Industry reactions on Union Budget 2020-21

Budget was presented by FM on February 1, 2020

Industry reactions on Union Budget 2020-21

"The Union budget presents the government’s intent to boost consumption and support inclusive growth. The revision of the income tax rates and the option for individuals to opt for a simpler and lower tax regime is likely to incentivise consumer spending and stimulate demand.

The proposed allocation towards the BharatNet programme continues the digital transformation efforts by the government to provide deeper access to digital connectivity. This will enable a larger part of the rural population of India to come within the ambit of the formal economy and create an accessible framework for digital financial services.

In a fillip to the SME sector, the government is providing subordinate debt which could bridge a key gap in the ecosystem and increase access to working capital. The thrust on the GeM platform also presents a significant opportunity for SMEs.

The removal of the Dividend Distribution Tax (DDT), proposed exemptions for the sovereign wealth funds and the proposals on withholding tax will have a positive impact on foreign investments into India. This will help the infrastructure and real estate sector. Additionally, the substantially expanded disinvestment program is a positive step.”

-Mr. Surojit Shome, General Manager & Chief Executive Officer of DBS Bank India

"The Union Budget 2020-21 lays down a clear roadmap for taking the economy onto a higher trajectory of growth. The Budget is based on three notable tenants: Aspirational India, Economic Development and A Caring Society, the focus on education and skill development indicates that the budget is in tune with the changing needs of the economy. Moreover, the proposal of a dedicated fund for states to ensure cleaner air will be a significant step towards ushering a sustainable living.  Similarly, the proposal for establishing new hospitals in Tier 2 and Tier 3 cities under the Aspirational Districts scheme will facilitate greater access to healthcare. While much will hinge on the on-ground implementation of proposals, the Union Budget makes a significant beginning towards 'A Caring Society'.
- Dr Payal Kanodia, Trustee, M3M Foundation

“The budget this year has given a major boost to startup ecosystem that will ensure them to propel and grow faster. By incorporating incorporated the proposed schemes of easing the tax burden on the employees, benefits to foreign investors, tax deferments, etc. show that Startups are getting some serious attention. Furthermore, several other schemes like allocation of seed fund to support early allocation of 3,000 crore for skill development of youth empowerment will encourage the young entrepreneurs, ultimately generating new jobs in the market. On the other hand, the reduction in the Income Tax slabs is a step in the right direction as it will boost consumption in the market for an overall economic growth.”
- Ms.Seema Prem, CEO, FIA Global

“The much awaited union budget presented by our finance minister Ms. Nirmala Sitharaman shows a positive path for our country’s economy. In order to augment India’s infrastructure and create jobs in the country the announcement of the launch of Rs 103 lakh crore infrastructure projects is a good move by the Government of India. The government’s aim to accelerate the development of the highways along with 2,500km access controlled highways and 9,000 km of economic corridor and in addition to create 2,000 km each of strategic highway and port connectivity projects are great policy initiatives, thus creating a big boost for the infrastructure segment. Policy initiatives like these would eventually result in employment generation followed by an increased demand for commercial vehicles and the construction equipment industry. In addition, the announcement of highway projects worth 6,000km being monetized before 2021 is a welcome move. The abolishment of the Dividend Distribution Tax (DDT) is a positive step towards helping India become a more attractive investment destination. The announcement of the scheme to boost mobile, electronic manufacturing and semi-conductors packaging will further support the manufacturing of electric vehicles in the country. This would indirectly propel the growth of the Indian automotive industry. Also, boost to rural infrastructure and agriculture (PPP in agriculture and transportation) will increase the demand for cars, tractors and utility vehicles in coming days. Over all this is a promising budget and we at ZF look forward for the coming financial year.”

-Mr. Suresh KV- President, ZF India

“Extension of Income Tax benefit to developer and exemption of interest to customer under PMAY for another year will be hugely beneficial for Kolkata in particular and West Bengal in general. Since most of housing in West Bengal including Kolkata are mostly within PMAY, hence it will be boom for real estate in West Bengal.“ 

 - Mr. Sanjay Jain, Managing Director, Siddha Group 

“The government has reiterated the motto of ‘Housing for All’ and affordable housing in the current budget. The change in the income tax slabs will ensure more disposable income that, in turn, we feel, would boost the real estate sector. The concession to real estate transactions is also a welcome step. As a whole, it is a balanced budget with a vision of the future."

- Mr. Nakul Himatsingka, Managing Director, Ideal Group

“The Budget 2020 announced by Hon’ble Finance Minister today is a practical budget, with directional announcements towards improved ease of business, with ideas such as amendments to Companies Act, simplified GST returns, reduced tax harassments etc. and also various developmental schemes. However, we look forward to speedy and efficient implementation. There are some measures to attract foreign investments as well and a new optional income tax regime, for a feel good factor. DDT has been abolished but dividend taxed at the hands of the investor will pinch her or him. From an EV industry point of view, the budget is quite neutral. FM has announced new scheme to promote automotive electronics and semi-conductors manufacturing which in the long run, can aid EV component manufacturing in the country. Budget also contains notifications on increased customs duty on EV imported in form of CBU/SKD/CKD, to encourage “Make in India”.  In coming years, we feel that duty on EV component import should also be increased to promote local component manufacturing. Overall, while the budget lacks big impact announcements, we welcome this budget and appreciate Government’s steps towards development, ease of doing business and steps to increase EV manufacturing by the industry.”

- Sulajja Firodia Motwani, Founder and CEO, Kinetic Green and Vice Chairperson, Kinetic Group

“Budget-2020 lays emphasis on teacher empowerment and skills developmenta, the need for which cannot be overemphasized. However, higher-level skills required for future jobs should be integrated with an agile Higher Education framework. We look forward to the new National Education Policy being implemented, the draft of which has suggested several futuristic and transformational measures. The new economy will be based on new-age technologies, and we appreciate the government’s move to dedicate INR 8,000 crores for the National Mission on Quantum Technologies. This will boost quality research & innovation on the exciting and difficult topics of Quantum Computing, Quantum Communication, etc. at Indian universities, including top-notch private institutions. I was expecting some bold measures to explicitly promote private philanthropy to meet the GER (Gross Enrolment Ratio) target for Higher Education. For example, universities should be allowed to creatively invest their endowments...We hope the outlays proposed will pave way for a more enthusiastic participation from the industry to drive the Higher Education ecosystem in India.”
- Dr Rupamanjari Ghosh, Co-chair, FICCI Higher Education Committee

“This has been one of the path-breaking budgets giving a boost to agri and fisheries sector with special focus on Nutrition-related programs. As per Unicef reports forty-three percent of Indian children under five years are underweight and 48 percent (i.e. 61 million children) are stunted due to chronic undernutrition, India accounts for more than 3 out of every 10 stunted children in the world. India also has a burgeoning young working population with a median age of 28.4. Many in urban India are calorifically sufficient but nearly 70% are nutritionally deficient, which causes several long-term health problems and diseases. Making the needs of nutrition and health through good quality food is the most urgent need of the country. The proposed allocations of Rs.35, 600 crores for Nutrition-related programs will really help address the issue of malnutrition in the country. However such aid programs need to be carefully administered to organizations which are on the front line providing affordable and nutritious meals to common man, woman, and children.”

- Naveen Chander, Co-founder, NuTy (an initiative of Tulita Ahara Pvt. Ltd.)

