GUWAHATI, Feb 1 (PTI): Assam Chief Minister Himanta Biswa Sarma on Wednesday described the Union Budget as ‘historic’ which will strengthen the fundamentals of a resurgent new India.
The budget will help create new job opportunities through PM Vikas, National Apprentice Programme, PM Kaushal Vikas Yojna 4.0 and extensive investments in incentivising the Digital economy and green Economy, Sarma said
”Under Adarniya PM Shri @narendramodi ji’s leadership, Bharat has witnessed transformational socio-economic & spiritual changes. Per Capita Income more than doubled since 2014 and India is one of the fastest growing economies in 2023 (was listed among ‘fragile 5′ in 2013),” the chief minister tweeted.
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The record allocation of Rs 13 lakh crore in infrastructure will hugely boost the economy, he added.
”The Budget2023 presented by Hon’ble FM Smt @nsitharaman ji in AmritKaal is truly historic. It will strengthen the economic fundamentals of a resurgent New India. I thank Sitharaman ji for granting further fiscal autonomy to States in incentivising capital investments,” Sarma said.
Overall, the budget has been inspired by Modi’s clarion call of ‘Sabka Saath Sabka Vikas’, and it will have a positive impact on all sections of society – from entrepreneurs, farmers, women, youth, elders, children and other deprived sections, he said.
ICC NERC: The ICC NERC (Indian Chamber of Commerce North East Regional Council) feels that the Union Budget 2023 –24 presented by Finance Minister Nirmala Sitharaman on Wednesday represent the intent of the new Government of boosting the local industries reiterating its slogan of ‘’Vocal for Local’’.
The government has proposed to spend a record Rs 22,138 crore on allocations aimed at micro, small and medium enterprises (MSMEs) ministry in the Budget 2023-24, giving a boost to employment in the country. Apart from that the government announced a revamped credit guarantee scheme for micro, small and medium enterprises (MSMEs) which will come into effect from April 1, 2023, with an infusion of Rs 9,000 crore into the corpus. This will enable another collateral-free credit of Rs 2 lakh crore. Further, the cost of credit will be reduced by around 1 percent. This will surely help to revive MSMEs that are still recovering from the COVID-19 pandemic. Indian Chamber of Commerce which had been advocating for the growth of MSME sector deeply appreciated these initiatives. Sarat Kumar Jain, Chairman of Indian Chamber of Commerce , Assam Chapter said that North East where most of the industries are in small sectors, this boost up of MSME will surely help to accelerate the North East growth story.
To enhance the ease-of-doing business, more than 39,000 compliances have been reduced and more than 3,400 legal provisions. Ease of doing business has been a key initiative taken by the incumbent government and ICC feels this abolishment of irrelevant by laws will further help to take the country towards a higher growth trajectory.
In order to help the agriculture industry, which continues to be one of the largest generators in the economy, the government raises the farm credit. The finance minister said a national cooperative database is being prepared, as well as plans to set up a massive de-centralised storage capacity. This will facilitate the setting up of fisheries, farm and dairy cooperative societies in uncovered villages over the next five years. This is aimed at offering a boost to allied agricultural activities in the remote areas.
In the health sector Budget 2023-24 increased the allocation for Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to Rs 7200 crore, while Rs 646 crore has been allocated for the Ayushman Bharat Health Infrastructure Mission (PM-ABHIM).
In the energy sector of the country announcing “green growth” as one of the seven priority sectors for the government, allocated Rs 10,222 crore toward the renewable energy sector in the Union Budget 2023. This Budget provides Rs 35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas. This comes as India focuses on a cleaner economy and aims to achieve a net-zero emissions goal by 2070.
In Budget 2023-24 proposed to revive 50 additional airports, heliports, water aerodromes and advance landing groundings “for improving regional air connectivity”. In recent years, the Centre has been improving regional air connectivity through its flagship scheme, UDAN, which focuses on connectivity between Tier-2 and Tier-3 cities. North East which contains some of the most difficult terrains these restorations of airports will surely help for the common citizens. However ICC feels that there could have a special package for North East infrastructure development and expects the government will surely look into it.
To promote digital payment, the Union Budget 2023-24 governments has given financial support for the digital payments sector to two-fold amounting to Rs 2,137 crore in the current fiscal.
Indian Chamber of Commerce states that the budget is one of the most inclusive budgets in recent times which take care from common man to MSME sector and also to large industries. According to ICC it is growth oriented and has focus on infrastructure, manufacturing, saving stimulus and at the same addresses the issue of agriculture, education, skill development, public health and had made an attempt for inclusive growth. ICC strongly believes that this bold and innovative budget will help India to achieve the three trillion economies and a global leader. Sarat Kumar Jain, Chairman of Assam Chapter of ICC is deeply optimistic of this new budget which contains a slew of new reforms and congratulated the government, stated a press release from Ishantor Sobhapandit, Regional Director – NER, Indian Chamber of Commerce
Budget will continue to play lead role in driving investment into economy: Abheek Barua, Chief Economist, HDFC Bank: The budget has recognised that it would have to continue playing the lead role in driving investments in the economy given the rising global risks and only a nascent recovery in the private capex cycle. The capital outlay for 2023-24 was raised to INR 10 lakh cr, a rise of 33% year on year.
The budget also pays heed to the need for fiscal consolidation reducing its fiscal deficit target to 5.9% of GDP in 2023-24 from 6.4% in 2022-23. The resultant lower than expected market borrowing number is likely to bring some relief for the bond market. We see the 10-year bond yield to moderate towards 7-7.1% in FY24.
The budget also announced adjustments in income tax slabs that is likely to boost consumption and savings in the economy, benefitting taxpayers particularly at the lower brackets of the income pyramid.
