in hand which will help drive consumption and boost the economy. Thus, I would love to see some tax breaks for this section of the society in the budget.”

2) Ravi Subramanian, MD & CEO, of Shriram Housing Finance Ltd

He said, “Housing for All has been amongst the most significant initiatives driven by the GoI. We expect the government would continue to build upon schemes such as PMAY to emphasize the importance of the same. The rural low-income housing segment with ticket sizes of INR 8-15 lakh and borrower income of under INR 3 lakh annually is the segment where the need for adequate housing is acute. To address the demand-supply mismatch in rural housing, we expect some special incentives for customers/builders in this segment. With limited projects catering to consumers here, any benefit from the government’s side would aid in easing concerns on both supply and affordability.

Further, there is also an expectation of a revision in the limits of Section 80C and Section 24 for principal and interest rebates on home loans. With inflation being elevated over the last couple of months, the construction cost has increased, and any rationalization of these limits will help the end consumer.”

3) Bipin Preet Singh, Co-Founder & CEO of the MobiKwik

“The upcoming budget will undoubtedly be geared towards augmenting the growth of the Indian economy, but it also needs to address the challenges faced by the common man and the salaried class as we recover from a global pandemic and tackle the ongoing global economic slowdown. People are especially pinning their hopes on the upcoming budget to address the issue of unemployment, control inflation, and make essential goods and services more affordable. The salaried class is looking for some cheer on the personal tax front, hoping that the annual basic exemption limit gets enhanced to 5 lakhs from the existing 2.5 lakhs.”

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