Ease of doing business for various industries

By ANI | Published: February 2, 2023 05:38 PM2023-02-02T17:38:29+5:302023-02-02T23:10:12+5:30

The launch of the Union Budget 2023-24 will provide ample relief to the industry, in terms of encouraging young entrepreneurs towards the sector while also bringing in innovative and affordable solutions.

Ease of doing business for various industries | Ease of doing business for various industries

Ease of doing business for various industries

The launch of the Union Budget 2023-24 will provide ample relief to the industry, in terms of encouraging young entrepreneurs towards the sector while also bringing in innovative and affordable solutions.

The Union Budget 2023 has laid down a roadmap for India's Amrit Kaal with a futuristic and digitally-forward approach. The identified seven priorities complement each other and is a brave move that will take India to new heights leading into its centenary of Independence. This Budget will bring relief to the common man reeling under mounting inflation rates and economic turmoil with the revision of personal income tax slabs and the promise of more employment and social security schemes.

Sonal Sehgal Founder of Global Honey Bee says, "This budget will act as the booster dose for the economy, especially for the SMEs. Thanks to the Finance Minister, Nirmala Sitharaman, the updated tax slabs will give the sector a breather. The budget looks pretty balanced that can act as a driver for growth in the industry. The tech and education initiatives are a welcome breath of fresh air. This will likely generate an elevated cycle of fresh investments leading to higher employment, incomes and productivity, further spurring consumption. This apart, as the budget laid focus on National Data Governance Policy which will ease the KYC process and reduce privacy breaches, the use, access and quality of data and management while enabling inclusive development will also be enhanced."

"The budget focuses heavily on infrastructure, with a large increase in spending on roads, railways, airports and ports. It also provides a much-needed boost to the agricultural sector and rural India, with incentives for farmers and increased allocations for rural development. The budget has been praised for its focus on the growth of digital India, with increased spending on digital infrastructure and incentives for the adoption of digital technology. Additionally, the government has allocated more money for healthcare and education, two crucial areas that need attention. There is also a focus on job creation, with an aim to create 1 crore jobs over the next five years.

The budget has been criticized for not doing enough to reduce poverty and inequality. However, many have noted that the budget provides a good foundation for economic growth and development in the years ahead. Overall, the budget appears to be a well-crafted document that provides a blueprint for India's economic future." Ravinder Goyal, Co-Founder- Director Erekrut.. Recruitment Made Easy

"The mere announcement that the budget will soon be presented caused the rupee to strengthen against the dollar, and the stock market showed signs of confidence. The budget appears to be all-inclusive with a focus on meeting the needs of not only farmers and the poor but also infrastructure, Atma Nirbhar Bharat, roads, and railroads. The initiative is a solid one for literacy, libraries, teacher preparation, and research into pharmaceutical items. We currently have the fifth-largest economy in the world, and this budget will undoubtedly move us up to the third spot very soon while also achieving our goal of having a $5 trillion GDP", says Mahesh Trikha Managing Director of Aargus Global Logistics Private Limited.

"Children and teenagers need easy access to libraries in order to develop. This budget has taken note of the problem and put some fixes in place. A national digital library for children and teenagers will be created with the aim of facilitating access to high-quality books across platforms, languages, genres, and reading levels. States will be asked to provide physical libraries for them at the ward and panchayat levels as well as the infrastructure required for them to access the resources of the National Digital Library. In order to promote a culture of reading, the National Book Trust, Children's Book Trust, and other sources will also be urged to donate and replenish non-curricular books in English and regional languages to these physical libraries" said the vice chairman, Saraswati Global School, Anubhav Maheshwari.

Rajesh Gupta Managing Director of Urban Mandi says "Any economy's backbone is agriculture, but when the backbone is frail, the body struggles to function properly. Farmers haven't had an easy time of it. They make too many sacrifices for too little gain. The budget for 2023 casts a positive light on farmers. To have things improve is like a glimmer of hope. The farmers have been reluctant to move forward. An Agricultural Accelerator Fund will be established to aid in this and support Agri-startups by young entrepreneurs in rural areas. With an investment of Rs. 2516 crore, the government has started the computerization of 63000 Primary Agricultural Credit Societies (PACS). The farmers will now be able to sell the produce whenever they see fit thanks to decentralised storage capacity.

Farmers' spirits will be raised as a result, and they will be inspired to regain their faith. If everything works out, we might even observe a significant shift in young entrepreneurs' attitudes toward agriculture."

"This move is expected to add momentum to AI development in India by establishing partnerships between top educational institutions and leading industries, conducting interdisciplinary research, and developing practical AI applications. This will provide an opportunity for students and researchers to learn from industry experts and develop cutting-edge AI solutions that can be scaled to real-world problems. As a result, this will help enhance the workforce and employment in AI, as there will be an increased demand for skilled AI professionals to work on these applications. By creating a strong AI ecosystem, the government is laying the foundation for a sustainable and effective growth of AI in the country, which will ultimately benefit the economy and society." Said Ajay Goyal, Founder - Director, Erekrut-Recruitment Made Easy

"India is the biggest exporter of IT in the modern global economy. India's IT sector increased its GDP contribution from 1.2 per cent in 1998 to 10 per cent in 2019. Around 79 per cent of the overall industry revenue in India's IT sector is derived from exports. The Ministry of Electronics and Information Technology would get Rs 16,549 crore in the budget for 2023-24, an increase of about 40 per cent from the previous year. The IT ministry was given Rs 14,300 crore in the FY2023 budget. In the Union Budget for 2023-24, the government set aside Rs 3000 crore for the Indian Semiconductor Mission, which is anticipated to enable India's ecosystem for semiconductor and display production get off to a strong start. A total of Rs 146 crore has been allotted under the PLI plan for IT gear, which provides incentives ranging from 2 per cent to 4 per cent on additional sales for products including laptops, servers, tablets, and all-in-one PCs made in India," said Anubhav Maheshwari, Founder, Prudence Consulting.

This story is provided by GPRC.will not be responsible in any way for the content of this article. (ANI/GPRC)

( With inputs from ANI )

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