“National Technical Textile Mission is proposed for the year 2020-21 with implementation duration of 4 years proposed aiming to develop technical textile sector with an outlay of  Rs 1,480 crore to cut down on imports. We see a growth in skilled man-force and employment opportunities thereby increasing the overall output and quality of Indian textiles providing an export boost to the sector. The fish production is aimed to be raised by 200 lakh production by 2022-23. With the Union Budget proposed today, we see a positive impact on the growth in employment opportunities and rural income. Sagar Mitras is an appreciative initiative for rural youth in fisheries. Thus Fish Farming is now a thriving sector and we see the sector GDP and turnover graph ascending with time. NABARD refinancing scheme is widened and credit availability of Rs. 15 lakh Crore with an aim to fund agricultural and rural related activities. With 16 point action plan for farmers, the government allocated 2.83 lakh crore rupees for agriculture and allied activities with an aim to double the farmers income. Keeping in mind the Caring India theme, 6.11 crore farmers to be insured under Fasal Bima Yojana for farmers in the Aspirational India.”

-Mr.Shujaul Rehman, CEO,Garware Technical Fibres Limited

“Budget 2020 is a promising step towards establishing India’s future as an enduring digital economy. The increased focus on improving data connectivity under Bharat Net, steps to boost the smartphone manufacturing industry and the Rs 8,000Cr allocation for the National Mission on Quantum Computing & Technology will help build better digital infrastructure to support this sector's rapid growth. Finally, deferring tax on ESOP's for startups is also a major move that will help promising startups attract and retain talent that would fuel our burgeoning digital ecosystem.”
- Gautam Sinha, CEO – Times

"The budget is a combination of continuation of the initiatives, prioritization and incentivisation of key focus areas and a set of new experiments. The social security enhancements like increase in deposit insurance cover and additional tax holiday for affordable housing are welcome steps. The optional feat, simplified personal tax slabs is expected to de-clutter tax administration. A number of investment friendly steps like data center parks and infrastructure for rural areas too have been initiated."

- Mr. Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank.

“The Budget has acknowledged start-ups as the growth engines of the economy and proposed tax benefits for the sector through deduction of 100 per cent of our profits, increased turnover limit and period of eligibility. The reduction of personal income tax will increase spending power and spur growth in the economy and the real estate segment. The Budget has also focussed on the affordable housing segment with the Hon’ble Finance Minister proposing extension of the tax holiday by one more year.” 
- Rohit Malik, Founder and CEO, Clicbrics

"We welcome the announcement of slashing the personal tax regime, cheering first-time homebuyers to invest in the real estate sector. The extension in the transaction values and circle rate is another appreciating step for the sector. Considering the rising demand for affordable housing, the government has announced the extension of one year till March 2021 on the deduction of Rs 1, 50,000 on sanctioned loans. This will encourage prospective buyers to avail of more benefits and invest in real estate. The emphasis given on infrastructural development of the country will help in seamless connectivity and also give thrust to the realty market."
- Mr Santosh Agarwal, CFO, AlphaCorp

This budget is all about kick starting the personal consumption economy. The personal tax proposals are testimony to that fact. The focus of the government on ease of a normal citizen is laudable. The minor tax proposals for the housing sector shows that government are concerned about the sector, but absence of big ticket reforms also clears its intent that nothing major should be expected. Also no major moves were announced to ease the credit woes. Overall the budget is well balanced and more like a “maintenance of economy” budget and not like a “kickstart the economy budget.”


- Mr Rishi Jain, Managing Director, Jain Group

“The budget has been a balanced one with conscious focus on real estate and infrastructure sector. The warehousing sector has also been duly addressed. We welcome the budget.”

- Mr Abhishek Bhardwaj, Chief Marketing Officer, Shristi Infrastructure Development Corporation Ltd. 

"Very balanced budget for middle class. Affordable housing will get a boost".

- Mr. Sachchidanand Rai, Chairman, Eden Realty.

“We would like to applaud this budget as a game changer for multiple measures to stimulate demand in the economy.  It has provided much needed necessary impetus to accelerate the slowing economy.  We anticipate that doing away of DDT will attract larger foreign investments. Shifting away from savings linked tax deductions will also encourage higher level of spending.
Having already taken the bold decision of reducing the corporate tax rate, the FM has done a balancing act between short term push and measures which would provide long term economic buoyancy. All this by not reducing the government spending and a higher fiscal deficit.
It is notable that strategic allocations have been made in this Budget for agriculture, education, health, water, sanitation and skill development.  Allocations in support of the Ayushman Bharat are encouraging and help the country inch closer the ambitious goal of Universal Healthcare.  While we are very appreciative of the focus on healthcare capacity creation, we would have loved to see greater impetus to strengthen the R&D backbone of Indian companies.  This is critical for creating sustainable competitiveness in Indian industry in areas like medical devices where we are trying to reduce import dependence.  Triggering intensive innovation engagement would have ideally complemented the medical device cess introduced. “

-Sathguru Management Consultants - Pushpa Vijayaraghavan & Siddharth Surana

“The real estate sector had pinned high hopes on the Budget, as the sector has been reeling under pressure and is on the verge of collapse. The Budget has only two positive proposals for the sector viz. one more year of extension for approval of affordable housing projects for availing a tax holiday and extension of additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans. But the sector's key demands such as allowing restructuring of loans, extension of a subvention scheme, raising the limit of Rs 45 Lakh for affordable housing, scrapping of capital gains on the sale of properties, extending the timeline of capital gains, are not met with. This core sector drives demand in ancillary sectors and creates employment opportunities, too. Not addressing the key issues will worsen the future and make the going unviable. The Government can still take immediate steps to bring the sector back on the track before it is too late.”

- Mr. Rajan Bandelkar, President, NAREDCO West & Managing Director, Raunak Group

“Managing Director, MBD Group, Monica Malhotra Kandhari, said "Allocation of Rs 99,300 cr for education sector and Rs 3,000 crore for skill development is indeed a positive step towards the overhaul of the education sector. The proposed IND-SAT test for foreign students  and emphasis on External Commercial Borrowing & FDI for education sector are commendable steps by the govt to promote 'Study in India' initiative and making India an education hub. This budget has also taken care of the biggest challenge in the education sector i.e. achieving higher literacy and employment through the announcement of full-fledged online degree programs for under-privileged students and building up of 150 higher education institutions to offer apprenticeship diplomas. The announcement of new education policy will further standardize the education system in the country.”

- Monica Malhotra Kandhari, Managing Director, MBD Group 

"The past month has seen a significant alignment in 3 critical policy documents of the Union Government focussed on Infrastructure development. The Budget seems to cement what the National Infra Pipeline (31st Dec 2019) announced - an investment target of Rs.103,00,000 crores (US$ 1.4 trillion) over 5 years with 78% projected to come from Union and State Governments. Around 58% of this is focussed on Energy and Transport and Logistics (roads, rail, ports and airports). Structural reforms (legislative, policy and contractual) are stated to be underway at the ministry levels. There is a stated focus on  privatisation and asset monetization of public sector assets, as also financial sector reform aimed at unclogging credit flows. If implemented well we can hope to see a shift from low productivity public assets to productivity enhancing infrastructure, employment growth, boost to demand, easier business environment and higher competitiveness of Indian products. We will need to finance the growth in quick time, and bring fundamental structural reforms to remove barriers to growth. How we realize the fruits of this ambitious infra push will depend on how effectively and efficiently India implements these announcements without allowing patchy state capacity and political economy overtake us. There is a need to build quick bi-partisan national consensus around the economy cutting across the din unleashed by CAA and NRC related issues. I remain cautiously optimistic of the outcome."

- Mr. Amit Kapur, Joint Managing Partner, J. Sagar Associates.

