Budget Reactions: 'Callous' Budget has betrayed hopes of vast majority, says Chidambaram

Presenting its annual budget to parliament on Wednesday, India's government seeks to lower its fiscal deficit while offering incentives for investment and stepping up state spending to support an economy that is caught in the global slowdown.

Callous Budget that betrayed hopes of vast majority: P Chidambaram

"This is a callous Budgetthat has betrayed the hopes of the vast majority of the people," former Finance Minister P Chidambaram said.

Jokes flooded in after FM announced cigarette prices would increase

Poison served in name of 'Amrit Kaal': RJD slams Budget

Budget 2023 has left some confused

'Amrit Kaal Budget' is a Budget for all, gives wings to New India: Sarbananda Sonowal

An all-encompassing, all-inclusive budget: BJP MLA

Budget has taken care of every section: Chirag Paswan

Lok Janshakti Party (Ram Vilas) MP Chirag Paswan on Wednesday welcomed the Budget presented by Finance Minister Nirmala Sitharaman, and said it has taken care of every section of the society. In an exclusive video interview to PTI, the Lok Sabha MP said the government has ensured that the "economic structure" of the country remains "strong and stable", while giving relaxation to those who need it. "I welcome the budget. Given the conditions that not only our country but the world has faced during COVID-19, I really welcome the Budget that the central government has presented," Paswan said.

Over promise, under deliver: Cong's dig at govt

Hitting out at the government, the Congress on Wednesday said the actual expenditure was substantially lower thanbudgetedlast year, and alleged that this was Prime Minister Narendra Modi's strategy of headline management -- "over promise, under deliver".

Finance Minister Nirmala Sitharaman presented the last fullBudgetof the second term of the BJP-led NDA government on Wednesday.

Congress general secretary in-charge communications Jairam Ramesh said last year'sbudgetdrew applause for allocation towards agriculture, health, education, MGNREGA and welfare of SCs, but "today the reality is evident".

Budget as big hit as 'Pathaan': BSP MP

BSP leader Malook Nagar on Wednesday said the relief granted to the common people in the UnionBudgethas made it a hit like the Shah Rukh Khan-starrer Pathaan.

"The relief given to the common people in theBudgethas made it a hit as the movie Pathaan," Nagar, a Lok Sabha member from Bijnor in Uttar Pradesh, told PTI in a video interview.

He said the Income Tax relief granted in theBudgetwill ensure that more people will file Income Tax returns.

The policies announced in the UnionBudgetwill strengthen the economy and ensure that Prime Minister Narendra Modi's dream of a $5 trillion economy turns true.

Major boost to indigenous production of lab grown diamonds: Piyush Goyal

Budget simplifies tax structure: Tejasvi Yadav

It's 'Amrit Kaal' for PM Modi, not for common people: AAP hits out at Budget 2023-24

The Aam Aadmi Party on Wednesday questioned Union Finance Minister Nirmala Sitharaman’s claim about doubling of per capita income since 2014, saying it is ‘Amrit Kaal’ for Prime Minister Narendra Modi, not for the common people of the country.

Highlighting the achievements of the Modi dispensation so far, the finance minister in herbudgetspeech said the government’s efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity.

The per capita income has more than doubled to Rs 1.97 lakh, she added.

“Neither did the MSP of crops increase nor did the youth get employment. But this is Amrit Kaal for Modi ji. Nirmala ji is saying per capita income has doubled,” AAP’s Rajya Sabha MP Sanjay Singh, who is also the party’s national spokesperson, said in a series of tweets in Hindi, wondering “whose income” doubled.

Ashwini Vaishnaw credits PM for 'highest-ever capital outlay of ₹2.40 lakh cr for railways'

Budget infuses new energy to India's development trajectory, says PM Modi

Indian economy has moved to becoming 5th largest from 10th in last 9 years: Arpita Aparajita Badajena

Budget 2023 turn meme fodder

Budget shows the effect of Bharat Jodo Yatra: Amogh Gaikwad

Capital investment will generate wealth creation opportunities for people: Vivek Ramji Iyer, Grant Thornton Bharat

"Given that financial services is one of the key pillars of growth during Amrit Kaal, focusing on financial stability with technology-driven innovation will characterise the financial services ecosystem in the future. 10 lakh crore capital investment will create GDP growth and generate wealth creation opportunities for the citizens of India across the income spectrum, thereby increasing the chances for asset management funds in India."

Bond markets getting jittery as expenditure looks elevated so far: Executive Director at Geojit Financial Services

"Capex outlay increased by 33% to Rs 10 lakh crore for FY24. At this level, public capex will be 3.3% of GDP. Equity indices are in the green so far. But bond markets are getting jittery as expenditure looks elevated so far. 10-year bond yield has climbed 2 basis points to 7.38% since the FM announced the hike in capex outlay. A lower fiscal deficit will cool bond markets."

Budget and privacy bill announcements relevant for Digital India implementation: Partner at JSA (Law Firm)

“A National Data Governance Policy is proposed to enable access to anonymized data, and the KYC process is proposed to be simplified. Digilocker and Aadhaar will consolidate data available with multiple government agencies and PAN will be a single reference point for easier compliance. While these are definitely steps in the right direction, the final text of the privacy bill will also be closely watched and relevant for providing not only the necessary comfort to the stakeholders but also to encourage the digital India implementation.”

