Susheel Tejuja, Founder & MD, PolicyBoss.com

The budget is indicative of the continued economic growth resolve that the government has underlined via a slew of reforms, rebates and announcements all aimed at turning India into a consumption economy. Increased infra push of 10 lac Cr will boost trade and transit economy alike, resulting in rapid growth corridors fueled by public infrastructure spending. Announcements regarding Tax Reforms and rebates for companies incl. tax implications, unified filing, ease and transparency in data access and governance, with focus on MSMEs underlines continued government efforts in ensuring ease of doing business and boosting entrepreneurship across industries. Direct Tax reforms with revised tax slabs under new Tax Regime will benefit masses, yielding higher take-home salaries. Simplified tax filing will further boost individual tax payer confidence. From insurance perspective, announcement revision of tax exemption limit from proceeds of high value insurance policies is noteworthy as insurance companies typically receive 12-15% of their overall premiums with individual premiums of ₹ 1 Cr and above. As further details emerge, one will get more clarity on exact specifics. Increased infra push augurs well for general insurance companies as new project insurance related opportunities will get created. For senior citizens, revision of limit to 30 lac will help get better reruns on higher saving amount. This is a positive development for LIC and Post Office. To sum up, this budget is forward looking and progressive, with the common man benefiting from Ease in Access to Quality Education, Housing and Skill Development & Enhancement while boosting economic growth and spurring entrepreneurship.

Roopam Asthana, Whole Time Director & CEO, Liberty General Insurance

“The Indian Union Budget for 2023 is a “saptarishi” budget which focuses on capex and consumption with knock on positive impact on employment generation. India’s economy is set to grow at 7%, making it the highest among major economies, reflecting the government’s efforts towards better quality of life combined with significant progress towards development goals. Across many pronouncements, the importance of digitization in building the country is clearly visible.

The budget aims to build on the foundation laid in previous budgets and the blueprint for India@100, solidifying further, India’s position as a shining star in the world economy. The fiscal deficit target of 5.9% with a promise to reach 4.5% by 2025-26 and the emphasis on consumption-led spending through income tax cuts shows government’s commitment to well-rounded growth.”