Union Budget 2023 expectations from senior leadership

“Environment and sustainable development have been key focus areas for the Government. As India moves towards a green and sustainable economy, a suitable framework should be established boosting the nation’s infrastructure by adopting state of the art technology for biofuels, hydrogen, natural gas, solar and greener logistic solutions as well as increasing the share of capital investment in the upcoming budget for these sectors. The government shall also provide a beneficial tax treatment for income from sale of Renewable Energy Certificates (RECs) which is key to attract investment in renewable energy sector. “

Mr. Sanjay Palve, Senior Managing Director, Essar Capital Ltd

“As global supply chains reorient in the wake of global events, India is expected to play a huge role as it charts its way to USD 5 Trillion economy and more.  Infrastructure and Logistics sector is expected to play a pivotal role for Manufacturing & Services.  They need to be supplemented with enabling policy frameworks and ensuring availability of low-cost borrowing for long gestation projects. The Budget should also look at rationalization of taxes which can not only boost savings & domestic consumption but also investment in new Projects as private sector is expected to play a key role in various projects identified by our Government to make an “AtmaNirbhar Bharat”.

Mr. Rajiv Agarwal, Operating Partner (Infrastructure), Essar and Managing Director, Essar Ports

“The Oil & Gas sector attracted a lot of attention during the entire last year due to geo-political factors, but with economic activities again on track with Covid under control, the demand for Oil & Gas is expected to surge in the current year. As the country ramps up its efforts towards a gas-based economy, we expect the upcoming Union Budget to continue its focus on enabling policy framework and measures for the Oil & Gas sector. Natural gas, crude oil and other petroleum products are currently outside the GST ambit and there is a long-standing demand that these be brought under the GST regime. Reduction in GST rates for regasification of LNG should also be considered given the high prevailing price of LNG. The government must consider making crucial policy reforms to support the energy sector and safeguard the country from the volatile global crude markets.”

Mr. Pankaj Kalra, CEO, Essar Oil and Gas Exploration & Production Ltd.