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BIG STORY FEBRUARY 10, 2023 | The Indian Eye 5

to underpin this view,” Zook added. corporate tax benefits to new cooper-
Capital investment outlay for atives which would start manufactur-
2023-24 is being increased steeply for ing from March 2024.
the third year in a row. “This will be The government had fixed high-
almost three times the outlay in 2019- er limit of Rs 2 lakh per member for
20,” finance minister Sitharaman said deposits and loans in cash by Primary
in her Budget speech on Wednesday. Agricultural Credit Society (PACS)
This increase in recent years, she and Primary Cooperative Agricul-
said, is central to the government’s ef- ture and Rural Development Banks
forts to enhance growth potential and (PCARDBs) and a higher limit of Rs
job creation, crowd-in private invest- 3 crore for TDS on cash withdrawal
ments, and provide a cushion against for cooperatives.
global headwinds. Union Finance Minister Nirmala
“This budget sought to maintain Sitharaman announced the govern-
a balance of sustaining a growth-ori- ment proposes to extend the date of
ented focus through a further increase incorporation for income tax benefits
in capex spending, while maintaining to startups from March 31, 2023, to
an eye toward deficit reduction. The March 31, 2024.
government aims for modest fiscal According to the Budget, the
consolidation, while accommodating government also said it would pro-
a higher capex spend and changes to vide the benefit of carry-forward of
income tax slabs, largely by substan- Nirmala Sitharaman presents the Union Budget 2023-24 to the President, Droupadi Murmu, at losses on change of shareholding of
tially reducing subsidies in the com- Rashtrapati Bhavan on Wednesday (ANI) startups from seven years of incorpo-
ing year,” Fitch Ratings said. ration to 10 years.
Fitch Ratings, however, cau- The income of authorities,
tioned that given the “still uncertain sure prosperity for the masses,” San- boost.” He further added that every- boards and commissions set up by
outlook for the global economy and jiv Bajaj said. He also appreciated the one will be benefitted from the move the statutes of the Union or state to
commodity prices”, there is poten- government’s proposal of increasing calling the budget “clean, simple, be exempted from income tax in cer-
tial downside risk to the deficit target the capital investment outlay to 33 clear and solid.” tain sectors.
before the next general elections, in per cent to Rs 10 lakh crore for the The government on Wednes- The government had extended
particular in the event that a shock Financial Year 2023-24. day simplified various tax benefits of period of tax benefits to funds relo-
such as another commodity price Chairman of Boston Consulting on MSMEs, cooperatives, startups cating to IFSC, GIFT city till March
spike leads to pressures for subsidy Group Janmejaya Sinha lauded the and boards, authorities and com- 31, 2025.
spending. Union Budget 2023 presented by missions. According to the Union In a political statement, empha-
But reactions in general have Finance Minister Niramala Sithara- Budget tabled on Wednesday, the sizing that the Union Budget 2023-24
been positive. Subhrakant Panda, man, calling it “clean, simple, clear government had enhanced limits for is inclusive, that includes all the sec-
president of industry body FICCI, and solid”. micro-enterprises and professionals tions of society, Uttar Pradesh Chief
has said the Budget announcements Speaking on the Personal In- while availing benefits of presump- Minister Yogi Adityanath on Thurs-
made on Wednesday captured the come Tax rebate in the new tax re- tive taxation. There is a deduction day said that the budget has a vision
pulse of the economy. “FICCI con- gime, Sinha said, “Middle class will on payments made to MSMEs to be for the next 25 years.
gratulates the Hon’ble Finance Min- benefit most from this year’s budget. allowed only when payment is actu- Addressing a press conference,
ister for delivering a balanced and Consumption will increase due to this ally made. While for cooperatives, the Chief Minister said that in this
progressive Union Budget which move and the economy will further the government extended 15 per cent budget work has been done to pro-
gives primacy to inclusive growth. vide opportunities to every section
The announcements made today cap- of society. “This first budget of the
ture the pulse of the economy while ‘Amrit Kaal’ is one on the idea of a
retaining credibility both in terms of developed India. It is an inclusive
projections as well as committing to budget, that includes all the sections
the fiscal consolidation glide path,” of society. People from all walks of
Panda said post Budget. “Most im- life have been given an opportunity in
portantly, a historic outlay for public this Budget,” said Adityanath.
capex is a continuation of the heaving He said that compared to the
lifting since the time of the pandem- financial year 2013-14, the Railway
ic and will have a multiplier effect Budget is nine times more this time.
across myriad sectors of the economy “If we compare to the 2013-14 Indi-
besides crowding in private invest- an Railway Budget, a provision of Rs
ment,” Panda added. 2.40 lakh crores has been made this
Confederation of Indian Indus- time - 9 per cent more than that in
try (CII) president Sanjiv Bajaj also 2013-14,” said the UP CM. He fur-
welcomed the Union Budget for the ther said that this is a budget to re-
financial year 2023-24 by saying that alize the vision of a developed India.
this will have a multiplier effect on the He said this is a budget for sustain-
economy. “The government managed able and inclusive development.
a tough balancing act of meeting the As the country would go to
priorities of growth through capital elections in 2024, the BJP leader-
spending while keeping a fiscal deficit ship would be happy to give that
under check. While at the same time PM Modi has called the budget as a roadmap for the development of all Indians kind of positive message to the peo-
very strong focus on inclusion to en- ple of India.

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