Fiscally Responsible & New Age Budget: ICC
Kolkata, 1st February 2023: Indian Chamber of Commerce (ICC) organised Live Viewing of Union Budget 2022-23 to discuss the standpoints of the chamber. The session witnessed valuable insights from Mr. Mehul Mohanka, President, ICC and MD & Group CEO Tega Industries Ltd; Mr. Abhyuday Jindal, Vice President, ICC; Mr. Roopen Roy, Past President, ICC; Mr. Gaurav Jalan, Director, New Arena Holding Pvt. Ltd.; Mr. Pallav Gupta, Head-Taxation, ITC Limited ( Retired); Mr. Mukund Khaitan, MD, Vahana Fabco LLP, Kolkata; Dr. Rajeev Singh, Director General, Indian Chamber of Commerce; Mr. J B Pany, Chairman & Mentor, OBPOO SOLUTIONS PVT LTD; and Mr. Zulfiquar Memon, Founder & MD, MZM Legal LLP.
Commenting on overall Budget session, President, ICC and MD & Group CEO Tega Industries Ltd, Mr. Mehul Mohanka, said, the Union Budget 2023-24 can be hailed as a Balanced and futuristic Budget, which has strived to attain the objective of boosting labour intensive growth and domestic manufacturing while attempting in tune with ‘Make in India’ vision to reign in fiscal deficit at a reasonable 5.9 percent of GDP for FY 24.
Mr. Mohnaka highlighted that rationalization of custom duties is in line with our focus to boost exports. It would also help India in becoming a hub of mobile handsets and TV manufacturing. ICC welcomes the significant outlay for the infrastructure sector as it would boost demand and create jobs. ICC has particularly welcomed the announcements focused on Agriculture and rural sector as these would enhance rural economy and create demand.
Mr. Mohanka also mentioned the ‘Tech Focus’ of the budget which would provide the foundation for a future ready India with excellence in areas like Artificial Intelligence, Robotics, 3D printing etc and create new age jobs. Aspects of our economy such as farming, fisheries, forestation, bio-gas and zero carbon emission have been taken into consideration. The budget has focused on the MSMEs with renewed Credit guarantee scheme, refund of forfeited deposits etc.
ICC welcomed the announcement for individual tax-payers as it would enhance disposable income and lead to consumption or savings. Govt. Green push is praiseworthy which is in line with India’s commitment at COP. Overall focus on Ease of Doing business, simplified tax system, reducing litigations is important to boost business confidence. The key drivers of this budget are agriculture, tourism, fisheries, Dairy, infrastructure development etc.
ICC appreciates Hon’ble FM’s decision to choose fiscal prudence over populism.