India Inc welcomes Union Budget

Heads of sevetsl.business houses and senior bank officials have welcomed the Union Budget tabled by Finance Minister Nirmala Sitharaman in the Parliament yesterday. IOB Budget 2023 is a balanced budget prioritizing Infrastructure & Investment, Green growth, inclusive development and reaching the last mile. Rs 9,000 crore for revamping Credit Guarantee Scheme in MSMEs is a welcome step, says Ajay Kumar Srivastava, MD&economy, Indian Overseas Bank Suumaya Agro Deepak Pareek, Chief Growth Officer, Suumaya Agro Limited, said, ‘This is an extremely progressive agricultural budget. The government has followed through on its promises. Millets are a superfood, and with 2023 being the International Year of Millets, the plan to establish a centre of excellence is a fantastic idea. It will aid in raising productivity, resulting in more adoption by farmers. Another encouraging step is the establishment of 100 labs in engineering colleges for developing apps employing 5G services. To realise a new variety of options, economic models, and employment potential, laboratories will cover, among other things, precision farming apps, which are critical for agricultural technology change. This will be bolstered further by the proposed Agri Accelerator Fund. The budget clearly demonstrates a focus on technology, innovation, and startups. This will unlock the sector’s potential and remove obstacles. Credit is the most significant input in agriculture, and the allocation of Rs 20 lakh crore for agricultural credit, an increase of 11% over the previous year, is a well-thought-out approach to boosting the sector’s performance’. Otipy Varun Khurana, Founder & CEO, Otipy, said, ‘It is encouraging to see the government’s focus on agriculture, specifically setting up an agri accelerator fund for agri startups. This will accelerate the pace of innovation in a sector which is India’s biggest in the context of the employment it generates.