“We warmly welcome the union budget for the year 2020-21. The incentives that have been introduced for the manufacturing sector will give it a boost and help promote new technologies such as connected platforms to help in the Indian automotive industry besides attracting investment from FDI in the market. Over the last few years the government has been looking to make India a hub for manufacturing industry and with the abolition of Dividend Distribution Tax (DDT), we will further see an increase in investments from foreign players. It will also help in covering the revenue losses partially for corporates. The new scheme would encourage the manufacture and assemble of automotive electronics and semi-conductors to attract foreign investment. It will also boost the development of EVs in the country. The “handholding support” that the government has announced for Indian automotive component industry for product improvements, research and development, and business strategy will help the industry to improve by manifolds. The scheme is launched at a time when the Indian automobile industry is undergoing a major transformation. Linking of technology in vehicles is going to significantly assist the automotive sector in the coming years. I am confident that the government will continue to help the automotive sector and give it a push in 2020.”

- Mr. Diego Graffi, CEO & MD, Piaggio Vehicles Pvt. Ltd

“The budget presented for 2020 has listed some interesting initiatives. Firstly, bringing down the direct tax rates is likely to positively impact people's consumption patterns. This is a good thing for the gems & jewellery industry.  Also, the boost that the government intends to give to the MSMEs could tremendously encourage development in the rural areas, which in turn will encourage growth.”

- Mr Jignesh Mehta, Founder & Managing Director, Divine Solitaires

"The finance minister has done an extremely good job considering the difficult situation she was in. The announcement for 100 new airports under UDAN is a very positive move that will further strengthen an already successful scheme. Importantly, this is the first budget where the Government of India has tried to bridge the trust deficit with Corporate India and the fact that the FM has said that she will not tolerate tax terrorism and there will be a tax charter are positive signs. Concessions to sovereign and pension funds to get long term funds for infrastructure is positive too. Several suggestions given by corporate India have found a place in the budget- the fact that the government will work hand in hand with Corporate India is in itself a positive signal."

- Mr. Ajay Singh, Chairman and Managing Director, SpiceJet.

“The Budget provides credible numbers in terms of the fiscal math, recognising the revenue shortfall faced this year. It uses up the 50bps point leeway that the FRBM act provides for both this and the next year which is a welcome step. The budget commits to increasing the expenditure by 13% in 2020-21 with increased allocations for education, health and certain schemes in the agricultural sector. That said, this expenditure increase, coupled with the income tax cuts, does not seem to suggest a large fiscal stimulus that the current slowdown perhaps warranted. Of course, the fiscal space to do that was limited to begin with. The Fiscal Responsibility and Budgetary Management Act restrains the FM from deviating by more than 0.5 per cent of GDP from a glide path for the deficit of 3.3 per cent for 2019-20 and 3 per cent for the next. Those who are disappointed with the absence of more overtures to the financial sector either in the form of more recapitalization resources for stressed public sector banks or a fiscal commitment to buy out the pile of toxic assets that continue to impede fund flow might draw some comfort from a measure that government will offer support by guaranteeing securities floated. While need to await the fine-print on how this will work and how quickly this will be implemented, this move might be helping in easing the logjam in the financial to some degree. Government guarantees could help cash-strapped NBFC borrow at lower rates. It could also enable the central bank to offer cash in exchange for these securities if it were to plump for some out of the box measures to attenuate risk aversion in the markets. On a different note, the tax breaks offered to foreign investors and specifically those like sovereign wealth funds who are willing to place a long term bet on the economy acknowledge the fact that there is a fundamental mismatch between the supply of domestic savings and capital needs for accelerated growth. This along with the abolishment of DTT tax is likely to help attract foreign fund flows. For the bond market, the borrowing numbers seem to be broadly in line with market expectations and are unlikely to put significant pressure on yields in the short-term.”

- Mr. Abheek Barua, Chief Economist, HDFC Bank

“The Union Budget highlights the role technology-enabled innovation can play in leapfrogging the nation. From integration in priority sectors like agriculture and healthcare to a continued focus on smart cities, the first budget of the new decade clearly outlines the significance of a digital-first India in realizing the country’s potential. I am especially encouraged by the efforts to use artificial intelligence (AI) and machine learning (ML) to improve disease detection and pre-emption as part of the PM Jan Arogya Yojana. Such applications of emerging technologies combined with the focus on increasing the penetration of fibre connectivity in the nation have the potential to fundamentally impact the lives of millions in the coming years. Provisions to invest in and nurture local talent and entrepreneurship will go a long way in organizing India’s workforce and equipping them with the skills and measures needed to continue to innovate for India and for the world. Policies and investments enabling data centres and quantum computing and applications will help India spur the development of new breakthroughs across sectors. With the government’s target of a $5 trillion economy by 2024, Intel believes that technologies like AI, Internet of Things (IoT), and ML will continue to play a pivotal part in this journey. We look forward to further strengthening our work with the local ecosystem and with the government in enabling technology innovation and skilling India’s workforce to power the next wave of India’s digital revolution”
- Prakash Mallya, VP, and MD – Sales and Marketing Group, Intel India.

"At Asus, we believe that the Union Budget 2020 announcement has covered several pressing issues faced by the economy and is going to bring growth opportunities. All eyes would be on the manufacturing sector, with the FM proposing a scheme to encourage mobile phones, semiconductor packaging, and electronic equipment. The new scheme, Nirvik, is also going to offer respite for exporters, promising to settle refunds for electricity and VAT previously levied. Furthermore, the provision to bring digital connectivity to all public institutions at Gram Panchayat and allocation of INR 6,000Cr to bring fibre to home through BharatNet linking 100,000 Gram Panchayats in FY21 are also welcomed moves. With India’s rising aspirations reaching the rural locales, internet connectivity will pave the way for connected and smart consumerism. At Asus, we shall be pursuing ways to support the government in enriching India’s economy and traversing through rural India to ensure optimum growth and development. We also look forward to the policy on private players setting up data parks and shall be offering full support with our cutting-edge products and services."
- Mr Leon Yu, Regional Head, India & South Asia, Asus

"Budget 2020 is designed from a long-term sustainability point of view - very disciplined, true and focused on long-term growth. The Finance Minister could not have done beyond this in the current circumstances. Vision for farmers, reform in education and focus on aspiration will go a long way. It is good to see we are moving from Dal Roti to Aspiration for Good Living."

- Mr B L Mittal, Founder & Executive Chairman,

“I welcome the moves proposed by the Government in today’s Budget as the fiscal space has been utilized properly, though would have liked if individual industries were given a little more focus. The proposal in bringing down the litigation in Direct Taxation Scheme has been a good move. The major relief for taxpayers is also welcomed wholeheartedly and with the reduction of GST on household consumption items, families will be benefitted immensely. The digital refunds of duties and taxes to exporters, will help the country to be more export oriented economy. The scale of our economic challenges were big this time, and hopefully we will be able to proceed with the right intent in this long-term economic model”

- Mr. Namit Bajoria, Director, Kutchina

"Aspirational India, economic development and a caring society were the three prominent aspects of the Budget 2020 by FM Nirmala Sitharaman that focused on the standard of living, job creation, infrastructure, increase in foreign investments and overall boost in the economy. Although, the budget failed to impress the markets, it had very little for the real estate industry too which contributes nearly 6-8% to India’s GDP. The Stock market will start to mount as FII’s will pour in their money soon. The Government proposing to remove DDT is an important step to boost investment. The announcement on the digital revolution will play a big role in delivering services to the people in India that aims to achieve seamless delivery of services through digital governance. The government will soon roll out the policy to enable the private sector to build data center parks throughout the country that will boost the commercial space. The announcement proposed to extend Rs 1.5 lakh benefit on interest paid on affordable housing loans by a year is a move to encourage the developers to invest more in affordable housing. Also, the tax holiday provided on profits earned by developers of affordable housing projects is a big relief to the sector. The funds allocated for infrastructure will give a much needed fillip to infrastructure development. The sector was highly expecting scrapping of capital gains on the sale of properties which could have provided a major relief both to the sector and consumers. Although the budget had very few things to cheer, the industry hoped for more in terms of reviving the market sentiments."

