Union Budget 2023

"The Budget has proven to showcase that the future of the agriculture sector in the country is bright, with its well-researched, and nuanced focus towards the sector," said Karthik Jayaraman, Co-Founder and Managing Director, WayCool Foods and Products Ltd, a food and agri-tech platform.

To enhance the tourist experience, an application will be launched where all relevant aspects of the tourist destination would be provided in addition to aspects such as physical and virtual connectivity, tourist guides, high standards for food streets, and tourists' security.

Finance Minister Nirmala Sitharaman in her Union Budget 2023-24 speech said that the subsidies on EV batteries will be extended for one more year, hence making EVs cheaper in the country. In May 2021, the government unveiled the Production-Linked Incentive (PLI) scheme for manufacturing batteries.

Sandeep Bagla, CEO, Trust AMC said, "Another positive aspect of the Budget was to deal a body blow to so-called Market Linked Debentures (MLDs), which had degenerated to instruments of blatant tax evasion, by taxing the capital gains generated at the rate of Short Term capital gains."

The tax holiday scheme was earlier available for startups incorporated till March 31, 2023. "We propose to extend the date of incorporation for income tax benefits startups from 31.3.2023 to 31.3.2024. I further propose to provide the benefit of carry forward of losses on change of shareholding of startups

The enhanced allocation for the Pradhan Mantri Awas Yojana by 66 per cent to over Rs 79,000 crore is certainly a boost for affordable housing, which was flagging due to increased input costs and also because the buyers in this segment, mostly from the unorganized sector, were still reeling under the impact of the Covid pandemic, said Anuj Puri, chairman of the ANAROCK Group.

"While the reduction in custom duty on gold from 12.5 per cent to 10 per cent is a step in the right direction, the hike in the Agriculture Infrastructure and Development Cess has brought the overall duty to 15 per cent, same as before," Somasundaram P.R., Regional CEO, India at World Gold Council, said.

This is 30 per cent less than the revised estimate of Rs 89,154.65 crore for 2022-23. It is the second straight cut in the scheme's budgetary allocation, as in the 2022-23 budget also, the MGNREGA's budgetary allocation had been cut by 25 per cent to Rs 73,000 crore from the revised estimate of Rs 98,000 crore.

According to him, the increase in the purchasing capability of the middle class will push the demands of the products and this will positively impact the economy of the nation. "Of course there is an expression of shooting up of the inflation slightly because of this increase in the purchasing capacity of the middle class

Kapil Mehta, Co-founder, SecureNow Insurance Broker said the income from traditional insurances where the premium is over Rs 5 lakh will not be tax exempt. While, this will dampen the interest of individuals to buy high value traditional insurances, it will increase the focus on term plans and pure risk covers which is good.