New Delhi: Welcoming the Union Budget 2017-18, India Inc on Wednesday mentioned that the budget was comprehensive in addressing the issues of the citizens and industry and meeting their expectations. The top minds of India Inc termed the budget from Finance Minister Arun Jaitley as “progressive” and “people friendly”.
Here is what the top honchos said:
Bhavish Aggarwal, Co-Founder and CEO, Ola
The budget from the Hon’ble Finance Minister is progressive and forward looking with a clear focus on Digital India and Skilling. These are welcome moves in the interest of India’s unique and growing needs. Ola is already working closely with the Government on skilling India through various strategic partnerships.
Sanjeev Bhatia, CEO Zopo India
The budget 2017 is extremely positive and people friendly. Reduction in direct taxes for SMEs and low income individuals is definitely going to benefit the masses and will really impact the Indian economy in a huge way. The GST is proposed to implement on July 1st, so indirect taxes such as, excise, customs, service tax have not been touched. Manufacturing allocation is good initiative to start off. With such initiatives India can grow on the charts of GDP.
Harshvardhan Lunia, CEO & Co-Founder, Lendingkart Group
SMEs in India are credit starved. In this regard, the increase in limit of Pradhan Mantri Mudra Yojana (PMMY) for banks and NBFCs to Rs 1,80,000 crore is a positive step towards bridging the financing gap existing in the SME segment.
Srinivas Dronamraju, Chief Operating Officer, VSoft Technologies
Farm sector will have a tremendous growth on account of very high allocation and impetus given on higher allocation of farm loan targets to banks, Fasal Beema Yojana being extended to to 40% of the cropped area as against 30% of the previous year, Soil testing labs, long term irrigation and Micro Irrigation funds under NABARD, Model law for contract farming.
TS Kalyanaraman, Chairman and Managing Director, Kalyan Jeweller
The reduction in taxation to 5 percent from 10 percent for salaried persons in the Rs 2 lakh to Rs 5 lakh bracket will provide relief and more disposable income in the hands of the consumers. The target to double farm income in 5 years will be beneficial to the sector as rural India constitutes more than half of jewellery purchases.
Amrita Institute of Medical Sciences (Kochi)
Budget allocation in providing clean water and sanitation will go a long way in bringing India up to global standards. Women and children’s health is a vital area that needs attention as we have the poorest maternal and foetal morbidity and mortality figures. The additional funding will go a long way in bringing India up to global standards. It is essential to co-opt the private sector in this endeavour.
Kalpana B, Partner and Head, Robotics and Cognitive Automation, KPMG (India)
With initiatives such as digital payment platforms (Aadhar pay, Bhim, pay, UPI), budget allocations towards infrastructure modernisation, bringing transparency in the ease of doing business as well as long term tax initiatives, technology is clearly a key focus area for this government…A great opportunity platform for foreign investments, technology-centric businesses and job creation.