- Mr. Anuj Khetan - Director, Vijay Khetan Group

“The first Budget of the new decade appropriately focused on holistic growth objectives by resorting to the escape clause permitted by the FRBM act even as the commitment to consolidation remains in place. The budget sets out goals for boosting income in agriculture and allied sectors, boost export and commerce, concentrate on physical infrastructure and promote much needed focus on the country’s human capital through health, education and skilling. In this regard, the proposal of encouraging foreign flows into education is encouraging. The focus on digitization to facilitate governance has been given a commendable priority and was underscored in this Budget as well. The idea of disclosing extra budgetary borrowings in the budget document is laudable as transparency would be welcomed by the investor community. The Government had introduced bold structural reforms in 2019 already through cut in corporate income tax and the spirit was continued in the restructuring of personal income tax rates and dividend distribution tax. These measures will help in reviving sentiment and boosting consumption demand especially at a juncture where the growth impetus has been receding.
Other targeted reforms undertaken such as extension of incentives for affordable housing and incentives for export credit are also welcome. The decision to divest a heavyweight such as LIC is bold and will help to augment the financing kitty significantly. The proposal to set up the Investment Clearance Cell, which will facilitate a single point support structure is a welcome move and will further ameliorate our “ease of doing business”. We are also heartened that the Government has not cut capital expenditure and has retained its focus on improving the quality of the overall spending.
In view of the fact that India requires considerable capital flows to augment our savings the move to enhance limits for FPI holding in corporate bonds and tax free incentives for sovereign wealth funds are positive measures.”

- B Prasanna, ICICI Bank

“The focus on Health and Education continues to be a focus area in this Budget which is a good sign. Only a Healthy generation can ensure steady growth of individual and the country's economic progress. The holistic vision of healthcare to cover new diseases was a very important decision with new diseases outbreak happening on regular intervals. 
There should be an increase in allocation of funds for upgradation of the Hospital facilities to ensure basic services and quality medical facilities to the needy and the PPP model hospitals is definitely going to enable the same. 
Higher enrollment of girls compared to boys in the schools shows that the gender inequality has considerably reduced, which is a sign of progress. Women empowerment is the fundamental requirement for a country's progress. The Rs. 3000 crores allocation for skill development would give a boost to that.
The progress of the Nation is guaranteed once the basic Health and Education needs are taken care of. The availability of medicines at affordable rates under Jan Aushadhi Kendras in all districts in a welcome move in addition to the holistic vision of healthcare and education. We are very excited to support all the programmes related to Health and Education in addition to the other programmes under Water, Sanitation, Menstrual Hygiene, Zero Hunger and Calamity Relief.”

- Mr. Jiji John, Executive Director, Child Help Foundation

“In the 2020 budget the government has decided to help the common man by reducing the income tax burden on individuals. By doing this, the government will definitely help boost consumer sentiment which will give a big fillip to consumption. This was the need of the hour to boost a flagging economy. Supported by a low interest rate regime, these tax savings will also encourage buyers to invest in real estate, which has traditionally been the favorite asset class in India but has been struggling in the recent past. Considering that the Budget has also extended the additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021, buyers have now have more reasons to invest in property.
However, it is yet to be seen as to what deductions would be available to taxpayers under the new regime since the new tax rates are optional and may involve letting go of deductions available to taxpayers under the ongoing regime. Liquidity starved developers would greatly benefit from the government move to extend by one year the date of approval of affordable housing projects for availing of tax holiday on profits earned.  Real estate will indirectly get a further boost with improved infrastructure as the government plans to invest Rs 1.7 lakh crore on infrastructure.”

- Dhruv Agarwala, Group CEO,, and

“Extension of additional tax deduction of Rs 1.5 lac on affordable housing worth upto Rs 45 lac by one year is a step in right direction. Similarly, extension of capital gains on affordable housing by one year is also a welcome step. Also, Government's increased focus on infrastructure sector and connecting  Mumbai-Delhi corridor is the need of the hour, which Hon'ble Finance Minister has tried to address. This will benefit peripheral towns like Sohna (near Gurugram) immensely.”

-Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, National Council on Affordable Housing, ASSOCHAM

“Simplifying the tax slab is a good move by the Govt. and the tax savings to each individual would encourage spending and help spur the economy. Infrastructure push provided in the budget will also help the development in the country. A big announcement is the government confirming to complete the Delhi - Mumbai industrial corridor by 2023 which is one of the biggest infrastructure projects and this once ready will make Indian industry globally competitive. Govt. has pressed all the right buttons to push start the economy.”

- Uddhav Poddar, MD, Bhumika Group

“The budget announcements made by Hon'ble FM seems to be mixed bag from real estate perspective. While,  simplification of income tax regime with reduced rates and no exemptions, extension of measures announced for affordable housing by one more year are some of the positives for the sector.

At the same time, long pending demand of the real estate sector has not been met. We have been asking for industry status for the whole sector and single window clearance for smooth functioning, the government did not comment on these requirements."

- Manoj Gaur, MD, Gaurs Group and Chairman, Affordable Housing Committee, CREDAI

“Most important aspect of the budget is that it has respected the entrepreneurs by giving them one time amnesty and immunity from penalty and prosecution for settling all ongoing income tax cases provided you pay by 31-3-2020 or latest by 30-6-2020 with some additional charge

Provision of doing away with criminal provisions under corporate law will create business friendly environment. Further Tax Payer Charter  as announced will be another great step to create faith in working in the country.

Extension and continuity of sanction and launch limitation from March 2020 to 21 for availing tax free exemption  for developers of affordable housing projects is another welcome step together with 1.5 lac exemption to the affordable home buyers.

Creation of 5 new Smart manufacturing cities on Economic Corridor in PPP mode with state governments will boost employment and economic growth, It is likely to have far reaching growth impact on the economy.”
- Navin Raheja, CMD, Raheja Developers

“Liquidity and availability of finance is the biggest issue confronting the real sector today. In this context, the assurance given by Hon'ble Finance Minister that NBFCs and HFCs will not face any liquidity crunch will help calm the nerves for sure.  Simplification of tax structure and continuation of some measures announced for affordable housing in the last budget are some other positives. Meanwhile, the government’s proposal for 5 new smart cities in collaboration with states via PPP model is a great move to leverage not just the funding potential of private players but also their experience of making cities livable and sustainable. We hope to participate as and when the details are out.”
- Mohit Goel, CEO, Omaxe Ltd.

“Government's announcement of Rs 100 lakh crore for infrastructural development will boost real estate in tier II and tier III cities. There were many measures that we would have loved the government to address but announcement of infrastructure development is the step in right direction. Apart from that impetus of the government on boosting the MSME and SMEs will create employment in these cities leading to the increased demand.”
- Abhishek Bansal, Executive Director, Pacific Group

“Budget was very disappointing for the real estate sector, it has not addressed any pending issues that the sector has been struggling with. The FM did not touch upon the liquidity issue, banks not extending loans to real estate, neither any relief has been announced for restructuring of loans. The sector is already struggling and many representations have been given, we were expecting some major reforms considering the economic situation which country is facing and especially real estate.”
- Ashish Agarwal, Treasurer, CREDAI Ghaziabad & Director Aditya Developers

“Reducing tax rates and removing exemptions were advocated for long. Hon'ble FM has attempted to do the same. Yet, the older regime has also been continued and tax payers has the option of choosing between the two.Continuation of some of the older norms related to affordable housing announced last year has been extended by one more year, which is perhaps a right step.However, considering the overall health of the real estate sector, it would have helped if Government would have given little more incentive to both home buyers and developers.”
- Dhiraj Jain, Director, Mahagun Group

