Budget 2023 should support, encourage new & current investment, says Sanjiv Bajaj

Sanjiv Bajaj, CII President, chairman and managing director of Bajaj Finserv said he expects budget 2023 to continue with an atmosphere which supports new investment, encourages current investment and creates a few more sectors to help India Inc leverage the opportunities.

Union Finance Minister Nirmala Sitharaman is set to table the Union Budget 2023-24 on Wednesday (February 1, 2023). Expectations run high ahead of Sitharaman's fifth and the last full budget before the Lok Sabha Election 2024.

The Budget speech is expected to commence at 11:00 AM. Released yesterday, the Economic Survey suggested that while the Indian economy is expected to slow down to 6-6.8 percent, it will still remain one of the fastest-growing.

Speaking to CNBC-TV18, Bajaj said, "Hope that Union Budget 2023 identifies a few more sectors on PLI, especially sectors that have large employment like gaming, tourism, so that we not only create those many more jobs which in itself creates a virtuous cycle for demand but we create greater export opportunities as well. So that is one key ask."

"Secondly, the Union Budget should continue with progress on ease of doing business and also reduce the cost of doing business because if we have to get in more investment then we have to ensure that we stay competitive not just within our factory gates but all the way out till the product goes out.

So overall, continue with an atmosphere which ends up supporting new investment, encouraging current investment and creating a few more sectors to help us leverage those opportunities," Bajaj added.