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Below is Post Budget Quote By Mini Nair, CFO at Geojit Financial Services

As expected, Budget 2023 is a growth-oriented Budget. Almost every factor needed for propelling the country’s economic growth are covered in the budget. The major focus is on capital expenditure, outlay for Capital expenditure has been increased by 33% to 10 lakh crores, almost 3 times the outlay made in 2020. This is an extremely positive movement. Containing a fiscal deficit at 5.9% is another positive factor.
The Budget laid much-needed importance on the MSME sector which is still recovering from the pandemic-induced challenges. Lot of actions in rural economy and agriculture will improve domestic consumption, especially public digital infrastructure for agriculture will create huge momentum. Steps taken to improve tourism industry is a welcome move as this is a sector suffering the maximum due to covid impact. Relief in tax rates can provide the much needed thrust to the consumption demand. The tweaking in custom duty rates will support promotion of domestic value addition and manufacturing. Another positive factor is the focus on green growth. Specific outlays provided for Green Hydrogen, Energy Transition, Battery Storage, Renewable energy evacuation, green credit program and vehicle replacement will help a long way in decarbonising the Indian economy. This budget has touched upon all the right chords of the economy – Capex, Consumption, Health and wellbeing, Sustainable growth, Entrepreneurship and Financial inclusion.

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