The Union Budget 2023-24 clearly has the visionary roadmap to put India on the path to become $5 trillion economy. The seven priorities of the budget ‘Saptarishi’ are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector. It shows the government’s vision and missionary zeal for a developed India.
We welcome the growth oriented budget positively as it is aimed at furthering the cause of the Indian manufacturing industry. The Union Budget has the blueprint of a sustainable economic growth in Amrit Kaal (Amrit Kaal refers to the next 25 years (up to 2047) leading to the centenary of India’s independence), backed by consistent and well-planned strategy. It also shows the strong commitment towards electronic manufacturing sector and infrastructure development. The budget shows clear intent to offer calibrated Customs Duty Rates to provide a graded rate scheme to facilitate domestic electronic manufacturing sector.
The government’s commitment to empowering the youth by introducing mandatory courses such as AI, coding, drones, IoT, 3D printing, and other soft skills under Pradhan Mantri Kaushal Vikas Yojana 4.0 and establishing of 30 Skill India international centers, will connect skilled youth with employers and leaders in the industry and encourage entrepreneurship. As an integral part of India’s fast developing electronic security manufacturing ecosystem, we are sure that this Union Budget will help to realize the vision of ‘Surakshit Bharat’ (Secure India) through the ‘Atmanirbhar Bharat’ (Self-Reliant India) roadmap.
From the security industry perspective, this is an industry friendly budget as it acknowledges MSMEs as growth engines of the economy, the Budget proposes enhanced limits for micro enterprises and certain professionals for availing the benefit of presumptive taxation. To support MSMEs in timely receipt of payments, the Budget allows deduction for expenditure incurred
on payments made to them only when payment is actually made. The Union Budget offers a solace to the MSME sector. The revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through infusion of Rs 9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 per cent. At the hindsight, the Union Budget strikes a fine balance between big capex and fiscal discipline, it will spur the growth of Indian economy, improve the infrastructure and empower the common people.