Legal Experts On Budget 2023

Top legal experts take stock of Union Budget 2023 sectoral and broad industry themes.

Budget 2023: Significant Emphasis On Capex And Energy Transition Says Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas

By laying a significant emphasis on Capex and Energy Transition, the FM has provided the foundation for strong anti-cyclical momentum that should enable robust domestic economic growth and help counter the expected global headwinds. The focus on making India future-ready by way of AI labs, Agri-tech, and R&D in healthcare, further boosting Digital Public Infrastructure and holistically expanding physical infrastructure, auger very well for sustained long-term economic growth.

Budget 2023: Emphasis On Trust Based Governance Says Mohit Saraf, Managing Partner, Saraf And Partners

I fully welcome government initiative on ‘Trust based governance’ which includes increased focus on decriminalization of business laws, simplifying process and improving ‘Ease of Doing Business’ and enhance outlay for 3rd phase of e- Court project.

Sameet Gambhir, Vice President ( Corp Law ) & Company Secretary DCM Shriram Ltd On Budget 2023

As a Corporate Compliance person and more particularly from the perspective of retail investors of the country, I find a couple of interesting and encouraging takeaways. Though it depends how soon these are implemented and brought into action. The first and foremost is the proposal to set up an integrated Investor Education and Protection Fund (IEPF) Authority to make the process of reclaiming shares and dividends easier. This is very important because the feedback we get from the retail investors is that once their shares and dividend are gone to IEPF, the process to claim those is a little cumbersome and investors, particularly senior citizens, are struggling to get their hard earned invested money back. So this integrated authority and IT portal will surely be quite helpful for them. 

Secondly it is also proposed by our Hon'ble FM to set up a Central Processing Centre for faster response to companies through centralised handling of various forms filed under the Companies Act, 2013. A good news for us and compliance officers / Company Secretaries. The FM also mentioned that SEBI will also be further empowered to enforce norms and standards for education in the National Institute of Securities Markets ("NISM") and to recognize award of degrees, diplomas and certificates. Which is also a welcome step for compliance and investors perspective.

Green Growth-Related Announcements Went Beyond Energy Generation And Distribution Says Sujjain Talwar, Co-Founding Partner, ELP

Green Growth was one of the seven priorities mentioned by the Finance Minister. Substantial investments for energy transition, net zero objectives, energy security, battery storage systems and grid connectivity in Ladakh for evacuation of renewable energy were announced.

The Legalization Of PAN As Single Business Identification For Seeking Clearance From Government Agencies Is A Welcome Step Towards Ease Of Doing Business Says Ruby Singh Ahuja, Senior Partner, Karanjawala and Co

The legalization of PAN as single business identification for seeking clearance from government agencies is a welcome step towards ease of doing business. This decision in Budget 2023 shall make the process of getting clearance not only efficient and less cumbersome but additionally shall help the companies in compliance of legal formalities and rules with less hassle.

Prem Rajani, Managing Partner, Rajani and Associates on Budget 2023

We can expect certain products such as parts of mobile phones, lithium batteries, and certain electronic items to become cheaper from the next financial year while international travel, consuming cigarettes, buying imitation jewelry, kitchen chimneys, and purchasing silver, may become costlier. Perhaps it would not be wrong to say that while the Budget benefits the middle class, it holds little for HNIs.

With the elections scheduled in the coming year, the Budget 2023 can be considered as an election Budget with the aim to gather public confidence. This, along with the 2023 G20 Summit in the backdrop and the world looking carefully at India, the Budget of 2023 echoes the Government’s commitment towards sustainability. From a business perspective, with the capex boost to make India an investment destination', one can expect an increase in interest in foreign capital and domestic capital investment. The Budget aims to reassure citizens, businesses, and investors and highlight the growth and development opportunities that the country continues to offer. However, it would be prudent to read the fine print for further understanding and implications.

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