Budget 2023 | Industry hails Budget’s green energy, infrastructure push

The attention and allocation to building a green infrastructure and a decarbonised energy regime is the core of the Union Budget which puts india on the path of being future proof, said Prashant Ruia, Director, Essar Capital.

“The ₹35,000 crore allocation for energy transition along with an ambitious target of 5 MMT of hydrogen will unleash new demand impulses across the length and breadth of the country thereby fielding green growth. This has been complemented by a custom duty and tax reliefs for green mobility” he added.

Yogesh Mudras, Managing Director, Informa Markets in India said, “Sustainable growth in each sector is the Government’s top priority in this year’s budget. With an emphasis on shifting to green fuels, green hydrogen is another paramount of budget 2023; therefore, the ₹30,000 crore for energy transition investment will help the nation to touch green hydrogen production of 5 million tonnes by 2030,” he said. 

“In times of unprecedented volatility and uncertainty, the Government has maintained a consistent stance across five definitive themes – follow a path to fiscal prudence, continue to press on the capex accelerator to support growth and give a boost to private sector investment, provide adequate support to the most vulnerable sections and those who have been impacted the most by the pandemic, follow conservative & pragmatic budget maths and move further towards simplification and reform,” said Sanjiv Chadha, Managing Director & CEO, Bank of Baroda.

Bhargav Dasgupta, MD & CEO – ICICI Lombard on the Union Budget said, “The Union Budget FY23-24 is an extremely progressive and inclusive one with a huge focus on infrastructure and capex growth while maintaining the fiscal consolidation path. With fiscal deficit being reduced to 5.9% whilst providing an extremely bullish capex investment of ₹10 lakh crore (highest ever); will in effect convert revenue expenditure to capital expenditure which has a higher multiplier effect.”

Agnishwar Jayaprakash, Founder CEO, Garuda Aerospace said, “The Union Budget announced will certainly prove to be beneficial. Finance Minister Nirmala Sitharaman’s announcement has highlighted many points for the scope and development of the start-up economy.”

“Garuda Areospace’s virtual skilling and training universities will aim to empower 1 lakh youth by providing them with training and skilling for becoming drone pilots. Alongside this, Garuda will also provide them with job opportunities,” he said.

Sudhir Mehta, Founder & Chairman, Pinnacle Industries & EKA Mobility said, “The focus on capital expenditure with promising prospects for the commercial vehicle, green mobility, and railway sector is indeed encouraging. One of the most progressive announcements is the custom duty removal on capital goods imported for manufacturing Li-ion batteries, for electric vehicles built locally in India, which will ensure the cost rationalization for electric vehicles substantially.”

“This will not only help us achieve our sustainability goals but also promote ‘Made in India’ products & technology. The government is consistent in its focus on green mobility, and budget allocation toward the National Hydrogen Mission will bring new opportunities for growth & innovation,” he said.

K.V. Hariharan, Sr. Vice President-FP&A, Data Analytics & Strategic Planning, Amway India said, “The Government’s emphasis on upskilling, job creation, infrastructure development, and strengthening digital capabilities with inclusive growth at the core of the announcements has laid the blueprint for India’s road to a $5 trillion economy.”