Budget furthers Government agenda for ease of doing business: Partner at JSA (Law Firm)

“Further carrying Government's agenda for ease of doing business. This is a routine announcement in every year's budget. The Government's efforts on ease of doing business have significantly improved India's global ranking in the last several years. Further steps announced will only enhance India's competitiveness. Easing of legal provisions is a need of the hour and therefore good announcements in the Budget."

Budget will have force multiplier impact on economy: S Ranganathan, Head of Research at LKP Securities

"In keeping with its focus on inclusive growth, the Union Budget has hiked outlays on Infrastructure and Agriculture which in our view would have a force multiplier impact on the economy."

Budget 2023 will help India be among 'top three' economies in few years: Rajnath Singh

Capex on infrastructure development will help India become 5 trillion dollar economy: Pratik Kataria, Director, Sainath Developers

"The overall Capital Expenditure Outlay on Infrastructure Development was increased by 33 per cent, which will be 3.3% of our GDP at Rs10 Lakh Crore. This is a welcome move as this will help our country to take a tremendous leap to achieve the milestone of India becoming a 5 Trillion Dollar economy and a global powerhouse. Rebate of Income Tax exemption increased from Rs. 5 lakhs to Rs. 7 lakhs, this will have high disposable income in the hands of the individuals."

Finance Minister's 'old political' vehicles gaffe draws laughs, while speaking about replacing 'old polluting' vehicles

'Modi, Modi' chants erupt as Finance Minister announces investments India attracted

Hoping Budget 2023 is for benefit of Indians, and not 2024 general election voters: NCP spokesperson Clyde Crasto

Budget allocation should help value-based care model: Apurva Sule, Chief Business Officer, Heaps Health

Govt should set up promotion councils to help MSMEs go overseas: Manish Kothari, President and Head – Commercial Banking, Kotak Mahindra Bank Ltd

Upcoming budget needs to be more attractive to foreign investors as it will be an ultimate platform to announce further incentives: Shraddha Kedia-Agarwal, Director, Transcon Developers

Government needs to allocate more funds for Pradhan Mantri Awas Yojana: Navin Makhija, Managing Director, The Wadhwa Group

Govt should consider expanding the SWAMIH Fund which will not only ensure completion of stressed projects but will also broaden the scope across property segments: Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI-MCHI

We expect policies and reforms that will further boost the industry, like tax breaks, single-window clearance, encouragement of home purchase, and rationalization of GST for raw materials: Ramesh Ranganathan, CEO, K Raheja Corp Homes

We hope that the government will provide incentives and relaxations in establishing a network of EV charging hubs across India: Nimish Trivedi, Co-founder, Prakriti E-mobility

We think that government should restrict /regulate the import of agrochemical formulations into India, which can be manufactured in India from the locally manufactured agro actives: Vimal Kulshrestha, President Crop Protection, Hikal Ltd

Govt should also simplify data sharing mechanisms for MSMEs w.r.t. licenses, financials, bank statements, tax returns, GSTIN etc, to enable alternate credit rating and lending: Debarshi Dutta, Co-founder & CEO at Ayekart

The government has been focusing on doubling farmers income and aims to set up 10,000 FPOs to facilitate and accelerate this initiative. While financial support will help, skilling and managing these FPOs professionally and supporting initiatives to digitise farm-level data and market linkages will help exponentially grow the impact of these FPOs.

At the same time, Agro-based MSMEs working in this space are under pressure due to increased cost of funds, risk of disintermediation by fintech / large corporates, and generally adverse market conditions. An extension of the Emergency Credit Line Guarantee Scheme (ECLGS) will help sustainability in the short term.

The government should also simplify data sharing mechanisms for MSMEs w.r.t. licenses, financials, bank statements, tax returns, GSTIN etc., to enable alternate credit rating and lending.

We are hoping to see some reforms aimed at spurring the economy such as CAPEX outlays in areas like infrastructure, education, healthcare, and agriculture: Nirav Choksi, CEO, Co-founder at CredAble

Union Budget 2023 | What agriculture sector expects from the Budget

Union Finance Minister Nirmala Sitharaman is going to present the last full budget of the second term of the Narendra Modi government in Parliament on February 1. Here's what experts, industry insiders are expecting from this year's Budget. Stay tuned to DH for the latest updates!
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Budget needs to be growth-oriented in line with economic outlook of India: USISPF

This year's annual budget needs to be a growth-oriented one in line with the country's economic outlook, a top American India-centric strategic and business advocacy group said Tuesday.

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Budgetary support should be given to women MSME entrepreneur, says Capri Global Capital MD

Despite having limited resources and lesser opportunities, women entrepreneurs from rural areas have shown immense potential to add value to the Indian economy by entering the MSME sector.

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India sees GDP growth slowing due to global risks: Chief Economic Adviser

While that growth estimate was the lowest in the post-pandemic period, it was higher than the International Monetary Fund’s projection of 6.1 per cent, which would still make India one of the fastest-growing economies in the world.

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