Industry Expectations for the 2023 Budget

The 2023-2024 Union Budget is set to be unveiled by Finance Minister Nirmala Sitharaman in Parliament on February 1, 2023. As is customary each year, the budget is anticipated to bring about changes and improvements for a variety of industries. The following is a list of the expected outcomes for each respective industry as they look toward the upcoming budget.

In 2022, significant advancements were made in the field of transit and mobility. There was a noticeable increase in the adoption of digital technologies, and many new players in the MaaS (Mobility as a Service) sector emerged, with a significant proportion of them focusing on electric vehicles. The upcoming year, 2023, holds great promise for the transportation sector in India. The introduction of seamless solutions is set to revolutionize how people commute in metropolitan areas, providing them with improved access to information, enhanced first and last-mile connectivity, and the convenience of digital ticketing.

While I cannot go into too much detail at this time, a groundbreaking solution is currently being developed that is poised to transform mobility dramatically in India. To support and further this progress, the budget for the coming year should consider incentivizing initiatives that encourage last-mile connectivity, establish recognition programs for sustainable and public transport startups to foster better relationships, create carbon trading programs and funds to promote shared and sustainable mobility and offer incentives for converting conventional vehicles to electric vehicles.- By – Hiranmay Mallick, CEO & Co-Founder at Tummoc – A public transit app

The year 2022 has been a pivotal moment for India and the world. Despite disruptions, India has shown resilience and growth, emerging as a fast-developing country and a positive influence on the global economy. To sustain this trajectory, I believe that investing in the technology sector should be a priority in the upcoming budget. We eagerly anticipate the introduction of initiatives that will uplift consumer confidence, streamline the Ease of Doing Business (EODB), enhance infrastructure, and foster investment in crucial areas such as healthcare, network modernization, skilling and job creation, and financial inclusion.

We hope that the 2023 Union Budget will provide the support needed to establish National R&D Ideas Incubators, fostering interdisciplinary research, new innovations, and technologies during their formative stages. The budget could also encourage partnerships and joint ownership between industry and academia, along with centers of expertise. The IT sector has great potential to contribute to the Government of India's vision of "Make in India" for the world. With the right support, the upcoming budget has the potential to give it the final push it needs to reach its full potential.- 

By- Jagdish Mitra, Chief Strategy Officer & Head of Growth, Tech Mahindra

“The union government has been consistently proactive in creating policies for rapid adoption & indigenization of sustainable mobility alternatives for urban air-quality and climate resistance. These new-age sustainable vehicles come with smart connected features that provide us the opportunity to combat a couple of more crucial sticky problems. Road accidents & Traffic decongestion! Following the national road safety awareness week in January, it is time for sweeping reforms for safer mobility especially for two-wheeler users who are 30 times more prone to road related fatality. 2W are not just a medium of transport, but also a medium of livelihood for 90% of the Indian households. Vehicle telematics, 5G communication, crowd-sourcing data, AI powered analytics etc. provide opportunities to encourage better ride behavior and to identify infrastructure fault lines. Advanced drive assistance systems provide help in predicting & preempting accidents. Promoting state-of-the-art automobile engineering technologies can help in safer & more stable bikes & scooters. Size & occupancy based congestion road tax models encourage lighter, slimmer & low footprint vehicles for urban commute. Self-driving auto-summon technologies help enable shared mobility for optimal vehicle utilization & traffic decongestion. India can quickly transform itself from having the most deaths on roads to one of the safest by implementing few simple low-hanging yet path-breaking reforms.”

By – Sravan Appana, CEO at iGowise Mobility – Sustainable Transportation Company