SCOPE decodes Union Budget 2023

Elucidating the announcements of Union Budget 2023, Standing Conference of Public Enterprises (SCOPE) organized a session with economic, financial, and taxation experts on ‘Decoding the Union Budget 2023’ in hybrid mode. Prof. N. R. Bhanumurthy, Vice-Chancellor, Dr. B. R. Ambedkar School of Economics University, Bengaluru; Shri Atul Sobti, DG, SCOPE and CA Pramod Jain, Council Member, ICAI addressed the program. A comprehensive presentation on various aspects of the Budget including new provisions and amendments in taxation was made by senior partners and subject matter experts from Deloitte. Over 200 participants, including board members and senior officials from PSEs, attended the program through both physical and virtual mode including SCOPE’s various social media platforms. Explaining the macroeconomic aspect of the budget, Prof. N. R. Bhanumurthy stated that by laying focus on various aspects of the nation’s growth the budget provided a prudent fiscal consolidation roadmap for the country. He appreciated the budget in prioritizing capex while providing tax relief to boost consumption in the economy. He also highlighted the need to give due attention to the necessary reforms and incentives in the agriculture sector. Shri Atul Sobti, while hailing the Budget announcements made by Union Finance Minister, said that the budget focusing on all segments of the industry is indeed a 'budget for all'. He appreciated the infrastructure focus of the budget and highlighted the role of the Public Sector Enterprises in meeting the desired infrastructure spending given their significant presence in strategic sectors of the economy. CA Pramod Jain in his address was also appreciative of the budget and highlighted the focus of the budget on MSMEs and start-ups that would give the necessary push to the manufacturing sector in the country. He also highlighted the intent of the Budget to make India a hub of both manufacturing and tourism, which will lead to overall economic growth.