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Budget 2023: Expectations from India Inc

Reduction in GST and better licensing norms top the Budget 2023 expectations of businesses across India.

Budget 2023: Expectations from India Inc

Monday April 03, 2023 , 5 min Read

Hello,

It’s the start of a busy, busy week.

On Wednesday, Union Finance Minister Nirmala Sitharaman will present the annual Union Budget. 

But before that,  IT services provider Tech Mahindra will announce its financial results for the third quarter of FY23 today. Its peers, Infosys, Wipro, TCS, and HCL released their December report cards earlier this month. 

Infrastructure major Larsen & Toubro (L&T) is also expected to announce its third-quarter results, and analysts expect growth in the company’s sales and net profit.

In other news, apparently fish can play video games. The fish in question belong to a YouTuber known as Mutekimaru, whose channel is popular with the gaming community for its videos featuring groups of tetra fish that “play” video games. The fish managed to log on to the Nintendo Switch store, change their owner’s avatar, set up a PayPal account, and rack up a credit card bill.

And, a bear recently set off a motion-detection camera, resulting in hundreds of selfies. The bear can be seen from a number of angles–full face staring into the lens, a tongue out, a backside walking away, and more. 

In today’s newsletter, we will talk about 

  • Budget 2023: Expectations from India Inc
  • How Tally Solutions stays ahead of the curve 
  • Putting Indian arts and crafts on global map

Here’s your trivia for today: Who was the first African-born Nobel laureate?


Union Budget 2023

Expectations and wishlists from India Inc

As the economic uncertainty around COVID-19 subsides, stakeholders in the country’s growth hope for a budget that pushes India toward achieving a $5 trillion economy by 2024-25.

Reduction in GST and better licensing norms top the Budget 2023 expectations of businesses across India.

The red ledger:

  • The Indian Venture and Alternate Capital Association (IVCA), an industry body representing venture capital and private equity players in India, wants parity in tax treatment for various security classes. 
  • Fintech companies hope Budget 2023 would give them a shot in the arm to add more muscle to their businesses, with lower tax burdens and better lending arrangements with regulated entities, including banks and non-banking financial companies. 
  • Agritech startups seek stable export policies and increased digitisation. 

Union Budget 2023


Interview

How Tally Solutions stays ahead of the curve 

Launched in 1986 to build accounting solutions for Shyam Sundar Goenka’s textile business, Tally is now a global phenomenon. Today, the company has a presence in the Middle East, Africa, and Southeast Asia. 

Managing Director Tejas Goenka spoke to Shradha Sharma, Founder and CEO of YourStory, about what it means to carry forth the legacy and make Tally a global solutions provider. 

The making of Tally:

  • A third-generation entrepreneur, Tejas dispels the myth that small business owners are not open to technology. 
  • He spoke about Tally’s solutions beyond accounting, inventory, and compliance, and look at potential business areas such as customer acquisition and supply chain management.
  • Being a software company, Tally doesn’t need to invest much in distribution channels but focuses on leveraging technology shifts to deliver the best possible experience.
Tejas Goenka

Tally Solutions, Managing Director, Tejas Goenka


Ecommerce

Putting Indian arts and crafts on global map

For the Goel brothers—Vipin, Nitin, and Kapil—textiles were an area of familiarity and inspiration, particularly because of their family’s business in the segment. 

With a dream to take Indian handicrafts, literature, and philosophical traditions to different parts of the world, the brothers started Exotic India in 1998. 

Weaving history:

  • Exotic India, which sold only paintings initially, now sells statues, apparel, jewellery, home decor, and books—all of which showcase India in its entirety. 
  • The company receives orders from remote parts of the world, including smaller towns and villages in Russia, Brazil, and Australia.
  • It is currently working with about 1,000 artisans from across the country, with plans to add 2,000 artisans to this base. 

Taking India to the world’s doorstep: Exotic India’s 25 year journey in ecommerce

The founders’ interest in Indian history and culture inspired them to start a business in this segment. Today it counts more than 3 lakh people as customers and has delivered India to 160 countries.


News & updates

  • Future of sound: MusicLM, a new AI system from Google, can generate music in any genre given a text description. But the company, fearing the risks, has no immediate plans to release it. While it isn’t the first generative AI system for songs, it may be the first that can produce songs, particularly complex in composition or high-fidelity.
  • Mission Moon: The enormous Space Launch System passed its first test with flying colours, NASA’s preliminary analysis concludes, and the rocket and Orion capsule are good to go for their next mission: Artemis II, which will carry a crew to lunar orbit.
  • Love at retail: Whether it’s on chocolate hearts or romantic dinners, Americans are planning to spend $25.9 billion on Valentine’s Day this year, according to an annual survey from the National Retail Federation. This marks the second-highest year for spending since NRF began tracking in 2004.


Who was the first African-born Nobel laureate?

Answer: Max Theiler, who was awarded the Nobel Prize in Medicine in 1951 for developing a vaccine against yellow fever.


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