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The Finance Minister has proposed a host of measures in her Union Budget 2023 speech today; many market experts have welcomed the proposed changes.
Here is how they describe the Union Budget 2023.
A growth-oriented budget - Amisha Vora, Chairperson and MD, Prabhudas Lilladher Group
I believe it is a highly pragmatic and growth-oriented budget which will help India remain among the fastest growing economies globally. The budget also targets inclusive growth with a focus on increasing consumption through benefits to the middle class and impetus to industry to spur investment for domestic manufacturing and infrastructure development.
Overall satisfactory - Anand K Rathi, Co-founder, MIRA Money
Overall, it is a satisfactory budget on expected lines and is progressive. The government is trying to make Section 80C obsolete with the new tax regime. However, a phased rolldown of 80C would have been better. As many investors force themselves to save in ELSS and term insurance, this may lead to reduced individual savings.
A bull's-eye budget - Lakshmi Iyer, CEO-Investment Advisory, Kotak Investment Advisors
The 3 Cs which stand out are - capex increase, consumption boost and capital gains tax status quo. Also, FY 24 fiscal deficit is pegged at 5.9% and expected to a see progressive reduction by FY 2026. It is clearly a bull's-eye budget satisfying most strata of society and of course a thumbs up from the market as well.
Very good, aggressive, and optimistic - Rachit Chawla, CEO, Finway
The budget this year seems very good, aggressive, and optimistic. Also the financial literacy announcement urging regulators to provide age-appropriate reading materials for libraries for children and adolescents is an encouraging and motivating step because financial literacy is important in anybody's life and overall well-being.
A pragmatic budget - Srikanth Subramanian, CEO, Kotak Cherry
The Union Budget is pragmatic, considering that the government has a tightrope between managing fiscal deficit and giving some relief from high inflation. Further, the overhauling of the income tax structure should add more money into the hands of the middle-class taxpayers that would give a boost to consumption
and increased allocation towards several investment options.
A big relief to investors - Sujata Kabraji, Managing Partner, Scripbox
No increase in capital gains tax is a big relief to investors. Besides, an increase in investment limits from Rs. 15 lakh to Rs. 30 lakh for the Senior Citizens Saving Scheme will help double the cash flow in terms of investors’ interest. Further, to encourage women to save, this year's budget has made a modest start by announcing a 7.5% fixed rate deposit scheme for Rs. two lakh for two years under the Mahila Samman Bachat Patra; however, more would have been welcome.
Multiple positives across segments - Vivek Goel, Joint Managing Director, Tailwind Financial Services
Announcement to simplify the KYC process is a much-needed reform to ease KYC related requirements and improve efficiency of financial transactions. This along with tweaking gold related conversion in terms of physical to digital and vice versa as a non-taxable event from capital gains is another important simplification in the tax regime. Overall, there are multiple positives across segments to be taken away from the budget.
