Budget 2023: Income tax relief to boost spending power, says JK Tyre CMD

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New Delhi, 1st Feb: Union Finance Minister Nirmala Sitharaman on Wednesday announced the union budget 2023-24.

Commenting on the Union Budget 2023-24, Dr. Raghupati Singhania, CMD, JK Tyre & Industries Limited said, “India’s economy is estimated to grow at 7 percent for FY 23 which shows we are on the right track to become the 3rd largest economy. The  Finance Minister in her budget speech laid emphasis on infrastructure development, technology, sustainability and inclusive growth which is praiseworthy. Reduction in custom duties and replacing older, polluting vehicles will catapult adoption of green mobility and help in achieving sustainability targets.”

Increase of 33% in capital expenditure on roads, railways, airports etc. will create a multiplier effect including rise in raw materials consumption, creation of jobs, infrastructure development and boost in investments, Singhania said.

India is a young country and the youth is the country’s most valuable asset; the much-needed policy push for skilling and upskilling youth will make them job-ready and prepare them for future, he said.

On income tax reforms, he said, the Government has taken a big and welcome decision of giving much-needed relief to income tax payers this year which will strengthen their spending power and will lead to an overall positive sentiment in the market.

Overall, the Budget carries all the key announcements which are also the need of the hour to maintain the country’s growth on an upward trajectory, Singhania concluded.

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