The following are the highlights of the India’s Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24:
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Economic growth: Sitharaman, the Union Minister of Finance and Corporate Affairs, said that Indian economy has increased in size from being the 10th to 5th largest in last nine years, she said, stating that the per capita income has increased to Rs 1.97 lakh. The current budget is aimed at 7% growth rate.
Income Tax: There was good news for taxpayers as the tax rebate limit is being increased from Rs 5 lakh to Rs 7 lakh. The number of Income Tax slabs has been reduced. The highest surcharge rate has been reduced from 37% to 25% in the new
tax regime.
Revised tax slabs under new tax regime: Income of Rs 0-3 lakh is nil; Income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%; above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%; above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%; and above Rs 15 lakh to be taxed at Rs 30%.
Other proposals in the Budget: The Centre launched a Rs 15,000 crore development fund for the tribal and marginalised sections. To promote exports and enhance domestic manufacturing, FM announced a reduction in customs duty rates on various commodities and products. A reduction in the number of customs duty rates on goods except for textiles, from 21 to 13, was also proposed. The government will revive up to 50 additional airports, heliports, water aerodromes and advance landing grounds to improve regional air connectivity in the country.
Mr. Masood Khan, CEO, Image King
“The Union Budget 2023-24 signals a positive push towards technologically advanced Digital India & a greener India. Overall, this budget focuses more on Capex spending from the government. Tax relaxations will help the industry and also many individuals. We hope the present budget will drive the growth towards making India a 5T dollar economy in the next 3 years.”
Ms. Tanya Goel, MD, Aryan Trade World
“The Budget 2023-24 looks good as there are several tax rebates. This budget is a strong effort to consolidate the Indian economy in post-pandemic dynamics, raising the personal tax exemption limit will certainly boost consumption and the electronics industry will surely benefit from it.”
“FM has taken very good measures for boosting consumption in terms of money made available in the hands of the public
and good investments in Infra projects will boost the economy and the demand across all sectors. Reduction in compliances and relaxation of regulatory provisions is a welcome move. Infra expenditure will boost economic growth and consumption helping across all sectors. Continued Digital public infrastructure spending will be a positive move for the technology sector. Credit guarantee schemes for MSMEs will help the growth of this sector. Reduction in tax rate and rationalization of tax rate across slabs is a welcoming measure. This will help middle-class spending.”
Mr. Dhruv Mahajan -Regional Partner – South Asia Regional Partner – South Asia RT Media Co., Ltd.
“The reduction of compliances to improve ease of doing business, the hike in capital expenditure, along with the continuation of interest-free loans to state government will catalyse economic growth providing job opportunities. Budget 2023-24 is a progressive step towards building a stronger digital and green India. Overall, the outlook of the budget is optimistic for the big picture and the success will now hinge on effective implementation. But we do not see anything special for imaging industry.”
Mr. Atul Gupta, MD, RX-Infotech-Ltd (Lapcare)
“Finance Minister, Smt. Nirmala Sitharaman communicated about the budget stating that the move is to further deepen domestic value addition in manufacture of mobile phones. This will definitely help India to move ahead of
the curve in terms of manufacturing. Finance Minister communicated about the budget stating that the move is to further deepen domestic value addition in manufacture of mobile phones. This will definitely help India to move ahead of the curve in terms of manufacturing.”
Mr. Rohit Shah, Director, Jet Tech Infoconsumables
“The measures to ease the process of doing business, such as simplifying the tax regime and reducing compliance burdens, will help MSMEs operate more efficiently and effectively. Additionally, the budget focus on skill development and entrepreneurship, with the announcement of new incubation centers and training programs for young entrepreneurs, is a welcome step. The outlook is optimistic for the big picture and the success will now hinge on effective implementation. But we do not see anything special for imaging industry
Mr. A.R. Joshi, CEO, Delhi Copier
“In general, the Union Budget 2023-24 is fine because there are tax benefits and push for domestic manufacturing. However, we don’t see anything special in the current budget for the imaging industry that affects us either positively or negatively.”
Mr. Bharat Bhutak, Shree Technologies
“Overall the budget is good, but there is nothing special, such as duty-cuts on imports, etc, for imaging industry. In general, it is growth-oriented business.”
