Outcomes of the new budget for industries

On February 1, 2023, Finance Minister Nirmala Sitharaman delivered the final full-fledged Union Budget of the Modi government prior to the 2024 Lok Sabha elections. By exempting up to 3 lakh in income from income tax, the government softened the new income tax system. People making up to Rs. 7 lakh no longer have to pay income tax thanks to a rebate. The “default income tax system” was created, which also streamlined the taxation system.

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On examining the various allocations made in the Budget 2023–2024, I am of the opinion that this budget will set the pace for economic growth for years to come. It lays the foundation for growth, taking into consideration the contemporary scenario, focusing on what is to be given due importance. This budget aims to provide prospects for a youthful, dynamic, and ambitious India by placing a priority on job creation, skills, and education, with a focus on technology-related fields, and employment. I feel that the youth in particular, will be able to draw benefits from the new system.

Infrastructure development

It is a move in the right direction to increase demand across several industries by allocating INR 1.97 trillion for infrastructure development, including roads, ports, and airports. This will inevitably impact every industry in the country in a positive manner. However, the fiscal deficit of 6.8% of GDP might result in inflationary pressure and push interest rates higher.

MSME Sector

One of the most vital aspects of the 2023–2024 Union Budget, one that I cannot fail to mention, was the MSME sector receiving due recognition. The decision to allocate INR 15,700 crore to the MSME sector is also a positive one since it offers much-needed assistance to this vital industry that has been severely impacted by the COVID-19 pandemic.

A renewed credit guarantee scheme of INR 9,000 crore brought in by the Budget 2023 will make a colossal impact to small businesses. MSMEs will get 95% of performance security in the event of failure to execute contracts. For a sector that has contributed immensely towards the economic growth of the company, I feel that this was a much-needed move.

Automobile Industry

The domestic automobile sector would benefit from the 33 percent increase in capital outlay, which will result in an operational provision of Rs 13.7 lakh crore. The 15% tax rate now offered to new manufacturing enterprises will be extended to new cooperatives that start manufacturing operations up until 31.3.2024.

Real Estate

Much to the dismay of real-estate enthusiasts, the budget made no mention of this sector. No initiatives toward the growth of this sector have been made.

Artificial Intelligence

It is common knowledge today that AI is the next big thing. The Focus on AI is a positive development. The Indian economy will become more digitalized faster as a result. If our human resource is proficient in AI, Indian enterprises in industries like health tech, HR tech, finance, etc. would thrive on a global scale. To realise the aim of “Make AI in India and Make AI work for India,” premier educational institutions will host three centres of excellence for artificial intelligence. Modifying our existing systems to accommodate the changing times is a necessary step.

IT Sectors

I also feel that there is a significant possibility for the IT services sector to grow with the opening of 100 new laboratories for building apps employing 5G services and three centres of excellence for artificial intelligence. These initiatives, in my opinion, will allow us to create cutting-edge goods and services as well as new business models and job prospects. This in turn will help the growth of the GDP of our country.

Taxation System

Reforming the taxation system makes perfect sense to me in light of inflation. The Indian workforce’s disposable income will rise as a result, driving up market demand. India will become stronger if its economy grows more quickly.


Supporting business possibilities is a step in the right way since the National Education Policy will promote young empowerment by encouraging employment development at scale. Additionally, the national apprenticeship programme, a direct benefit transfer programme that will help 47 lakh youngsters over the course of three years, would be extremely beneficial and will promote the growth and development of young people in the proper directions.

A national data governance policy will be established to encourage scholarly and entrepreneurial research and innovation. Another beneficial move by the government extended the deadline of incorporation for income tax advantages from March 31, 2023, to March 31, 2024. This will give a number of businesses a chance to succeed, particularly in the travel and tourism sector, which is still reeling from the pandemic’s blows.

The Pradhan Mantri Kaushal Vikas Yojana 4.0, will help in promoting entrepreneurship in the nation by training thousands of young people in cutting-edge fields including coding, artificial intelligence, robotics, mechatronics, internet of things, 3D printing, and drone technology.

Hospitality Sector

I have witnessed positive enthusiasm from the union budget 2023 spreading throughout the whole hospitality sector. The government’s increasing emphasis on promoting tourism will provide the sector with a boost. The additional capital expenditure will aid in the construction of improved roads and railroads, improve accessibility to several current tourist spots, and aid in the creation of new ones. One of its main benefactors would be the hotel business, which is a crucial component of the hospitality sector.

Overall, I opine that although there are certain areas of the Budget 2023–2024 that could have been improved, it is a step in the right direction that we as a country can hopefully build upon.


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