Quotes on Union Budget 2021-22

Ishendra Agarwal, Founder & CEO, GIVA

"The much awaited union budget presented by our finance minister Nirmala Sitharaman is very promising and shows a positive path for the recovery of the Indian economy post pandemic. The government’s aim to focus on promoting small and medium business is quite evident. The proposal to modify the definition of small companies under the Companies Act 2013 by increasing their thresholds for Paid up capital from not exceeding Rs.50 Lakh to not exceeding R. 2 Crore and turnover from not exceeding Rs. 2 Crore to not exceeding Rs. 20 Crore is a welcome move by the government as this is likely to benefit more than two lakh companies in the country. The announcement of incentivizing the incorporation of One Person Companies (OPC’s) by allowing them to grow without any restrictions on paid up capital and turnover, allowing conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allowing Non Resident Indians (NRIs) to incorporate OPCs in India would provide tremendous boost for startups and would also encourage many young entrepreneurs and innovators.

The extension of capital gains exemption for investment in start-ups by one more year is likely to incentivize funding for the startup community. The government’s decision on extension for claiming tax holiday for start-ups by one more year is another welcome move and would ultimately benefit the startup ecosystem."

Simarpreet Singh, Director, Hartek Group
“The increase in allocation for infrastructure will boost the power sector on the whole. It will help in upgrading the country’s T&D network and building on grid connectivity to ensure efficient evacuation of solar energy, particularly the ambitious Green Energy Corridor scheme. The additional resources allocated for traditional areas of the power sector, like the revival of ailing discoms and stressed assets, coupled with a renewed focus on the expansion of the national programme on smart metering, will prove instrumental in accelerating the pace of growth of the power industry.
The additional allocation of Rs 1, 000 crore for the Solar Energy Corporation of India and another Rs 1,500 crore for the Indian Renewable Energy Development Agency are also decisive steps in the right direction. The overall focus of this year’s Budget on R&D and innovation will help in reshaping the solar industry by promoting domestic manufacturing of solar panels. It will also enable the power industry on the whole to create a roadmap for encouraging R&D in cost-efficient and cutting-edge technologies in sync with the Atmanirbhar Bharat Mission.”
 
Simarpreet Singh, CEO and Director, Hartek Solar Pvt Ltd
“Considering the government’s renewed focus on power generation from solar energy, the additional allocation of Rs 1, 000 crore for the Solar Energy Corporation of India and another Rs 1,500 crore for the Indian Renewable Energy Development Agency is a step in the right direction.
The overall focus of this year’s Budget on R&D and innovation will also help in reshaping the solar industry by promoting domestic manufacturing of solar panels. It will enable the industry to create a roadmap for encouraging R&D in cost-efficient and cutting-edge technologies in sync with the Atmanirbhar Bharat Mission.
The infrastructure sector has also received much-needed attention this time, which will help in building transmission infrastructure to ensure efficient evacuation of solar energy and attract more investments for the ambitious Green Energy Corridor project.
The announcement to set up a National Hydrogen Mission will also go a long way in meeting the ambitious target of generating electricity from renewable energy sources.”
 

Dr Om Tantia, Medical Director & Head, Department of Minimal Access and Bariatric Surgery, ILS Group of Hospitals

"In the current budget, there has been a huge increase in investment in health expenditure. The government has recognized healthcare as the most significant pillar upon which the very foundation of our Nation rests. Further, the emphasis on primary and secondary healthcare and establishment of lab facilities in select districts & across states shall enhance and accelerate a holistic wellness of the masses. The Budget of 2021 will be enthusiastic for the health industry as this is the first time the health sector has received such an impetus from the Government which shall help in creating an AtmaNirbharSwasthBharat in the coming days."

B.L.Mittal, Founder & Executive Chairman of Sastasundar.com

"Union Budget 2021 is growth-oriented. Thrust on healthcare, agriculture and infrastructure is a welcome move. The government has announced bold steps including privatisation, tax reforms and bank reforms for stressed assets. My heartfelt congratulations to the entire team for making such an AatmaNirbhar Budget in this difficult time."

Dr Debasish Bhattacharya, Chairman & Managing Director, Disha Eye Hospitals

"137% increase (as compared to 2020-21) in budget allocation for Health & Wellbeing is a positive step.Emphasis has been given to vital areas like drinking water and sanitization (Swacha Bharat). The Production Linked Incentive scheme (PLI) on Atma Nirvar Bharat will also boost the Indian Pharma industry to become global leaders."

Sameer Katole, CEO, Crossloop

“The Hon’ble Finance Minister laid major emphasis on enhancing domestic manufacturing of electronic equipment. The Union Budget 2021 has a strong focus towards the revival of the economy and extensive plans for Atmanirbhar Bharat. It shows extreme commitment towards a strong comeback for the sectors which faced major backlashes in 2020. The budget covered several demanding issues faced by the economy earlier and with an attention concerning startup community, the extension of tax holiday for start-ups by one more year is an important decision made. This will encourage the survival of startups and give them the required support for bounce back. Further, the increased spending on PLI for electronic manufacturing schemes is a positive sign. The 2.5% taxation on manufacturing of smartphone parts is also a vital decision as it will boost the inclusive growth of the country and further bring major changes in the consumer electronic and domestic manufacturing segment.”

