Budget Reactions 2017
Anant Maheshwari, President, Microsoft India says, “The Finance Minister has presented a balanced
budget, underlined by the continued push to using technology to aid a digital
economy. As India strengthens its position on the global map, the need for
skilled youth is crucial. The budget’s focus on extending market relevant
training for the youth and setting up 100 international skill centers across
the country, is a positive move. The emphasis on science and technology for
students, and launch of SWAYAM, will further empower India’s youth for the
future. I am glad to witness the increasing focus on cybersecurity, which is
critical to securing the economy’s digital transformation. The reduction of
corporate tax for MSMEs is a welcome move and will boost the economic growth.
The momentum in the implementation of GST is promising and I look forward to
seeing it unfold in the coming months.”
Krish Iyer, President
and CEO Walmart India says, “The Union Budget 2017 is a game changer and continues to rightly
focus on rural, agriculture and infrastructure sector with an aim to give boost
to formal economy. The planned investment in these sectors will not only
create much needed jobs in the country but also spur consumer spending and
boost economic growth. Fiscal deficit too has been contained very well.
The continued focus on
ease of doing business with several measures such as abolishing FIPB, 'Model
law on contract farming', Simplification of Labour laws under four areas –
wages, industrial relation, social security and welfare and Safety -
augurs very well for the economy. Major income tax relief in the lowest bracket
is laudable as it will bring back consumer confidence and boost domestic consumption.
The measures announced
to boost the manufacturing sector are commendable. Rewarding MSMEs by reducing
rate of income tax will further boost `Make in India’; Proposal to set up dairy
processing fund will boost food processing while increased allocation to
schemes such as MSIPS will boost the electronics sector. Rural sector gets a
boost with increased allocation to MNREGA.
The agenda for the
year to `transform, energise and clean India’ is indeed noteworthy.
Government's commitment to lift 1 crore people out of poverty by 2019 is
commendable.
Government's steps to
promote digital economy post demonetisation are very logical and will boost
formal economy.
Overall, this is a
very good budget. Adherence to fiscal discipline, with emphasis on growth, development, increasing
infrastructural and rural spending, and encouraging formal economy are key
aspects of the budget.
Besides, there is
focus on timely implementation and execution effective April 1 2017 as
the Budget has been brought forward by one month, and combining Railway budget
with Union Budget is a historic move.
Rostow Ravanan, CEO and MD, Mindtree
says,“Several measures introduced
in the 2017 Union Budget are an important step towards building India into an
important digital economy. This budget has made special provisions to ensure
greater financial growth, with emphasis on enhancing cybersecurity in finance,
and bringing greater coordination and transparency between departments. The
Computer Emergency Response Scheme is a great initiative which will smoothen
coordination between finance regulators. The push to drive adoption of mobile
and an Aadhaar-enabled payment system will help bring in greater financial
inclusion amongst citizens.
Additionally, IT exemption
for start-ups will help reduce income tax for smaller companies with a turnover
less than Rs 50 crore, which we believe will significantly improve the ease of
doing business for smaller businesses and start-ups in India. There has also
been a revision in personal income tax rates which will boost consumption to
some extent.
The new budget has also
made provisions to raise India’s innovation quotient, through the setting up of
an innovation fund to encourage and fuel innovation amongst youth. The budget’s
focus on making education more accessible to educationally backward blocks,
along with the steps taken to ramp up the Skill India Mission will also help in
maximizing the potential and capabilities of youth in the country.”
Rishi Bhatnagar, President, Aeris says, “Overall a very positive budget. Reduction of corporate tax rates from 30% to 25% for MSME firms will
definitely encourage investors and corporates. Some of the steps taken will
definitely increase foreign direct investment and lead to employment generation
which will be good for country.”
Surendra Singh – Country Director, Forcepoint says, “We appreciate and welcome the Finance
Minister’s announcement on setting up a Computer Emergency Response Team (CERT)
for the financial sector made today during Union Budget 2017. It
reaffirms Digital India’s long term commitment towards securing consumer’s
against cyber frauds. We believe that this initiative will help to strengthen
security of the financial sector amid the increasing incidents of cyber frauds
thereby protecting the consumers of various financial institutions”.
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