Emirates Honours Distinguished Employees at the 12th Annual Najm Chairman’s Awards

Emirates Group's 26 employees received the organisation’s most prestigious recognition at the Najm Chairman’s Awards held last week. The awards recognise employees whose work and actions are characterised by a strong work ethic, a spirit of innovation, extraordinary acts of bravery and selfless teamwork. 

The winners included Morteza Monfared, an Emirates Customer Services Supervisor. He was boarding passengers for a flight from Dubai to Kochi, when a panic stricken family rushed towards the gate, crying that their child had become unresponsive. Morteza sprang into action, positioned the child on the floor and immediately performed CPR to help the child. By this time, the medical team had arrived on the scene and took over. Morteza’s quick thinking and prompt action resulted in saving the life of the child.

His Highness Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief Executive of Emirates Airline and Group, presented the coveted ‘Najm Chairman’s Award’ to six individual and team achievements at a ceremony that took place at Emirates Group Headquarters today. The ceremony was attended by hundreds of colleagues, as well as friends and families of the honourees, and streamed live to thousands of employees around the world. The winners also received a monetary award for their contributions.

Applauding the exceptional employees on their wins, HH Sheikh Ahmed said: “Our people are our greatest asset, and the Najm Chairman’s Awards honourees are a perfect example of how Emirates Group employees live the values of our organisation, and with their powerful passion and initiative help drive our business and reputational momentum forward. We are grateful for the example they set everyday in helping to make a difference for customers, for their fellow colleagues and for our businesses around the world through their dedication and commitment to excellence. Today, we celebrate their achievements and contributions which truly embody the Emirates Group’s can-do spirit.”

Najm, which means ‘star’ in Arabic, has been the Group’s employee recognition and reward programme since 2007. The Najm programme has different award tiers which recognises employees all year round for their excellence, commitment and innovation, and going above and beyond their roles to make a difference. This year, the Emirates Group recognised over 14,000 employee achievements through the programme.

The ‘Najm Chairman’s Award’ is the highest accolade at the Emirates Group, and nominated employees and teams undergo a rigorous process which is vetted and screened by department heads and senior management. Since 2008, 73 Najm Chairman’s awards have been given out to employees across different departments at the Emirates Group.

Phenomenal Acts and Exceptional Initiatives
The Najm Chairman’s Award 2019/2020 winners were honoured across a range of extraordinary achievements - saving lives, dedicating their time to create innovative solutions for the business and operation, overcoming overwhelming challenges through teamwork, and delivering service excellence.

Going beyond the call of duty for a sick customer

Mohammed Imamuddin was doing his mailing rounds when he heard a colleague from Emergency Response Planning call out to him urgently. An elderly passenger, who was in transit to Dhaka, had just collapsed from a heart attack, and the colleague was attending to him. The passenger and his wife could only speak their own native Bangla. Mohammed immediately rushed to assist as a translator for the passenger and emergency services. However, his assistance to the sick passenger did not end there. Mohammed also used his personal time to visit the passenger at over the next 10 days of his recovery in Dubai. He helped to translate and communicate the passenger’s requests to the travel agency in Dhaka as well as other government agencies. He contacted the passenger’s family, and kept them updated on the passenger’s condition. Mohammed even took the time to prepare homemade Bangla dishes for the passenger. Mohammed’s generosity and care for this passenger went above and beyond his work responsibilities.

Selfless teamwork results in aircraft recovery in harsh conditions

Omar Al-Samarrai, Mook Park, Giovanni Scalsi Riquelme and Andre Weidlich were recognised for the recovery work they led after an emergency diversion to Goose Bay Airport Newfoundland, Canada. Challenges mounted as the airport lacked the resources and facilities to cope with the large aircraft and volume of customers onboard. However, this did not deter the team who effectively managed the situation, and took care of customers. Buses were arranged to transport groups of passengers to the terminal and updates communicated on an ongoing basis until the replacement aircraft arrived. Despite several obstacles along the way, the flight deck and cabin crew’s teamwork was instrumental in delivering outstanding airmanship and decision making to ensure the comfort and safety of passengers.

Developing The Hub Monitor

To improve on-time aircraft turnarounds at the Dubai hub, a group of team members from Emirates Engineering, IT, Operations Research & Effectiveness, dnata Airport Operations, Flight Operations and Operations Control collaborated and worked with agility and tenacity to deliver an application that tracked turnaround activities in real time, proactively identifying causes for potential delays, which provided significant benefits to the airline’s operation and saved the company millions of dirhams.

Toyota Kirloskar Motor Facilitates Skill Training to Trainers from Government Training Centres

 

In line with its consistent efforts to contribute to the skill development mission of India, Toyota Kirloskar Motor Pvt. Ltd. today concluded a training to the Principals and Instructors of Government Tool Room and Training Centers (GT & TC), Government of Karnataka. The three-day Train-the-Trainer (T-3) program “Kaushalya” was organized at its factory premises from 29th-31st January 2020 which aimed at developing competitive spirit among the Principals so that they prepare their students for the World Skills Contest.

