Chemical industry stalwarts have given a go ahead for green growth, green hydrogen, and clean energy storage as this will help in achieving net carbon zero as per timeline set up by corporates. 

 

We, at Henkel India, are happy that the Finance Minister has adopted seven priorities in the well organised union budget for FY 2023-24, which include inclusive development, green growth, youth power, financial sector, and last mile infrastructure. The strong continuity for capital expenditure investment programs into roads, railways, ports, airports will have a strong growth multiplier impact and ensure a higher rate of employment. The simplified tax structure and the raising of the tax exemption slabs are welcome as it puts more money in the hands of the consumer. We also appreciate the reduction in basic custom duty rates on goods other than textiles and agriculture, from 21% to 13%. 

 

Sustainability is one of our key strategic pillars at Henkel, and we are delighted that the government has reinforced investments in green hydrogen, clean energy storage, and transmission, which are the key drivers of the government’s “Green Growth” priority sectors. We also welcome the green credit programme that will be notified under the Environment Protection Act.

 

The Union Budget 2023 has taken a significant step towards green growth with its focus on green hydrogen, clean energy storage and transmission. This is a welcome move that will help India transition to a low-carbon economy and reduce its carbon footprint. We at Covestro India, are committed to supporting the government in its efforts to promote green growth and are looking forward to working collaboratively with all stakeholders to develop innovative solutions for a sustainable future.

 

The Union Budget for 2023-24, presented by the Union Finance Minister Nirmala Sitharaman, lays out a clear vision for the government's focus on job creation, economic growth, and inclusive development. The budget highlights the government's commitment to boosting infrastructure investment, green growth, and financial sector reforms to drive India's "atma nirbhar growth engine" into the future. The budget strikes a balance between growth and fiscal responsibility, with a 33% increase in capital expenditure to drive infrastructure development and job creation, amounting to 3.3% of GDP. This increased investment in infrastructure will have a positive impact on the economy and support sustainable growth. 

 

The government's focus on agriculture, urbanization, and digitalization is commendable and will have a significant impact on the economy. In addition to supporting economic growth, the budget also prioritizes the well-being of citizens, with the rationalization of personal income tax leading to increased disposable incomes for the middle class and young taxpayers. This will give a moderate boost to domestic consumption and support the growth of local businesses. 

 

The specialty chemicals segment, in particular, is set to see fast growth due to increased demand from various end-user sectors, favorable government policies, a growing domestic customer base, and changing consumer preferences.