The Business Bytes
TBB BUREAU
BHUBANESWAR, FEB 1, 2023
The Institute of Company Secretaries of India (ICSI) has lauded the first Budget of Amrit Kaal, Union Budget 2023, presented by Finance Minister Nirmala Sitharaman on Wednesday.
The seven vital dimensions or the SAPTARISHI highlighted in the Budget — Inclusive Development, Reaching the Last Mile, Infrastructure and Investment, Unleashing the Potential, Green Growth, Youth Power, and Financial Sector — are all aimed at creating a technology-driven robust economy, ICSI said.
While focusing on the primary, secondary, and tertiary sectors, the Government has emphasized fostering ease of doing business, inclusive growth, research & innovation, and AI-based Solutions. The tax proposals and fiscal management approach laid out in the Union Budget 2023 will help attain the twin goals of reducing compliance and enhancing investor protection for a socially inclusive and economically sound nation, it added.
If the Indirect tax proposals engender exports, stimulate domestic manufacturing, increase domestic value addition, and encourage green energy and mobility, the increased income tax rebate and simplified tax regime are set to benefit the Startups, MSMEs, Large Corporates as well as the salaried middle-class.
“Key announcements such as setting up the National Financial Information Registry, establishing a Central Data Processing Centre, targeting fiscal deficit to be below 4.5 per cent by 2025-26, etc. are all indicative of the Government’s commitment towards taking the country to newer heights and the ICSI pledges to extend its unrefuted support in all such initiatives”, said Manish Gupta, President, the ICSI.
