Mr. Anand Desai , Managing Director- Anupam Rasayan India Ltd.

“The announcement of Union Budget 2023-24 focuses on Inclusive development that includes massive development of infrastructure, green energy, youth power, and strengthening of the financial sector that will reinforce macro stability of the Indian economy. The focus areas of this year’s budget will build the foundation and the blueprint for the Amrit Kaal eventually helping India achieve the ambitious target of India at 100. A lot of emphases has been put on ease of doing business and more than 39,000 compliances have been reduced.

The Indian chemical industry is a sector that has contributed 7% of the country’s GDP in 2022. Keeping the same into consideration, we are happy with the government’s initiative to exempt basic custom duty on certain raw materials – Denatured ethyl alcohol, acid-grade fluorspar and crude glycerine that will boost the overall production capacity of Indian chemical companies. This exemption in raw materials will enhance manufacturing and encourage exports of specialty chemicals in the global market.

For agriculture and its allied sectors, Finance Minister stated the PM Pranam Scheme, which will promote the balanced use of fertilizers reducing the fertilizer subsidy bill. Furthermore, the increasing importance of the Europe & China +1 strategy adopted by multiple nations is expected to drive the demand for the Indian chemical industry. These initiatives are aimed at fostering sustainable development of the chemical industry in India and helping the industry become a leading sector in the global market. The budget overall has delivered on expectations leading before the general election next year. With this we hope the economy to move higher on the back of pro-growth measures announced today, moreover, the balance between managing the fiscal deficit and giving some relief to citizens from high inflation has been well thought off.”