Rajeev Singh, Managing Director - BenQ India

“A very significant budget as India is coming out fast from effects of COVID 19, Government has given strong emphasis on spending on Infrastructure along with big push for Atmanirbhar Bharat. Alongside, there is no change in direct taxes largely which were moderated for companies last time. This will mean more money in the system and will act positively towards faster growth of economy. Government has also given additional push to education and skill development segment in the budget which will result in extensive use of technology which in turn will give a boost to virtual classroom and Blended and Hybrid Learning.”

Prof. Daviendra Narang, Director, Jaipuria Institute of Management, Ghaziabad 

“Several points stand out for me in the Union Budget presented by our honourable Finance Minister. From the point of view of higher education, I welcome the move to promote academic collaboration with foreign educational institutions, as proposed in the annexure 5 of the budget. This move will empower students to hold joint or dual degrees, and open better career prospects for them, not just in India but across the world. Likewise, the proposal to set up National Digital Education Architecture will help bridge the digital divide which we presently see across multiple industries. It will narrow the Digital Learning Gap and equip students in management institutes with necessary digital knowhow to meet the high demands and standards of the corporate world.”

Shishir Jaipuria, Chairman, Seth Anandram Jaipuria Group of Educational Institutions

“The education sector will get to benefit from the Union Budget presented by the honourable Finance Minister, Nirmala Sitharaman, today. The budget paves the way for a phased implementation of the National Education Policy with the first step of bringing 15,000 schools across India under the policy’s ambit. This will help minimize any widespread disruption in the pedagogical processes or curriculum, as these schools will serve as models for the other schools to follow. The other schools will draw their lessons from these model schools for a smoother implementation of NEP in the future. I also welcome the move to set up Sainik Schools and Eklavya Schools as these will help bring more equality in education. I strongly endorse the proposal for National Professional Standards for Teachers (NPST), as expressed in annexure 5 of the budget. This proposal will set an important benchmark for teaching standards in Indian educational institutes.”

Harish Sanduja, Director - Schools, Seth Anandram Jaipuria Group of Educational Institutions, Ghaziabad

“In her key announcements of Union Budget 2021, Finance Minister Nirmala Sitharaman said that 15,000 schools will be strengthened as per National Education Policy. The implementation of NEP in 15000 schools initially is a great and thoughtful step by the government. The full-fledged rolling out of the same into the education setup without a trial run would have been an unwise and a hasty decision.

Since all the educational institutions have been providing virtual learning since the outbreak of the virus, we were looking forward to more investments in the online education models as blended learning will be the way forward."

K Paul Thomas, MD and CEO of ESAF Small Finance Bank  

"The budget is a progressive one that could tackle the economic challenges. Happy to see the focus on sectors like health and wellbeing, inclusive development, innovation and R&D. Focus on Swach Bharath 2.0 and Swasth Bharath is a welcome idea that would complement the focus on health measures.  The idea of a Development Finance Institution is another good move as a provider, enabler and catalyst for infrastructure financing.  Initiatives like textile parks and modern fishing harbors could encourage MSMEs and mobilize employment opportunities. The focus on rural areas through farmer welfare schemes like an extension of agriculture credit targets, Ujjwala scheme, and support to migrant laborers through one nation one ration card scheme is truly appreciable. Less compliance to small companies through 2 cr capital and 20 cr turnover is a move that can accelerate the revival of MSMEs.

There is a visible thrust on innovation and digital transformation through policies like faceless IT Appellate Tribunal, fintech hub, scrapping of vehicles, etc. All these measures can potentially facilitate a reset of the economy.

Closer to home, support extended to Kerala for highways and metros can contribute significantly to the infrastructure development of the state.  Also, the Product-Linked Incentive scheme can attract global players in the manufacturing sector. Developing capacities of primary, secondary, and tertiary healthcare will augment the infrastructure of rural India. Funds of 2500 cr allocated to solar and renewable energy was another futuristic move.  The move to hike the FDI limit in insurance is likely to increase capital and could boost a potential segment. Infusion of 20000 cr to PSBs compounded with Asset reconstruction and management Company for Stressed Assets could revive the economy as a whole. This could strengthen the state-owned banks and hasten the process of clean-up of their balance sheet.

Education policy to strengthen rural education, Reduction of the tax burden to senior citizens, etc is also other notable and welcome initiatives. An increase in cash transfer under PM_Kisan was expected but was not mentioned in the budget."

IIALC

"Architects welcome extended tax holiday on affordable housing and reduction of tax on steel which may increase construction activity all over.

Ludhiana being Manchester of India, must get one mega textile investment park out of seven declared by Central Government. Upcoming smart city of Ludhiana needs lots of funding always from Central Government and State Government on big projects.