“We are happy that the focus of the government is the overall development of the economy. Budget has touched upon the aspects that are going to boost the GDP including infrastructure spend, rural economy, income tax relief, Rs. 4,400 crore allocated for cities to ensure clean air, and tax holiday on loan sanction for affordable housing. We are confident that these steps will improve the sales figure as people are getting a complete package from the government as they will good and infrastructure which will improve their lifestyle. Developers and buyers will benefit from the extension of withholding tax, which will mean that in some cases a property can be sold at rates lower than the circle rate prevalent in the area.”
- Yash Miglani, MD, MIgsun Group

“Real estate sector was expecting Single Window clearance and industry status. These two demands are very important for the smooth functioning of the sector as a whole. However, there many announcements in the Budget that are going to help the real estate sector to grow. Focus on infrastructure and economic growth in this budget will lead to more activity at the commercial segment as the demand for offices will grow.”
- Ashish Bhutani, CEO, Bhutani Infra

“We were expecting that government will at least streamline the bank loans to the developers, but no such announcement was made by the FM. It was important for the FM to address the issues as the sector is struggling with the finances and timely completion of projects. There were no new announcements regarding real estate and we are left to wait for the next announcement by the government for the sector that contributes immensely to the GDP.”
-Deepak Kapoor, Director, Gulshan Homz

“Many fence sitting buyers are expected to take a call on real estate investment as the Budget has extended additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021. This extension should have been provided for non-affordable housing segment also as housing prices in metros are high. However, not much was announced for the commercial segment directly.  We feel that the economic measures that government has taken  for the overall health of the economy will have a bearing on commercial segment. The Delhi-Mumbai Corridor announcement will also see development of commercial spaces along with residential.”
- Vikas Bhasin, CMD Saya Homes

“Though real estate has not got anything directly from this Budget but there are announcements that will indirectly help the sector. The direct benefit will come from the affordable housing tax holiday which has been extended to March 2021 and extension of withholding tax. By extending withholding tax, the developers and buyers will benefit if a developer sells his product at rate lesser than the circle rate. This happens when there is a slowdown in the market and as a urgency measure someone sells it at lower price, the transaction in these cases used to become questionable on the pretext that the rest of amount has been paid in cash. However, real estate will also gain from the tax relief that people have got, which means that the buyers will have more disposable income at hand leading up to more decisions to buy property. Then we have measures taken by the government to boost rural economy and improve infrastructure that will indirectly lead to real estate development.”
- Amit Raheja, CMD, Wealth Clinic

“One of major welcome steps in this Budget was that earlier any taxing income from capital gains in respect of transactions in Real Estate if the consideration value is less than the circle rate by more than 5% the difference was counted as income, both in the hands of purchaser and seller. Increasing the limit to 10% now will definitely minimize hardship in the sector and provide relief for both the developer and buyers. Also extending the date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 year will encourage more and more developers to build affordable housing projects across the country, and contributes towards Prime Ministers Housing for All 2022 mission. And while we appreciate the government extending additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021, we still feel that this incentive should also be provided to non-affordable housing segment where by millions of middle class buyers, especially living in the metros like Delhi, Mumbai and Bangalore, can take plunge, since here the cost of even a 2 bedroom apartment can cost up to ₹1 crore and above. Lastly we welcome the overall emphasis on the infrastructure across the country with Rs100 lakh crore dedicated for infrastructure in next 5 years along with special thrust for infrastructure focused skills is truly an appreciable approach, especially the Project Preparation Facility for preparation of infrastructure projects, actively involving young engineers and management graduates as this will only increase the pool of skilled Infrastructure professionals in the future, and make them job worthy for the coming challenges.”
- Amit Modi, Director, ABA Corp and President (Elect), CREDAI Western UP

“On the similar lines of last year’s budget, this year also the government has focused on boosting the affordable housing. Extending the time span to another one year for additional tax deduction of Rs 1.5 lacs on affordable housing worth upto Rs 45 lacs is a step in right direction. Apart from that in this year’s budget the government has also reduced the income tax slabs. With more money in hand the buyers will have more reasons to invest in property and realize their dream of owning a house.

But, being a developer we had certain long standing demands including industry status to the real estate, single window clearance and reduced GST on building material, to which we look forward to being fulfilled in the coming times.”
- Prateek Mittal, Executive Director, Sushma Group

“In Union Budget Finance Minister Nirmala Sitharaman announced the healthcare, agriculture and infrastructure sectors outlined in this budget by giving some tax benefits to individuals by lowering tax rates amid simplification, incurring higher capital expenditure and yet containing fiscal deficit at 3.8% is commendable. Considering that the Budget has also extended the additional Rs 1.5 lakh tax benefit on interest paid on affordable housing  Real estate will indirectly get a further boost with improved infrastructure as the government plans to invest Rs 1.7 lakh crore on infrastructure. The Government's continued focus on affordable housing and continuation of earlier measures along with the announcement of building 5 new smart cities under PPP also bodes well for the sector.”
- Ashosk Gupta, CMD, Ajnara India Ltd.

“The Union Budget 2020-2021 has predominantly focussed on revitalizing the rural economy which is a good move. As per last year measures surrounding “affordable Housing” was the mainstay from the perspective of the real estate industry. Extension of additional tax deduction of Rs 1.5 lac on affordable housing worth up to Rs 45 lac by one year is a step in the right direction. However, considering the overall health of the real estate sector, it would have helped if the Government would have given little more incentive to both home buyers and developers.”
- Rajat Goel, Joint Managing Director, MRG World

“The major announcement government has decided to make of Rs 100 lakh crore for infrastructural development that will support real estate in small cities like tier I and Tier II. We also welcome the thurst on the infrastructure sector outlined in this budget. Considering the Budget has also extended the additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021, buyers have now had more reasons to invest in property. However, there has been a silence in the budget on stimulating mainstream real estate demand. The sector grappling with the reforms - driven new order has been bereft of any meaningful interventions that could have been achieved through the budget.”
- Sagar Saxena, Project Head, Spectrum Metro

“Directly real estate did not get anything from this budget except for the announcement of ease in tax for Real Estate Transactions from 5% limit presently to 10% and Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 year. We were expecting that the government will look into the long pending demands of the sector and address the liquidity issues being faced by developers. The best announcement would have been to guide the banks to start extending loans to the real estate developers. Having said that there are many economic announcement that will lead to increased demand of residential as well as commercial projects. We hope that in the months to come there will be announcements to enhance ease of doing business for the developers.”
- Dhiraj Bora, Head Marcomm, Paramount Group

“In the 2020 budget, the government has primarily trying to help the common man by reducing the income tax burden. Among the expectation is reintroducing the subvention scheme, especially for affordable homes as also the one time roll over/restructuring in case of stressed assets, the extension of additional tax deduction of Rs 1.5 lac on affordable housing worth up to Rs 45 lac by one year is a step in right direction. The Government's increased focus on the infrastructure sector and connecting the Mumbai-Delhi corridor is the need of the hour, which Hon'ble Finance Minister has tried to address.”
- Vijay Verma, CEO, Sunworld Group

“There were hopes in the Budget for real estate as some of the announcements by the government will increase the demand of housing and commercial. Some of the steps that will help the demand are Income tax relief, ease in tax for Real Estate Transactions from 5% limit presently to 10%, and focus on infrastructure. However, demand has to be met with the supply and there the developers needed measures that can help them in developing the projects on time such as help in loans from banks, single window clearance, ITC benefit, etc. These topics were not touched upon by the FM and we expect that the government will take care of these soon.”
- Harvinder Singh Sikka, MD, Sikka Group

“The Union Budget 20-21 demonstrates the Finance Minister’s aim of maintaining a steady policy path with emphasis on welfare construct and has taken more imperative steps in the right direction. The budget has sought to entrench the primary engine of growth viz. consumption in the form of personal tax cuts. Counter cyclical fiscal  measures to provide stimulus to the economy would have been desirable. However, the FM has chosen to be prudent. Despite being placed with a restrained fiscal scenario, the government has kept the fiscal deficit target under control, even as the capital expenditure target has been raised, thus boding well for reviving the economy.”

