Inclusive and growth-oriented budget: Biocon Chief Kiran Mazumdar-Shaw

"The capex outlay of Rs 10 trillion will help spur higher growth in the backdrop of a weak global economy, while the additional money in the hands of the people due to direct tax revisions will boost consumption. The increase in allocation of funds for pharma and healthcare this year is a step in the right direction," the executive chairperson of Biocon Limited said in a statement.

Welcoming the introduction of a new programme for research and innovation in pharma through centres of excellence, she said it would enable the industry invest more in R&D.

"With an eye on positioning India for global leadership, the FM has announced key measures for spurring digital transformation, economically empowering women, committing to climate action through a thrust on green economy and energy transition, and improving 'ease of doing business'," Mazumdar-Shaw added.

Information technology industry veteran T V Mohandas Pai called the budget "transformative" and the one that would ensure GDP growth stays on the fast lane. He however, said startups have been ignored "big time".

"A transformative budget that will ensure India’s GDP growth will stay on the fast lane. Start ups have been ignored big time," Pai said in a tweet.

"Budget 2023 fails to deliver for startups and investors. Very disappointing for startups. PM ⁦Narendra Modi⁩ is the only hope...⁩ young entrepreneur gets a raw deal," he said in another tweet tagging Modi, PMO and Finance Minister in a tweet.