Proposed National Data Governance Policy will boost data led development
Finance Minister Nirmala Sitharaman has put inclusivity, capital expenditure, consumption, digitisation and the middle-class front and centre in the Budget 2023-24, says Sudarshan Venu, the Singapore-based MD of TVS Motor Company.
“This budget is well rounded. The emphasis on increased infrastructure spends and support for lithium-ion battery manufacturing will be a great multiplier for industry overall,” he said in comments on the Budget presented in parliament on 1 Feb 2023.
“The emphasis on digitizing India in the Union Budget is commendable. The vision for Amrit Kaal includes a technology-driven and knowledge-based India,” added V. Srinivasan, Chairman, eMudhra.
“The proposed National Data Governance Policy will help in boosting data led development and encourage technological growth. The push to create Centers of Excellence for AI will help create a digital ‘Aatmanirbhar’ India and promote AI based solutions across sectors.
“The introduction of Entity Digi Locker for business enterprises will facilitate online storing of documents which will accelerate the digital transformation of the country,” said Srinivasan in his views on the budget.
“The Budget indeed paves the path to boost the Indian MSME growth engine with the much-needed credit support,” noted Rajiv Kaul, Executive Vice Chairman, Whole Time Director and CEO of CMS Info Systems Ltd.
“Banks and their allied business services & infrastructure will play a pivotal role in providing easy & simple access to finance and lay down the pathway for growth in the economy – especially in tier 2 and below cities.
“The digital skilling program will further complement the development of the BFSI sector across the spectrum – from automation to AI & robotics to provide a more tech-led experience to customers,” he hoped.
“While the Budget is market-friendly in terms of every asset class, it reflects good fiscal prudence on the back of subsidy rationalisation,” added Dr. Rupa Rege Nitsure, Group Chief Economist, L&T Financial Services.
“As in the past three years, its underlying macroeconomic framework and revenue growth assumptions are conservative and realistic. A strong capex push by the Central Government was the need of the hour.
“But its objective will be fulfilled if and only if the State Governments as well as the private sector start raising their fixed investment spending.
“A push to growth without compromising the macro-financial stabilisation should improve India’s score in terms of fiscal sustainability,” said Dr Nitsure.
“The demand of NBFCs from the Finance Minister was to advance hassle-free credit access and the government has given a much-needed boost to the MSME sector,” applauded Shachindra Nath, Vice Chairman and Managing Director, U GRO Capital.
“An allocation of Rs.9,000 crore for the credit guarantee revamp scheme starting 1 April 2023 will give a big relief to MSMEs in the current inflationary conditions.
“Presumptive taxation for micro-enterprises with a turnover of Rs.2 crores, unified filing process, entity-based Digi lockers, and formation of National Financial Information Registry will enable better underwriting of credit to MSMEs.
“It will help Datatech NBFCs like us bridge the needs of India’s credit-starved business segment.
“The government has provided the financial sector much-needed momentum, however an active liquidity support system for NBFCs still remains a request,” Nath pointed out.
Aashika Jain, financial expert at Forbes Advisor India, noted, “The Union Budget 2023 has shown the Government’s commitment to helping hard working citizens manage their money better.
“Revision of tax rates under the new regime is a big welcome change – allowing people to keep more of their money for themselves. The increase in small savings investment limits for senior citizens and introduction of a new specific small savings scheme for women should help improve the nation’s financial health.
“While the extension of credit to enable MSMEs access to collateral-free loans will aid the continued revival of small businesses, which are the country’s backbone, following the hit they took from Covid-19.
“The lack of change to the capital gains taxation regime, as feared by the market, is also promising and alongside the olive branch in the form of a 33% higher capex allocation of Rs.10 lakh crore will allow India to shine brighter among world economies in 2023 and help boost investment activity,” believes Jain.
It is a well-balanced Budget that has finely pushed the capex spending without compromising the fiscal discipline, noted Dinanath Dubhashi, MD & CEO, L&T Finance Holdings Ltd.
“The measures oriented towards improving the purchasing power of households and enhancing the prosperity of agriculture and allied sectors augur well for the business models of retail-focused NBFCs.
“A good control over market borrowings has avoided any negative news for the bond markets. In the absence of any significant global shock, today’s Budget has every potential to bring out a broad-based revival in the Indian economy,” said Dubhashi. fiinews.com