- Ms. Jyoti Vaswani, Chief Investment Officer, Future Generali India Life Insurance

"Encouraging steps to promote nutrition: 35,600 cr dedicated towards nutrition programs will surely create awareness of good eating habits especially amongst kids. While details are awaited, this will also open up opportunities for brands like Lil'Goodness and sCoolMeal which work with parents and educational institutions to ensure that our next generation eats right. Govt funds to support early stage startups even at an ideation stage, will encourage more innovations to come to fruition, leading to a bigger ecosystem of original innovation. Removal of dividend distribution tax to be paid by companies will reduce the cash burden of profitable startups- hopefully this should lead to a push towards profitability of startups which can generate positive cash flows. Startup ESOPs: deferral of taxation is beneficial for both startups and the employees. Benefits for startups with turnover of up to 100 crores, both in terms of tenure and rates of taxation will cushion startups against cash flow shocks, while providing them with tools to attract high quality talent."
- Harsha Vardhan,  Co-Founder & CEO Lil’ Goodness and sCool Meal a Kids and Nutrition Startup

''Budget 2020 is visionary and in accordance with the policy of improving and expanding healthcare services reach to all. Make in India initiative for Medical devices industry has been given a big boost. Imposing health cess on the import of medical devices will help domestic manufacturing companies.

Further, using tax proceeds to fund the creation of healthcare infrastructure will help in address issues of capital requirements for building healthcare infra in Tier- I & II cities.

The government is focused on creating the healthcare infrastructure and invest extensively in improving healthcare services in tier I-II cities in the country. Announcement of extending the ambit of Ayushman Bharat through the establishment of PPP model hospitals in 112 new districts of India will improve healthcare infrastructure.    

Increasing the budgetary allocation for the healthcare sector to 69,000 crores will enhance primary health coverage and strengthen health and wellness centers (announced under Ayushman Bharat) which will help to reduce the disease burden.''  

- Dr. GSK Velu, Chairman & MD - Trivitron Healthcare.

“The budget for – aspirational India, economic development and caring India, gives a long-term vision of the present government. The increase in tax payer base in last 4 years and thereafter, shall boost in revenue growth – so this budget foresees long term spending more on strengthening rural, agricultural, horticulture and service industry. The Vivad par Viswas Scheme to reduce pending litigations of more than 5 lac cases across India to settle the cases before 31st March 2020, without any interest or penalty is a thoughtful step. Besides, the waiving off of DDT (Dividend Distribution Tax) is a relief for corporates, as it will help in increasing liquidity. Similarly, Nirvik scheme to allow benefits to small time exporters will push forex. Support to the start-ups and MSMEs is an additional push towards uplifting the economy. Tax payers Charter too is a big step to instill confidence to the tax payers. However, reduction in personal tax rates is below expectations, specially after big cut in tax rates of corporates in Sept 2019. But overall, it is a visionary and practical budget. Hope it gives a new lease of life to the morally down market."

- Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries Ltd.

"For cyber forensics University - One major step announced by the FM involved the proposal for establishing a national forensic university and cyber forensic university. With cyber crimes increasing at a rapid rate, the need for cyber forensics has become more important than ever for a rapidly digitising country like India. The setting up of a cyber forensics university is a welcome move from the Government. This will definitely help in improving India’s expertise to solve complex cybercrimes."
-Mr.Sanjay Katkar, Joint Managing Director and Chief Technology Officer, Quick Heal Technologies Ltd.

“The Budget speech turned out to be no different from the previous years. The longest speech ever, the finance minister spent majority of the time describing the achievements of the government in the past and refused to acknowledge even once that the Indian Economy is facing a serious slowdown. There was widespread expectations that the budget would reduce personal Income tax in order to boost consumption. However, while the minister tinkered with the slab rates, she also qualified the reduction by removing all tax exemptions. To complicate further, now the individual can choose to pay taxes based on ‘Old rates with exemptions’ or ‘new rates without exemptions’. The outcome is that except gimmickry and confusion, the new changes are hardly going to move the needle of consumption. The only large and surprising measure in the budget was the partial disinvestment of LIC, the crown jewel of the government. This can lead to substantial money to the government and may also facilitate more transparency in one of the most opaque financial institutions of the country. Another significant measure is 100% tax exemption for sovereign wealth funds on their infrastructure investments. This should help in bringing more FDI in the long term in the infrastructure space. The new Direct Taxes complicate the situation more than they resolved and `would contribute a little surplus in the hands of the people. The DDT would provide additional relief to corporates but would be negative for the individuals as they would be subjected to nominal tax rate as applicable. So basically any hope that the budget would have in assisting the economic revival has been dashed out temporarily.”

- Mr. Raghvendra Nath, MD, Ladderup Wealth Management

“Finance Minister has proposed to bring in a scheme for resolution of outstanding income tax litigation by allowing taxpayers to pay only outstanding tax before March 31, 2020 to settle the same. In case demands were to be paid after March 31 2020 an additional amount may have to be paid. Exact details of the scheme are awaited. This is a very significant step to curb litigation in line with other  steps introduced by the Government in recent past such as increasing threshold for filing of appeals by department. A very welcome step indeed.”

- Mr. Kumarmanglam Vijay, Partner, J. Sagar Associates

“The FM has done well in abiding by the fiscal prudence principles for FY21 and the targets set by her look achievable. But it will be crucial for her to stick to it for FY21, else the international rating agencies may have adverse views. 
The markets have reacted negatively to the Budget, mainly due to some disappointments on account of non-abolition of LTCG, confusion about the impact of DDT removal and taxing dividends in the hands of recipients. Also the alternative provided to individuals for lower rate of tax, provided they do not claim exemptions/deductions, did not seem too attractive. The alternative tax system discourages investments which market participants do not seem to be comfortable with. The overhang of coronavirus outbreak on our markets also got magnified in the later half of the session. Foreign investors will look for signs of revival of growth before they commit funds.
The continuance of LTCG and now dividend taxation might not stimulate positive sentiments for the capital markets but the other themes in the Union budget show a clear thrust towards improving the competitiveness of Indian businesses and Indian citizens while providing liquidity in the hands of individuals. Whether this will result in consumption revival will be interesting to watch.
The markets will absorb the Budget effects in the next few days and in case the virus situation stabilizes, we may even see a bounce in the markets in the near term.”

- Mr. Dhiraj Relli, MD & CEO, HDFC Securities

"It is an holistic budget which caters to all segments of the economy primarily education, health & women welfare, infrastructure & agriculture. What is heartening to see is that the government has put a lot of emphasis to boost the tourism sector. Announcement such as development of archaeological sites and world class museums at five identified sites and allocation of Rs 2,500 for tourism promotion will not only further enhance the country’s ranking on the Tourism Competitive Index but will also generate huge employment opportunities and give a big boost to the spread of our rich culture and heritage all across the world.  Also, the development of 100 more airports under UDAN scheme by 2024 and construction of 12 more highways will further boost connectivity and provide significant boost to the tourism and hospitality sector."

- Sonica Malhotra Kandhari, Joint Managing Director of MBD Group

“Indian Bank is a pioneer in SHG funding. We welcome the move of launching village storage schemes to be run by women. Indian Bank will encourage the women by providing adequate training through our INDSETIs and fund them. The restructuring of MSME accounts first introduced by RBI on 1st January 2019 for MSME with loans up to Rs.25 Cr. This initiative has helped many MSME units to tide over the stress faced in their manufacturing activities. Indian Bank has restructured around 40000 accounts amounting to about Rs.1700 Cr for the period up to December 2019. It is further expected that around 500 accounts to the tune of Rs. 300Cr will become eligible for restructuring under the MSME restructuring scheme before March 31,2020.”

