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Understanding and making sense of the Union Budget can be a daunting task. Don’t worry, you have come to the right place. Our aim is to help you navigate the Union Budget better. From budget expectation articles and blogs, to budget analysis webinars and comprehensive impact analysis reports, you will find everything you need, to understand the budget and plan for the upcoming fiscal.

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Dun & Bradstreet Budget Manthan 2023: Impact Analysis

The report presents a comprehensive impact analysis of the Union Budget 2023-24, which covers the overall macro-economy and around 21 major sectors with ratings assigned to them based on the likely impact of the announcements on each individual sector. This can be a useful guide for businesses and decision makers to plan their activities for the upcoming fiscal year. We sincerely hope you enjoy reading this report and find it informative and enriching. Download your copy now!

Pre-Budget Expectation Articles

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Union Budget Expectations:MSME

Union Budget Expectations:Climate change and energy transition

Union Budget Expectations:Infrastructure

Union Budget Expectations:Agriculture

What The Budget Manthan 2023: Impact Analysis Report Covers

Budget at a glance

Budget profile

Macroeconomic Perspective

Sectoral Impact

Expenditure of Ministries and Departments

Outlay of major schemes

Receipts & Expenditure

Key economic indicators

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Union Budget 2023-24: 25 Takeaways

  • The budget focuses on four transformations via seven priorities to achieve inclusive green growth.
  • As expected, there is major push towards Green Growth.
  • Huge surge in capital outlay by 33% will be a great push to infrastructure and job creation.
  • Continuation of 50-year interest free loan scheme for capital expenditure would enhance infrastructure development towards last mile connectivity.
  • The government had announced Rs 1 trillion, 50-year, interest-free capex loans to states in the last Union Budget, the extension for another year was much needed to boost infrastructure spending. However, it is important to nudge states to increase their capital spending.
  • Focus on municipal bond issuance would help deepen debt market and provide capital towards investments for sustainable cities of the future.
  • Continued focus on reduced compliance and decriminalization of legal provisions would help in promoting India as an alternate business destination for global companies, looking to relocate their production house or businesses.
  • Use of PAN as a common business identifier would help improve ease of doing business.
  • Database Management, National Data Governance Centers and Artificial Intelligence COEs to be promoted. Government takes digital governance to the next level.
  • Data infrastructure is the core of digital transformation of agriculture. The digital public infrastructure for agriculture is a novel initiative which will encourage digitization of the primary sector.
  • Digilocker for entities to securely share documents would provide digital infrastructure which will be helpful in digital lending framework for MSMEs.
  • Notification of Green Finance, under Environment Protection Act, would free up additional resources for entities to raise funds at lower cost towards sustainable/green investments.
  • Boost to businesses in green hydrogen.
  • With several announcements towards green growth, the government has shown its commitments.
  • The central government's old vehicle scrappage is positive for automobile industry and helps in lowering green gas emissions and improving energy efficiency.
  • Several enhancements announced towards ease of tourism would provide growth opportunities and employment for the vast working age population.
  • Green finance is a priority for public policy. The green finance initiative will accelerate the pace of credit disbursement to green initiatives.
  • Announcement of EXIM bank subsidiary for trade refinancing under IFSC Authority (Gift City) would enhance credit availability for exporters.
  • Capital expenditure at 3.3% of GDP, which is the highest in almost two decades, will benefit the economy from the time-tested Keynesian principle of spurring infrastructure to create jobs and channelize multiplier cycles.
  • Revamped Credit guarantee scheme for MSMEs with additional corpus will be a much needed support for troubled MSME in India.
  • 2022-23 fiscal deficit of 6.4%, and 5.9% for 2023-24 would allow for private capital expenditure to grow, without crowding out private investment.
  • Cost of Credit to be reduced by 1% under the revamped credit guarantee for MSME. It is a big positive for the MSMEs, given the rise in lending rates.
  • Impetus on green mobility to lure global and domestic investors will boost India’s goal to achieve its emissions-intensity target of 45% below 2005 levels by 2030.
  • Big push to railways with record capital outlay.
  • Government announcements towards income tax is a move towards making the new tax regime as a first choice for people.

Budget Manthan: Impact Analysis webinar

A panel discussion will also be part of the occasion on the pertinent theme, Union Budget 2023 - a golden opportunity to leap-frog economic growth. Industry veterans, government officials, and thought leaders will have a fantastic opportunity to share their insightful opinions during this panel discussion.

Avinash Gupta
Managing Director & CEO – India
Dun & Bradstreet

Sanjeet Singh
Senior Advisor
NITI Aayog

Dr.Arun Singh
Global Chief Economist
Dun & Bradstreet

Shailesh Haribhakti
Shailesh Haribhakti & Associates
Chartered Accountants

Ravi Mahajan
Tax Partner

Anil Talreja


Mr. Avinash Gupta

Managing Director & CEO - India,

Dun & Bradstreet

Shri. Sanjeet Singh

Senior Advisor

NITI Aayog


  • Dr. Arun Singh, Global Chief Economist, Dun & Bradstreet


  • Mr. Shailesh Haribhakti, Chairman, Shailesh Haribhakti & Associates, Chartered Accountants
  • Mr. Ravi Mahajan, Tax Partner, EY
  • Mr. Anil Talreja, Partner, Deloitte
  • Mr. Gautam Mehra, Partner,PWC