Budget 2023 reaction | Dr. Arun Singh, Global Chief Economist, Dun and Bradstreet

Dr. Arun Singh, Global Chief Economist, Dun and Bradstreet’s live quotes sector specific-

Green push-

“As expected, there is a major push toward Green Growth. The budget focuses on four transformations via seven priorities to achieve inclusive green growth. Green finance is a priority for public policy. The green finance initiative will accelerate the pace of credit disbursement to green initiatives.”

“The central government’s old vehicle scrappage is positive for the automobile industry and helps in lowering green gas emissions and improving energy efficiency. The green finance initiative will accelerate the pace of credit disbursement to green initiatives.”

“Notification of Green Finance, under Environment Protection Act, would free up additional resources for entities to raise funds at lower cost towards sustainable/green investments.”


“Huge surge in capital outlay by 33% will be a great push to infrastructure and job creation. Continuation of a 50-year interest-free loan scheme for capital expenditure would enhance infrastructure development toward last-mile connectivity. The government had announced Rs 1 trillion, 50-year, interest-free capex loans to states in the last Union Budget, the extension for another year was much needed to boost infrastructure spending. However, it is important to nudge states to increase their capital spending.”


“Use of PAN as a common business identifier would help improve ease of doing business . Digi locker for entities to securely share documents would provide the digital infrastructure which will be helpful in the digital lending framework for MSMEs. The cost of Credit is to be reduced by 1% under the revamped credit guarantee for MSME. It is a big positive for the MSMEs, given the rise in lending rates. Revamped Credit guarantee scheme for MSMEs with additional corpus will be much-needed support for troubled MSME in India.”


“Data infrastructure is the core of the digital transformation of agriculture. The digital public infrastructure for agriculture is a novel initiative which will encourage digitization of the primary sector.”


“Capital expenditure at 3.3% of GDP, which is the highest in almost two decades, will benefit the economy from the time-tested Keynesian principle of spurring infrastructure to create jobs and channelize multiplier cycles.”

“2022-23 fiscal deficit of 6.4%, and 5.9% for 2023-24 would allow for private capital expenditure to grow, without crowding out private investment”


“Several enhancements announced towards ease of tourism would provide growth opportunities and employment for the vast working age population.”

Exporters benefit-

“Announcement of EXIM bank subsidiary for trade refinancing under IFSC Authority (Gift City) would enhance credit availability for exporters.”

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