- Ms. Padmaja Chunduru, MD&CEO, Indian Bank

“We believe that this year's budget will boost the domestic economy. Despite her fiscal constraints, the Hon'ble Finance Minister has introduced policy measures that will stimulate domestic consumption, encourage investment and also strengthen the Indian infrastructure. Constructive policies have been launched in field of integrated logistics. There will also be a visible improvement in MSME competitiveness as the government has allocated 900 cr for their debt funding. We welcome this year's budget and now wait to see how it pans out in terms of implementation."
- Gautam Bansal, SVP, Finance, Shiprocket.

“Digital revolution plays a crucial role in the growth of the Indian startup ecosystem and  Initiatives like online tax assessment, facial assessments, facial KYCs will provide  the much needed stack, essential for the growth of startups. ESOPs have become instrumental in Indian corporate and startup ecosystem to woo high-value employees and retain talent. Exemption of taxes on ESOPs will further encourage companies to introduce ESOPs in their companies at a large level, which in turn will allow them to attract world-class talent while keeping employee costs in check.  India is the third largest startup hub in the world , the introduction of an Investment Clearance Cell and  seed funding will provide a boost to young   entrepreneurs of India who  are enthusiastically looking to build a bootstrapped business, and build sustainable revenue businesses.”

- Mr. Shailen Mehta, Founder and Managing Director, eJOHRI 

“The focus on enabling growth for MSMEs in today's Union Budget is encouraging. Enabling NBFCs to extend invoice financing to MSMEs through TReDS, should enhance opportunity to fuel the Indian economy and widen the acceptability and trust by the BFSI sector. The extension of GEM e-marketplace as a unified procurement channel should bring more vendors (from the current 3.2 lac) onto the platform. Additionally, amendments to Factor Regulation Act 2011 should boost the MSME sector. On the Debt Recovery side for lenders, the allowance to smallers NBFCs to approach the DRT for smaller ticket size loans, would be beneficial in lowering NPAs & improving the asset quality. However, we expected to hear more clarity on the scheme to provide subordinate debt to be provided by banks for entrepreneurs of MSMEs since less than 15 % of the 50+ million Indian Small businesses have access to formal credit and there is a debt financing gap of the SME is over $1 Trillion.
By allowing data centre parks in the country, the government has set a positive sentiment for the industry. While this will allow better infrastructure in storing and dissemination of data, we were expecting the government to touch upon incentives for setting up data centres which will allow Fintechs to scale faster at an economical cost. This coupled with the extension of Bharat Net (FTH) to 1 lac gram panchayats would add a significant boost to the Digital push in the country.
Given that several steps have been taken in the past to drive the Corporate Bond market in India, the increase of FPI limits from 9% to 15% is a positive push to increase international participation in high quality borrowers via the debt route. This coupled with easy access to credit from banks & NBFCs should bring down credit costs in the medium term.
For start-ups, considering the fact that in the initial years, one may not have adequate profit to avail this deduction, extension to avail the claim of deduction from the 7 years to 10 years is a breather. Deferral of tax on ESOP plans for start-ups should also help bring quality corporate talent to this industry.”
- Ms. Meghna Suryakumar, Founder & CEO, Crediwatch

“With growth resurrection being the key priority, the government has stepped up the capital expenditure allocation by 21%.  Credibly, glide path was maintained with fiscal deficit for FY21E pegged at 3.5% of GDP, while maintaining the inclusive growth template through focussing on quality of spending. Prima facie, FM’s speech implies that simplification and rationalisation of personal income tax rates is likely to be key catalyst for consumption pickup. Furthermore, abolition of Dividend Distribution Tax is positive for listed space and Indian equity capital markets as a whole with benefits accruing to small as well as overseas investors. “

- Mr. Vijay Chandok, MD & CEO, ICICI Securities

"The Union budget 2020 has proposed propitious changes that have the potential to revolutionize the education sector. The budget of INR 99,300, allocated to the sector will help to improve the overall quality of education and create employment opportunities. An appreciative step of the government is the proposal to set up a national recruitment agency for the conduct of computer-based online common eligibility tests for recruitment to the non-gazetted posts. This is a step in the right direction to bring transparency, efficiency and ‘best in class’ technology-enabled solutions to the recruitment process. MeritTrac as a leader in CBT assessments welcomes this initiative and we hope to leverage this opportunity. The plan to allow degree level full-fledged online education programme by institutions ranked in the top 100 NIRF ranking would only facilitate the process of increasing employable talent. The 3000 crores budget allocated on skill development will help to produce industry-ready graduates to address employability gaps. The FM also focused on how technology like machine learning, robotics, and AI along with the number of productive age groups (15-65 years) are crossing streams in India. The Union Budget 2020 has taken care of all majority reforms and we look forward to a quick uptake in this period of the economic slowdown. The government's proposal to start a programme for urban local bodies to provide opportunities for internships to young engineers can increase the talent pool of employable people at a time when unemployment is a major cause for concern. The Finance Minister's proposal for a National Police University and National Forensic University is also a welcomed step"  
- Mr Ambrish Sinha, CEO, MeritTrac Services

“In order to reach the target of average spend of USD 173 billion a year to achieve the SDG 4 by 2030, it would be an unrealistic expectation to see that coming solely from government and pure philanthropic initiatives. In this context, we welcome the Government’s steps towards encouraging sourcing External Commercial Borrowings and FDI to boost quality education. We hope this would pave the way for opening up and formalising the sector and ensuring long term responsible and patient capital, giving the much needed confidence to potential investors to invest in the sector and expect legitimate RoI as spoken about several times in the past.”
-Manit Jain, Chairman, FICCI ARISE

“The budget for – aspirational India, economic development and caring India, gives a long-term vision of the present government. The increase in tax payer base in last 4 years and thereafter, shall boost in revenue growth – so this budget foresees long term spending more on strengthening rural, agricultural, horticulture and service industry. The Vivad par Viswas Scheme to reduce pending litigations of more than 5 lac cases across India to settle the cases before 31st March 2020, without any interest or penalty is a thoughtful step. Besides, the waiving off of DDT (Dividend Distribution Tax) is a relief for corporates, as it will help in increasing liquidity. Similarly, Nirvik scheme to allow benefits to small time exporters will push forex. Support to the start-ups and MSMEs is an additional push towards uplifting the economy. Tax payers Charter too is a big step to instill confidence to the tax payers. However, reduction in personal tax rates is below expectations, specially after big cut in tax rates of corporates in Sept 2019. But overall, it is a visionary and practical budget. Hope it gives a new lease of life to the morally down market."

- Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries Ltd. 