The occasion was graced by Dr. S. Selvakumar, IAS, Secretary, Department of Skill Development, Entrepreneurship and Livelihood, Government of Karnataka, Mr. H. Raghavendra, IRPS, Managing Director of GT & TC and Karnataka Vocational Training and Skill Development Corporation (KVTSDC), Government of Karnataka, Mr. G. Shankara, Associate Vice President, Human Resources and Services Group of Toyota Kirloskar Motor and Mr. Roshan R, Principal of Toyota Technical Training Institute.

During the training, the instructors were provided with inputs on the Toyota Way of People Development, principles of lean manufacturing and a visit to the state-of-art car manufacturing plant in Bidadi. Instructors also got a chance to observe the functioning of the Toyota Technical Training Institute (TTTI), a unit certified by the Japan India Institute for Manufacturing (JIM). Besides, skill contests for the participants gave them hands-on-experience on the nuances of developing skills among youth with a competitive spirit.

In addition, GT & TC has also partnered with Toyota to further train their students in preparing them for the State Level Skill Contest, which is a qualifying contest for participating in the National Level Skill Contest and World Skills Contest. This five-day residential training will focus on developing knowledge, technical skills, competitive spirit and body and mind of the students. Training to students will be imparted during February 2020 by certified trainers of Toyota Kirloskar Motor.

Commenting on this unique initiative, Dr. S. Selvakumar, IAS, Secretary, Department of Skill Development, Entrepreneurship and Livelihood, Government of Karnataka said, “Through Information, Education and Communication activities, Government of Karnataka has been able to mobilize more than 10,000 youth to participate in the qualifying process for the World Skills Contest. The role of Principals and Faculty is key for identifying and harnessing unique and hidden talent among the youth. We are thankful to Toyota Kirloskar Motor for facilitating such skill development programs for our trainers who would further play a vital role in enhancing the employability potential of the future workforce. Through these endeavors, our aim is to make Karnataka Skill Capital of the World”.

Sharing his thoughts on the collaboration, Mr. G. Shankara, Associate Vice President, Human Resources and Services Group said “Due to industry-institute gap, there is dearth for skilled youth. Toyota has established model training institute like Toyota Technical Training Institute (TTTI), through which we develop knowledge, skill and attitude of the youth with On-the-Job Development exposure in the automobile industry. We would like to share our know-how of people development to the entire country, thereby contribute to the society and achieve our vision of Grow India and Grow With India.  It is our commitment to work together with Government and contribute to ‘Make in India’ and ‘Skill India’. We are honored to facilitate skill development training to the Principals and Instructors of Government Tool Room and Training Centers from across the State, who will further impart industry relevant training to the youths to secure a better livelihood. Through this approach, we can ensure that larger number of youth are trained with employable skills and ensure sustenance in the skilling ecosystem”.

Other Skill Development Initiatives by Toyota

Over the years, Toyota has undertaken several holistic skill initiatives for the development of skilled manpower that ensures a secure and steady flow of qualified human resources not only for the company but also for the industry as a whole. Toyota’s Vision is to “Create a Learning Organization” by developing competitive human resources among all stakeholders and thereby contributing towards business sustainability. Besides TTTI, Toyota have curated some dedicated initiatives to nurture a contingent workforce for all their stakeholders:

Toyota Technical Education Program (T-TEP):

Launched in India in 2006, the Toyota Technical Education Program (T-TEP) is a part of the company’s Corporate Social Responsibility (CSR) activities in line with the skill enhancement projects that TKM has been undertaking to bridge the skill gap faced by the Indian automotive industry. T-TEPs are established as a result of partnerships with industrial and technical training institutes across India to impart automotive trainings – General Repair, Automotive Body Repair and Automotive Paint Repair, thus, developing a highly-skilled technical workforce with bright career opportunities in the industry.  With this program, TKM has been able to enhance the skill sets and employability of ITI students exposing students to the latest technology in automotive repair and on-the-job training at nearby Toyota Dealerships. Aligned with Government of India’s ‘Skill India Mission’, under Toyota Technical Education Program Toyota has associated with 49 ITI/Diploma institutes across 17 states in India benefitting 8000 students till date. Additionally, Toyota is also making dealers capable in providing short term skill-oriented training program utilizing 13 Dealer Centralized Training Centre [DCTC] across India benefitting over 2000 number of students across India.

Toyota’s Gurukul (Skill Development Centre)

Focuses on developing the skills of new entrants to the organization. There are three levels of training – Fundamental Skill, Element Work and Standardized Work training. Micro-level training helps the employees to develop skills to manufacture world-class cars.

To develop skill culture among its employees, Gurukul organizes “Skill Olympics” at Company-level. Gurukul trained employees also take part in Skill Contest held at Asia Pacific level and Global level. TKM has secured second position in terms of skill performance in the Asia Pacific region among Toyota affiliates. Gurukul further trains the supplier and dealers in the stakeholder value chain in terms of skill development and human resources development.