Mr. Shishir Khedkar, Managing Director, Splashjet
“I find the Union Budget 2023 to be an overall balanced one, which will propel growth. Though the budget does not have any specific benefit for the imaging industry, when the economy grows, it can indirectly drive the imaging industry too.”
Mr. Prajesh Patel, Proprietor, Polyton
“Regarding the Union Budget 2023-24, the government’s Make In India policies are great which will benefit the country in general. The Make in India initiatives already by the govt launched 3 or 4 years back were very effective and they benefited us, however, as far as printing and imaging industry is concerned, the present budget has nothing new, so it does not impact us positively or negatives. Overall it is a progressive budget.”
Ms. Rishikesh Awasti, JIT Enterprises
“The Union Budget 2023-24 has taken proactive steps to boost consumption by reducing taxes and allowing extra money available in the hands of the public and fresh investments in Infra projects to boost demand across all sectors and drive the economy. Reduction in compliances and relaxation of regulatory provisions is a step forward. Infra expenditure will boost economic growth and consumption helping across all sectors. Continued spending on public digital infrastructure is a positive move for the technology sector. Credit guarantee schemes for MSMEs will help the growth of this sector.”
Mr. Gaurav Khetterpal, Director, Greenlam
“Overall the Union Budget 2023-24 is good as it focuses on digitization, AI and machine learning. It will boost Make in India programs. The measures to ease the process of doing business, such as simplifying the tax regime and reducing compliance burdens, will help MSMEs operate more efficiently and effectively. Additionally, the budget focuses on skill development and entrepreneurship, with the announcement of new incubation centres and training programs for young entrepreneurs, is a welcome step. The outlook is optimistic for the big picture and the success will now hinge on effective implementation. However, there is nothing new for the imaging industry.”
Mr. Prashant Bansali, Managing Director, HCR Info Consumables
“The tax reductions are going to benefit everyone. Budget 2023-24 is a progressive step towards building a stronger digital and green India. Overall, the outlook of the budget is optimistic for the big picture and the success will now hinge on effective implementation, though there is not much specifically for the imaging industry.”
Mr. Sandeep Sanghvi, Managing Director, Itone
“It is a balanced budget with special focus on the long-term economic growth of the economy. I haven’t seen anything different or specific in the budget for the imaging industry. However, overall, it is a good and business-friendly budget that enables businesses to achieve scale with concessions and tax reductions to support further growth. The budget is on the right track for a great future. Consistency in policies has been the key.”
Mr. Ashish Sanghvi, Proprietor, PRM
“In general, the Union Budget 2023-24 is good because there are relaxation on taxations, but as far as the imaging trade is concerned, I don’t see anything new change. I think this budget will drive growth in the coming years.”
Mr. Risshee Glocha, Proprietor, Creative Copier
“The budget keeps in mind the needs of future India while focusing on artificial intelligence, infrastructure and machine learning, so I believe it would help to attract more private investments as soon as global growth cycle stabilizes. As per our view old income tax slab will benefit those who use the rebate and the new tax slab benefits fresh income tax payers.”
Mr. Sudhir Sonthalia, Techno Imaging
“The Union Budget 2023-24 is overall a forward-looking plan as it focuses on manufacturing, digitization, AI and machine learning and is aimed at boosting Make in India. The initiatives to encourage ease of doing business, simplifying the tax regime and reducing compliance burdens, will help the industry to operate more efficiently and effectively. Additionally, the
budget’s focus on education, skill development and entrepreneurship with the new incubation centres and training programs for young entrepreneurs, is commendable. The outlook is optimistic and wish it will be implemented in letter and sprit.”
In a nutshell
Many of the budget 2023-24 provisions are indeed pathbreaking. The focus on capital expenditure and infrastructure
is welcome, as it would sustain recovery and create jobs. The increased allocation for ports, roads and the highest allocation for rail etc would raise the efficiency of logistics and supply chain and spur manufacturing competitiveness. Atmanirbhar Bharat through customs duty rationalization on inputs used by domestic industry are commendable and deserve to be applauded. Similarly, higher allocation on skills, attention to start-ups and MSMEs, income tax concessions to boost consumption in the middle class would promote all round growth. Overall, the Budget is in sync with the dreams of an aspirational nation while envisioning a blueprint and a strategy for a New India@100.”