Hope Ludhiana  will get good connectivity through roads and  railway station of Ludhiana will get modernized, which is long awaited.

Ludhiana also need big government hospital  like AIMS as population already had grown many times when only civil hospital was started."

Anuj Kumar Garg, Vice President-Customer Engagement & Distribution, Viridian RED

"The Union Budget 2021 highlighted the governments' major thrust on infrastructure and manufacturing besides healthcare being the topmost priority. From the number of steps proposed to support the MSME sector to set up textile parks, the budget stressed strengthening domestic manufacturing. The government’s focus on infrastructural development and dedicated freight corridors would establish seamless connectivity further augmenting the manufacturing setup in the country. With the aim of drawing more investment, the Budget proposed additional tax incentives for the companies relocating foreign funds to the GIFT city which is a laudable decision in the making of GIFT City a global financial hub. Also, the debt financing of InvITs and REITs is an appreciative move as it will enable the real estate and infrastructure sector to attract more investments. From the employment generation to push real estate demand, these initiatives are likely to bring the economic multiplier effect which is a need of the hour."

Santosh Agarwal, CFO and Executive Director, AlphaCorp

"Seeing affordable housing as the fastest growing sector, the government has announced the extension of one year till 31st March 2022 on the additional deduction of Rs 1.5 lakhs on the sanctioned loans. This will increase and provide a much-needed impetus to the housing demand and encourage prospective buyers to avail more benefits and invest in real estate. The emphasis given on urban infrastructural development through the expansion of the metro rail network will help in seamless connectivity in Tier-II cities along with other prevailing announcements like RRTS , freight corridors will give thrust to the realty sector. The long-standing ask for single window clearance and industry status are still to see the light of the day."

Priyanka Surana Poddar, Director, Aakash Aath

"As an experienced chartered accountant, I think this year's budget is an unprecedented step. For the first time in the history of the country, Union Finance Minister Nirmala Sitharaman made history by presenting a paperless budget. There is news of relief in the budget for the elderly. The removal of income tax for 75years and above has been a welcoming step. However, the concern of the middle class has been heightened by the agricultural cess on the price of fuel. As a result, the price of petrol and diesel rises, so will the cost of travel for the masses. Good news for those who invest in the stock market. The Union Finance Minister has said that 10 percent shares of LIC will be brought to the market. The budget allocation for the health sector has been increased. In my opinion, this special step towards the health infrastructure of the country has been appropriate".

Y Viswanatha Gowd, CEO of LIC HFL

“The FM has made a bold attempt to boost Indian Economy post the pandemic hit. It seems to be aiming to further the 'Aatmanirbharta' mission, by focusing on doubling farmers' income, strong infrastructure, women's empowerment, healthy India, good governance, education for all; jobs for the young and more. Also the Affordable Housing will get necessary boost through tax incentives. The tax exemption announced for affordable housing for migrant workers and the deduction on payment of interests which has been extended by 1 year are welcome. The proposal of providing FPIs is an entry into debt financing of REITs and InvITs, which will open up a large source of fresh funding for the infrastructure and real estate sectors. It will also ease access of finance and augment funds for the infra sector.”

D. Narain, Senior Bayer Representative, South Asia and CEO & MD, Bayer CropScience Limited

“2020 has been a year of exceptional and unprecedented challenges and has highlighted the critical importance of two core sectors, agriculture and healthcare. The Union Budget 2021 has correctly called out the role of these two sectors in leading the nation’s recovery and being catalysts to sustainable growth. 

Higher allocations for both healthcare and agriculture with specific focus on building public health infrastructure, expansion of credit to farmers, additional allocation for rural infrastructure and micro irrigation are welcome moves. These initiatives complement actions already initiated to double farmers’ incomes and enabling wider healthcare access for the nation. 

At Bayer, our vision has always been, ‘Health for all, hunger for none’. With India striving to become a $10 trillion economy by 2027, we believe a collaborative approach in agriculture and healthcare will help bring transformative changes in our society.”

Sonica Malhotra Kandhari, Joint Managing Director of MBD Group

“Overall, the Budget 2021 is a pragmatic and positive budget which is committed to key sectors such as agriculture, healthcare and infrastructure development. Higher allocation of Rs 64,180 crore on healthcare which also includes Rs.35,000 crore for Covid-19 vaccines is committed to ensure fast rollout of mass vaccination and restoring normalcy. This is also expected to give much impetus to the travel & tourism industry in the coming year. Moreover, the privatization of airlines, allocation of 1.10 lakh crore outlay for railways and boost to infrastructure development such as development of new highway projects is a welcome step that would lead the economy to the new growth trajectory. However, we were looking for some measures related to travel & hospitality sector such as awarding infrastructure status to the hospitality industry and to reduce GST rate on hospitality which have not been addressed in the budget. These reforms would have helped in the revival of this industry as it has been severely battered by the pandemic.”