"FM's proposal of delaying tax collection on the exercise of ESOPs is a welcome move. The current structure looks to collect taxes too early causing employees to not exercise vested shares. Easing direct taxation for eligible startups will encourage businesses to chase the right metrics and not just growth at the by bleeding money. The definition of "eligible startups" must be broadened to bring more companies in this fold."
- Mr Yashash Agarwal, CEO, Gamezop

“The Union Budget 2020 has proposed to allocate INR 99,300 crore toward skill development and quality education, out of which 3000 crore has been allocated for skill development which is a welcoming move. Other than this, the other appreciable move taken my the finance ministry is to collaborate with private institutions and to bring in bridge course for developing the skills of  the teachers, this would provide an advantageous platform for both private and government as well. The education sector has also received a good boost by launching ‘Study in India’ program with Ind-Sat exam, this will bring in foreign students to India for  higher education from Asian and African countries. The budget 2020, seems to give hope to a lot of educational institutes through Study in India program. This is a very- balanced budget and we believe that these were the much-needed steps that the government has taken to develop Indian education system. Overall, we believe that they have embarked upon a path in the right direction.”
- Mr. Naveen K M, Managing Director, Trio World School

"The Union Budget 2020 has proposed aspirational changes that have the capability to turnaround the education sector. Apart from allocating considerable finance to the educational sector as a whole- INR 99,300, an intriguing aspect is the budget’s focus on skill development with an allocation of 3,000 crores. Design Technology has longed for this demeanor of development where we hope to see the youth of India and especially women choosing it as a career to sharpen their skills. We are eager to see the government’s involvement in bringing more impetus in the design sector. The budget’s focus on encouraging entrepreneurship and boosting internship prospects is another progressive reform for the youth of India and the Make in India initiative.”
- Mr Nealesh Dalal - Managing Trustee, JD Institute of Fashion Technology

 “The budget 2020 represents a big win for the country’s startup ecosystem. We are pleased to see that the Government has paid heed to our concerns and rolled out the reforms like 5 year tax holiday for ESOP, Tax exemption for startups with turnover

- Padmaja Ruparel, Founding Partner, IAN Fund.

“The FM has delivered a fantastic budget for startups. The measures announced on ESOPs, taxation and seed fund will infuse tremendous energy in the ecosystem. The clear message on no-undue harassment will provide renewed confidence to entrepreneurs to create new innovative startups which create jobs and wealth in India and strive to take over the world. The startup ecosystem is extremely grateful to the PM and the FM who have taken the trouble to listen to startups and address some of their very serious concerns. And to DPIIT for piloting our cause so well"
- Saurabh Srivastava, Chairman, Indian Angel Network 

“Overall it is a bold pro-middle class, pro-corporate and forward-looking budget. The big message is that Wealth Creators shall be respected. Big and bold moves such as raising the threshold for Income tax as well as the abolition of DDT. Simplified GST norms, revisiting Rule of Origin requirements and also tightening of regulations relating to dumping of goods greatly benefit the MSME sector. Multiple reforms for improving the financial architecture. Partial Divestment of LIC and IDBI proposed should bring more retail participation in the market. The key thing to be kept in mind is that FM has not allowed Fiscal Deficit to spiral out of control. This should definitely boost business sentiment”
- Vishwanathan Iyer, Professor – Finance Area, Associate Dean (Academics), TAPMI

"The Honourable Finance Minister's Union Budget presentation has brought some good news for the healthcare sector. The allocation of an additional Rs 69,000 crore to healthcare in the new financial year is a heartening measure. We are also pleased with the increased coverage announced under the PMJAY, which seeks to improve access to quality healthcare and insurance in Tier II and III cities as well. The FM has also addressed the shortage of qualified doctors, a major concern for the healthcare segment, and announced setting up new hospitals with tax generated from the sale of medical devices, which is a welcome move.”
- Dr. Babit Kumar, Radiologist, Motherland Hospital, Noida

"The government has attempted to catch the bull by its horns. The budget demonstrates the government’s resolve to focus on demand generation, spurring jobs, increase infrastructure spends, attract foreign institutional investors and increase farm income. The decision to offer an optional tax regime that reduces the direct tax on personal income, will help increase the home loan EMI appetite of the consumers and will have a significant impact on generating demand for real estate. The government’s decision to further bolster the guarantee scheme for NBFC’s & HFC’s and offer subordinate debt to MSMEs, will to a certain extent, help bring liquidity in the market alongside the abolition of DDT. The tax holiday for developers of affordable housing and the extension of home loan interest benefit for affordable homes by another year is a welcome step for real estate. It is a positive step towards realizing the Prime Minister’s vision of housing for all by 2022. All in all - A good budget that rekindles hopes of a $5 trillion economy by 2024."

- Mr. Kaushal Agarwal - Chairman, The Guardians Real Estate Advisory

“The Union Budget 2020 has definitely proposed significant changes which have the capability to revitalise the education sector. The enhancement of budget allocation for education is an appreciating move. The status of education is often a healthy predictor of the country's overall development and well-being and we are excited that the proposed INDSAT exam could be the game-changer in terms of internationalising Indian education. Special initiatives like 'Study in India' will attract foreign students, thus increasing awareness of the rich and diverse Indian culture. The push for FDI in education too programme will make India an international education hub. The focus on degree level full-fledged online education program by institutions ranked in top 100 will help improve education levels and give a push to digital education. The overall focus of the budget has been to make education employment-friendly. This is a very good move as it would secure the future of students who study with high aspirations and expectations. Going forward, we feel that there is an urgent need for the government to open up the crucial education sector to private enterprises to ensure quality-driven education.”
- Ms. Niru Agarwal, Trustee, Greenwood High International School

“The budget 2020-21 has given a great boost to education with a massive outlay of around Rs 1 lakh crore and has specifically focussed on ‘Study in India’ campaign which will encourage foreign students to study in India. INDSAT exam will be held in Asian and African countries for scholarships to encourage students to seek education in India. The push for FDI in education too programme will give exposure to foreign students on India’s education prowess and make India an international education hub and bring a lot of foreign investment into Indian education. This increased allocation of fund will also ensure better quality government schools that educate majority of children in India. The focus on degree level full-fledged online education program by institutions ranked in top 100 will help improve education levels and give a major push to digital education. A total of 150 higher education institutes will have apprenticeship programmes which will improve the skills of the unemployed. Urban local bodies will provide fresh engineers a job opportunity for one year and this will help engineers learn on the job. There is also a large focus on meeting the huge demand for teachers. The announcement of the proposed new education policy will encourage the establishment of a rigorous education system in the country. Overall, the decision to treat education holistically is also a welcome move and will lend greater synergy in planning and execution of important schemes and programmes. This is a balanced budget as far as education sector is concerned. Overall, we feel that the measures taken should meet the expectations of the common man and will lead to increased focus on the education sector. Going forward, we feel that this right intent of the government can truly be attained if we also have long-term strategy and organisational structure in place and we also look forward to specific initiatives to promote investment in new-age trending technologies.”
- Ms. Shweta Sastri, Managing Director, Canadian International School, Bangalore

“Extension of time period till March 2021 is a welcome step taken by government in the affordable housing space benefiting both, Individuals and developers   While tax holiday on profits would encourage more builders to take up affordable housing projects, individual can firm up home buying decision to enjoy the additional tax benefit of Rs.1.50 lacs.   It is a right step towards realising the mission of Housing for All by 2022.”
- Mr. Siddhartha Mohanty, MD & CEO, LIC Housing Finance

"The latest budget announcement for the year 2020 -21 bears vast potential in shaping India’s road towards achieving its target of emerging as a 5 trillion dollar economy. With India currently posed as the fifth largest economy in the world, I am particularly enthralled by the government’s decision to optimize new-age disruptive technologies such as Machine Learning, robotics and Artificial Intelligence (AI) towards attaining a seamless and integrated service sector. Further advancing the digital revolution in the country is the government’s resolution of developing state-of-the-art data centers across the nation. Moreover, the FM’s proposal to allocate Rs 6000 crore for connecting 100,000 Gram Panchayats by FY21  will also prove instrumental in accelerating India’s journey towards becoming a tech –enabled nation. Also admirable is the government’s successful implementation of the Beti Bachao and Beti Padhao scheme which was reflected by the high gross enrollment of girls in all levels of school education. With the budget modeled towards realizing a progressive and equal women-centric society, the Finance minister also highlighted the fact that presently more than 6 lakh Anganwadi workers are equipped to upload status of more than 10 crore households. The government’s decision to provide Rs 35,600 crore for nutrition related programs and Rs 28,600 crores for women – linked programmes will vastly help in furthering women empowerment and gender equality."
- Ms. Ambika Sharma, Managing Director & Founder at Pulp Strategy.