Voltas: Budget 2023 reaction
-Mr. Pradeep Bakshi, MD & CEO , Voltas Limited
Budget 2022-23 will provide an impetus for growth across sectors, that will help the economy revive at an accelerated rate. The measures introduced by the Finance Minister in Budget 2023 will not only support domestic capacity creation but also boost infrastructure, generating both growth and employment across industries. The overall increase in capital expenditure in line with our dream of make in India and “Atmanirbhar Bharat” will also create long term benefits paving the way for recovery. The development of urban infrastructure in Tier 2 and 3 cities will increase the demand for infrastructure projects, consumer appliances and HVAC systems. The focus on agriculture and horticulture storage will help in expanding the market thereby increasing the demand for cold chain & commercial refrigeration.
We also foresee the budget spurring demand for construction equipment, considering significant investment in infrastructure projects like railways, road, urban infrastructure and power. Additionally the green growth agenda will help our business and customers at large to achieve their vision of a greener tomorrow.
Further, the increase in the personal income tax rebate to Rs. 7 lakh will provide consumers with higher disposable income, helping them spend on improving their life style through purchase of their desired appliances and other equipment for their households. We also believe that attention on customs duty for AC components and other high demand consumer durables would help manufacturers reduce cost of production and thereby increasing the consumer demand. At Voltas, we have been contributing towards nation building since our inception and we look forward to being a part of India’s growth story as it strives for higher trajectory.