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Union Budget 2023-24 Focuses On Middle Class, Infra Push, Job Creation And Technology: Lays Down The Blueprint For Amrit Kaal

The Hawk
February1/ 2023

Union Budget 2023-24 Focuses On Middle Class

Dehradun (The Hawk): All in all, the budget presented today is balanced and inclusive with focus on inclusive development, strengthening of Agri sector, technology & 33 per cent increase in expenditure for infrastructure development which is 3.3 per cent of the GDP is commendable. Governments vision of transforming from Make in India to make AI in India' and 'make AI work for India' will further enhance the growth of the nation said Mr Hemant Arora, Past Chair, CII Uttarakhand.

“The Union Budget 2023-24 is a growth-oriented budget as it has clearly indicated the government’s vision for Amrit Kaal through a focus on the ‘7 Priorities’ of inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector,” said Ms Sonia Garg, Chairperson, Uttarakhand State Council. Measures such as an increased outlay for affordable housing, enhanced focus on tourism and development of unity malls in key cities would give a fillip to the real estate sector, which will be further aided by the tax relief to citizens which should boost consumption appetite, she said. At CII, we believe that this year’s budget scores well on many fronts including its focus on developing infrastructure, meeting green goals, providing tax relief to the middle class and boosting the MSME sector said Mr Bipen Gupta, Vice-Chairman, CII Uttarakhand State Council.

Prof. G Raghurama, Vice Chancellor, DIT University expressed that the budget has given a strong impetus to skill development and education through the setting up of 157 new colleges along with a new programme to promote research and innovation in the pharmaceuticals sector along with the setting up of 30 Skill India International Centres will also be set up across different States. The Budget also brings laser-sharp focus to AI-led skill-development by announcing the establishment of three centres of artificial intelligence, he added. The main highlight of the budget is much awaited relief to middle-class in the form of tax rebate, with no tax upto 7 lakhs and only 5% tax upto 9 lakhs.

CII is happy to note that the Union Budget 2023 has provided a boost to enhancing the ease of doing business by introducing reform measures, which are in line with CII recommendations including the reduction of 39,000 compliances, decriminalisation of more than 3,400 provisions and the introduction of Jan Vishwas Amendment Bill, 2022; adoption of the Permanent Account Number (PAN) as a single business identifier; provision for allocation of Rs 7,000 Crore for Phase III of E-Court Project etc.

CII budget viewing session was orgainsed with DIT University in Dehradun. The session was attended by Industry leaders from various sectors including Manufacturing, Infrastructure, MSME, Education, Finance and Legal. As per the industry experts they see positive sentiments with this Government Budget. Other leaders present during the session were.