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Hyderabad-based companies term Union Budget as growth oriented & forward looking

Updated: Feb 02, 2023 08:26:25am
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Hyderabad-based companies term Union Budget as growth oriented & forward looking

Hyderabad, Feb 2 (KNN) The Hyderabad-based companies across sectors have praised the Union Budget 2023-24, calling it positive and forward looking.

Lauding the government’s long-term vision, Prem Kumar Vislawath, Co-founder, Marut Drones said, “The budget has laid focus on infrastructure spending, meeting its climate change commitments, agricultural, technology, farmers and startups, amongst others.”

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“With the announcement of “Agricultural Accelerator Fund” and focus on bringing technology to agriculture will help promote agricultural startups in the country and benefit the drone industry that is working on making agriculture more sustainable, cost effective, efficient and increase the yield for the farmers,” he said.

The Marut Drones co-founder pointed out that the company is pleased with the focus on incentives for MSME’s by introducing benefit of presumptive taxation for the companies with the turnover of 2 crore.

Anand Kumar, Managing Director, Indian Immunologicals Ltd believes that some of the key announcements around the healthcare sector in the Union Budget will lead to long-term benefits.

“Making select ICMR labs available for research and development by public and private medical colleges, as well as private sector R&D teams, will play an instrumental role in improving healthcare facilities in the future,” he said.

Terming the Budget as growth focused, Gautam Nimmagadda, Founder & CEO, Quixy a welcomed the government’s efforts to provide impetus to digital India.

“The government’s strides in advancing public and private digital services are a testimony to the rising global profile of the Indian Technology industry,” he added.

Nimmagadda said that the budget recorded a strong focus on the development of MSMEs and startups, with the extension of the carry forward of losses on change of shareholding of startups to 10 years of incorporation. This measure, coupled with the establishment of the National Data Governance Policy, will boost digital innovation empowered by ease of doing business.

Richa Singh, Co-Founder & CEO, YourDOST  highlighted that although several initiatives in the budget are laudable and oriented towards the vision of accelerating holistic growth, it does not hold a similar promise to the wellbeing industry.

“The increase of 8 per cent allocation to higher education to Rs 44,094 crores is a welcome move fr0m the point of raising the employability quotient of students,” said Karun Tadepalli, Co-Founder & CEO, byteXL.

The Hyderabad Public School Society president, Gusti Noria termed it an overall a good consolidation budget. "It is a good step by the Finance Minister to increase allocation for school education by 8 per cent i.e. fr0m Rs 63,449 crore (Budget Estimate) in 2022-23 to Rs 68,804 crore in 2023-24.”

V. Ramakantha, Director of Heartfulness Institute on Sustainability initiatives in forestation, cultivation and millets, and Ex Principal Chief Conservator of Forests, stated that the Budget laid emphasis on coarse grains or millets for sustainable cultivation. "It is very welcome given that it is aimed at raising the income levels of the farmers in arid regions.  (KNN Bureau)

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