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Industry expectation from Union Budget 2023

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Tech Industry
Rajat Jain, Co-founder of Pataa Navigations
Commenting on the Pre-budget expectation 2023, Mr. Rajat Jain said, “In the upcoming union budget, the government should prioritize partnerships with startups. By integrating technologies created by startups into the government system, both parties can benefit from the innovation and creativity of these young companies. One way the government can support startups is by providing financial assistance to companies whose products and services align with government needs. The government must take measures to break the monopolistic nature of foreign companies like Facebook and Instagram and promote domestic competition to keep revenue within the country. For example, Google holds a 95% market share in the maps and navigation industry. Similarly, the government should help Indian companies that are developing similar products and services as Google maps. By promoting domestic competition, the government can boost the economy and promote the growth of domestic businesses.
Sanat Jain, Co-founder of Lavna Smart Locks
Addressing the 2023 union budget, Mr. Sanat Jain, said, “we would like the Indian government to make taxation exemptions to ensure the product delivery is cost-effective. This will leverage the expansion of the market for security solutions and also promote them on the global market. Additionally, in order to boost product innovation, strengthen our competitive edge, and expand our global reach, the government should allocate adequate funding for research and development (R&D). This way, the industry will be able to gain a strong foothold in the global market and promote its innovative smart security solutions while retaining a firm concentration on cost-efficiency.”
EV Industry
 Ashutosh Verma, Founder of Exalta
Commenting on the upcoming budget expectations, Mr. Verma said ”As EV adoption has been growing at a fast pace, and India is one of the largest electric two-wheeler markets in the world, we are expecting subsidies to be extended for EVs in respect of promoting clean mobility in India. Infrastructure for EV charging and swapping should be prioritized to hasten the adoption of e-mobility. FAME incentives for infrastructure for swapping and charging can help achieve this goal. We also believe that introducing the battery swapping policy and recognising batteries as a service will help develop EV infrastructure and increase the use of EVs, as the EV industry has been providing high-quality and cost-effective sustainable energy solutions. Such incentives and policies will help promote the growth of sustainable energy infrastructure in India and make EVs more affordable”.  
 MS Chugh, Founder & Chairman of Aponyx EV
Stating on the Budget 23-24 expectation Mr. Chugh said,  our industry is expecting the government to extend the duration of the financial incentives scheme which was provided to the industry last year under FAME-II. Additionally, In the upcoming budget, the EV industry expects the government to lower the GST for last-mile delivery and the sale of spare parts, as well as announce a 50% subsidy for establishing charging infrastructure across the country. Such steps are absolutely necessary for accelerating the growth of the EV industry, which is currently in its early stages.”
“The budget for 2022–2023 was focused on promoting electric vehicles. Under FAME-II, the government has offered financial incentives totaling Rs 10,000 crore to increase the demand for EVs. Moreover, since FAME II’s validity is set to expire on March 31, 2024, the EV companies envisage that the government will adopt a long-term perspective and extend the program’s validity past 2024.”
Healthcare Sector
Mr. Rahul Misra, Founder Vesta Elder Care
Speaking about the Government’s initiative “The Ayushman Bharat Digital Mission” Mr. Rahul Misra said:” In a country where 70% of the citizens do not have access to a single doctor and only 17% of people have insurance coverage, the government has taken a step forward to ensure the availability of quality medical services for all. Under the National Digital Health Mission, patients can opt-in to create a Health ID allowing them to share their medical records with healthcare providers including doctor’s appointments, diagnosis of an ailment, line of treatment, hospitalization for any treatment, and drugs taken to provide high-quality healthcare for all is commendable.”
“The major challenge India is about to face is providing healthcare services to the ageing population in near future. By the year 2050, it is expected that the number of elderly in the country will reach 324 million. We are now an ageing country, and the factors responsible for this include decreasing fertility and mortality rates as an outcome of better healthcare services.”
 Mr. Gaurav Dubey, founder and CEO of LivLong
“Healthcare has been a constant agenda since COVID-19, and with numerous varieties and sub-variants of the virus being discovered on a regular basis, it still maintains to be a topic of conversation and concern. Working closely with patients gave us the chance to learn about the issues that people encounter every day. We have found that concerns like mental health, diabetes, and reproductive health, and the infrastructure of healthcare call for special attention and should be taken into account in the budget for 2023. It is recommended that the budgetary allotment for the healthcare sector be increased by at least 20% this year, or by at least a good amount that can be sub-allocated to infrastructure, education, human resources, research, and other departments are only a few examples. The static figure of 1.3% must increase to at least 1.5% this year in order to meet the commitment of 2.5% of GDP made in the National Health Policy, 2017. Also we do see there is a neglect in OPD space, we recommend regulation of Outpatient departments to ensure seamless communication between patient & medical professionals. As a health-tech company, we vigorously advocate for infrastructure improvements in terms of internet capabilities and adequately staffed tertiary institutions for patients who need more than simply consultation.


Retail Industry
Dheeraj Bansal, Founder, Recode Studios
Mr. Bansal said The proposed budget for 2023–2024 should include encouraging policies, streamlined principles, and clear GST rules and regulations to help the beauty industry expand further. This is especially important, given that the beauty industry in India provides employment to hundreds of thousands of people and contributes substantially to the country’s GDP. The government should also invest in creating a consumer-friendly tax structure, offering subsidies and tax exemptions to small beauty businesses that are exploring opportunities to grow. All these measures will increase the palatability of the beauty industry and open up many opportunities for start-ups and businesses”.

Shammi Agarwal, Director, Pansari Group

Speaking on the upcoming 2023–2024 union budget, Mr. Shammi Agarwal, Director,  Pansari Group, stated, “The fast-moving consumer goods (FMCG) sector in India has quite a few expectations.  The FMCG sector, currently the fourth-largest in the Indian economy, is expected to increase to $220 billion by 2025. It would be beneficial for the economy and business if we receive more funding allocations and tax incentives from the Indian government, especially since the FMCG category is currently on the road to recovery and saw a 7% increase in FMCG sales last year.

We also anticipate that the government may reduce the cost of packaging supplies, given the packaging contributes roughly 10% of the price of the goods inside. In the meanwhile, I would also urge the government to take action by establishing guidelines and standards for food hygiene and safety in the upcoming budget. Additionally, given that the United Nations has declared 2023 as the “International Year of the Millet,” we expect additional benefits from the government for the export of millet-based goods. We know that export markets are always volatile and the scenario keeps changing due to dollar rates and government policies. In the Union Budget 2023, we hope that the steps taken will ensure that businesses won’t be adversely affected by rapid changes and may conduct their workflow without inconvenience.”

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