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Budget 2023 Expectations Updates: India Inc bats for higher Income Tax exemptions for the common man

28 Jan , 2023   By : Monika Singh


Budget 2023 Expectations Updates: India Inc bats for higher Income Tax exemptions for the common man

Pre-Budget Expectations 2023 Updates (January 28): Increase in Basic Exemption Limit, higher limits under Section 80C, Section 80D and tax relief for homebuyers, salaried employees and senior citizens are some of the top personal tax expectations from the upcoming Budget on February 1. 



Budget 2023 expectations: Additional financing opportunities for E-commerce industry

Ramesh Jhajharia, CEO and Co-Founder at Tradexa, says it is essential to recognize that the Indian ecommerce industry is recovering from the shocks of the pandemic. As a result, there is a need to provide additional financing opportunities at an affordable interest rate.

“Tax reductions or incentives for investment in technology and

infrastructure for D2C brand and retailers is another area that needs focus from the Union Budget 2023-24. Budget 2023-24 should also prioritise reforms to improve the process of conducting business for the MSME sector and address the competition to level the playing field for small and medium enterprises against eCommerce giants,” says Jhajharia.

“We also expect the government to come up with policies to increase the tax benefits for D2C brands or retailers on sale through their own webstores. Also there is an urgent necessity to implement policies that lower input costs, increase liquidity, promote financial inclusion and allow losses in startups to be carried forward by offering small firms with affordable financial products,” he adds.





Arjun Naik, Founder and CEO of ScanDron says drones bring increased Safety, Economy, Efficiency and Accuracy across a myriad of Industrial Verticals including Energy and Construction and Infrastructure. Drones are ideal tools for tracking and monitoring construction and infrastructure projects as they enable for quick accurate measurements at heights and inaccessible locations and also cover large areas in a relatively shorter time. The government has taken cognizance of this and has taken significant regulatory strides towards liberalizing and normalizing the use of drones for industrial and commercial applications. As the fledgling Make In India Drone Industry takes flight, challenges remain in terms of import of critical components, finance and Insurance.

“In the upcoming budget the industry needs support in terms of access to finance, insurance and a regularized import policy for critical components such as Batteries, Engines, Flight Control Electronics, Motors and Engines, which are still not available under Make in India. Standardised import policy for drone components will allow for faster technological adoption and Indianization of Drone components. Better and easier access to capital finance markets, liberalized investment policies and access to insurance will allow the Make In India drone industry to take major leaps towards maturing and becoming a sustainable mainstream industry.”




Dinesh Agarwal, Founder and Chief Executive Officer of IndiaMART says, “My expectation from Budget for MSMEs has always been the same which is the simplification of tax regulations and other compliances. Usually small businesses are a one-man army, or at best, functions with limited manpower. Hence, getting the compliances done is costly and time-consuming. Its simplification will help MSMEs to devote more time to their business and innovation.”




Anmol Bohre, Co-founder and Managing Director of EnigmaEV says that recent controversies involving the alleged misappropriation of funds under the Faster Adoption and Manufacturing of (Hybrid & Electric Vehicles (FAME) subsidy program, highlight the need for careful consideration of the long-term consequences of such incentives. It would be beneficial to allocate the FAME subsidies directly to customers’ accounts. As the growth of the EV industry depends on charging infrastructure, designated funds for the development of charging stations along major roads, both national and state is required. In this regard financial provisions to establish solar-powered charging stations in collaboration with the government to achieve zero-emission capabilities for electric vehicles is highly desirable.


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