Dr. Bhatia’s Medical Coaching Institute:
Quote on behalf of – Nachiket Bhatia, CEO, of Dr. Bhatia Medical Coaching Institute
Quote- Overall, the education budget for 2023 has attempted to incorporate most of the NEP 2020 pillars. Access and equity have been encouraged through provisions for books in local and English languages, a boost to education for tribals, and an applaudable initiative of a ‘national digital library’ that will assuredly advance digital literacy.
Mindful of the rapidly advancing technology in all fields, the government has promoted quality and accountability through the proposal of 30 Skill India centers, innovative teacher training programs, integrated online platforms for upskilling, and continuous learning programs for government employees. As far as internet penetration is concerned, as of now, AI and 5G have received more attention in the engineering field than in other disciplines.
By proposing the launch of a new program for pharmaceutical research and development, opening up a few facilities at ICMR labs to outside researchers, and announcing the initiative of a multidisciplinary course for medical devices so that skilled personnel may become future-proof, the budget did quite well in promising better infrastructure and investment prospects for medical education.
Compared to the prior budget projection, the budget has been hiked by almost 8.26 percent. However, nothing much has been indicated on lowering the GST slab for ed tech and educational goods, which was a much-advocated adjustment to increase affordability and accessibility in education.
Advait Infratech:
Quote on behalf of – Mr. Shalin Sheth, Founder, Managing Director, Advait Infratech Limited
Quote- Sharing his thoughts on the Budget 2023, the CEO of Advait Infratech Mr. Shalin Sheth said, “The Finance Minister has provided a shot in the arm for Green Hydrogen initiatives by announcing an outlay of INR 19744 crores for the Green Hydrogen Mission. Green Hydrogen is critical for achieving low-emission targets and meeting India’s sustainable development goals. Its incorporation into the fuel mix will provide dependable power supplies that will augment energy security across India.
Of this outlay, approximately INR 17490 crores will be used to incentivize the production of green hydrogen and the manufacturing of electrolyzers. The Green Hydrogen Mission plans to create a green hydrogen production capacity of around 5 million tonnes per annum with an addition in renewable energy capacity of around 125 gigawatts by 2030. The budget focuses on infrastructure with a planned outlay of over INR 10 lakh crores. This transition to clean energy will serve as an impetus for India to reap significant economic potential and lead on the global front, given its favorable geography and agreeable production conditions.
It is great news for businesses like us who are focused on telecom infrastructure and building green hydrogen integrators. We are very pleased with the development as it is forward-looking and should set the ball rolling for a more resilient and sustainable future. The budget would undoubtedly hasten India’s transition to clean energy and zero carbon emission target by 2070 which is already afoot and well ahead by nine years of its COP 21-Paris Summit targets. These measures are clearly in the right direction.”
ExTravelMoney:
Quote on behalf of – George Zachariah, CEO at ExTravelMoney.com
Quote- George Zachariah, CEO, ExTravelMoney.com: The rate of TCS for international remittance under LRS for education purposes continues to remain the same at 5% on transfers above Rs 7 Lakh and 0.5% if the source of funds is through a loan from a financial institution. It would have been good if the ceiling for TCS collection could have been raised to Rs 10 Lakhs. That would have benefitted students going to study abroad as most transfers under the education category fall between Rs 7 Lakh to Rs 10 Lakh. Currently, they can take credit or claim a refund when filing ITR but it’s an upfront overhead that strains their cash flow at the time of going abroad. Also, TCS for payment of overseas tour packages has seen a sharp increase from 5% to 20% for amounts above Rs 50 Lakhs. This move will impact the luxury travel industry, especially after its slow recovery since the onset of the COVID-19 pandemic.