Russian Helicopters to Present its Civilian Line at Defexpo 2020 in Lucknow from Feb 5-9, 2020

Russian Helicopters Holding Company (part of Rostec State Corporation) will exhibit a line of its latest civilian helicopters at the Defexpo international exhibition to be held in the Indian city of Lucknow from February 5 to 9.

The light multipurpose Ansat helicopter, as well as heavy Mi-171A2 and Mi-38, will be available to the show guests and participants for viewing at the Russian Helicopters stand. In addition, the holding company experts will present an after-sales service system for Russian-made helicopters to potential customers.

"India is one of the largest operators of Russian-made rotorcraft, and Defexpo provides an excellent opportunity to discuss further steps in developing our cooperation. Besides the project aimed at localizing the Ka-226T helicopter production, such issues as the supply of new civilian helicopters and maintenance and repair of previously delivered rotorcraft are becoming increasingly important. Today, the fleet of Russian and Soviet-made helicopters in India exceeds 400 units," said Igor Chechikov, head of the Russian Helicopters delegation, Deputy Director General of the Russian Helicopters Holding Company for Aftersales Service.

The light multipurpose Ansat helicopter is equipped with two engines and can be used for passenger transportation, cargo delivery, environmental monitoring and as an ambulance aircraft. Ansat has successfully passed high-altitude tests, which proved that it is suitable for use in mountainous terrain at up to 3,500 meters of altitude, as well as climatic tests, which confirmed its operability in a temperature range between -45° and +50° С.

Mi-171A2 is the newest multipurpose heavy class helicopter which combines the unparalleled experience of operating Mi-8/17 type helicopters and cutting-edge technical solutions. The rotorcraft is equipped with new engines with a digital control system, a high-performance carrier system featuring composite blades and an improved aerodynamic layout.

The heavy multipurpose Mi-38 helicopter can take on board up to 30 passengers, or up to 12 passengers in a VIP cabin configuration. The flight range of the new helicopter is up to 880 kilometers. Mi-38, whose maximum takeoff weight is 15.6 tonnes, can carry up to 5 tonnes of payload on board or on an external sling.

Manipal Hospitals Whitefield Organized Basic Workshop on ECMO

Department of Critical Care at Manipal Hospitals Whitefield  organised a Ecmo basic workshop . Didactic lectures on various topics related to care of ECMO patients and hands on workshop was conducted.

The workshop witnessed several delegates particpating at the event from across specialities like Intensivists, training fellows, critical care nurses and perfusionists. Dr. Rajesh Mohan Shetty, Dr.Rajavardhan R, Dr. Manjunath T and Dr. Nithya CA , consultants critical care, Manipal Hospitals Whitefield. The ECMO survivors too participated in the workshop and shared their experience of timely use of ECMO successed in saving their lives at Manipal Hospitals Whitefield.

The didactic lectures were organised on various topics like : Physiology of ECMO and basics , indications/ types techniques for accesss, know cardio help and cannulae, know cardio help and cannulae, care of ECMO patient, hypoxemia in VV ECMO. To provide a more hands on workshop to deal with ECHMO patients various topics were covered like; priming of circuit, trouble shooting in cardio help and concentrating on V ECHMO.

Dr. Rajesh Mohan Shetty, Consultant Critical Care at Manipal Hospitals Whitefield said, “Extra Corporeal Membrane Oxygenation (ECMO) is a boon in the form of a machine which acts as a heart – lung bypass. It can support and perform the functions of the lung and the heart, individually and together. The ECMO circuit acts as an artificial heart and lung for the patient during ECMO therapy. It is important to be aware of the usefulness of ECMO for health professionals as well as families.”

Dr. Rajavardhan R, Consultant Critical Care at Manipal Hospitals Whitefield said, “ We had 3 cases who were extremely critical and the timely use of ECMO was helpful in saving their lives. The first case was of Mr. Murugan a 50-year male civil contractor who was admitted with severe fever, cough and breathing difficulty. Initially, he was treated with antibiotics, flu medicine (oseltamivir) and oxygen. Because of increasing breathing difficulty and decrease in the oxygen level, he was put on a ventilator. He was then put on resting lung ventilation and his kidneys had failed as well. When his condition improved, he was removed from ventilator and kidney function improved post dialysis .Initial few days he needed regular follow up with nephrology, plastic surgery team. He is now independent, doing his routine work.”

Dr. Nithya CA , consultants critical care, Manipal Hospitals Whitefield said, “ ECMO plays a very critical role and is a savior . We had Mrs.Lakshmamma, a 37-year-old female homemaker was referred from an outside hospital with a history of fever, cough and cold on 10/08/2019. Initially, she was treated with antibiotics, flu medicine(oseltamivir) and oxygen. Even on ventilator full support, her oxygen levels did not improve, the family was given the option of initiation of ECMO- family agreed for the same and she was initiated on ECMO. She was put on resting lung ventilation. Her condition gradually  and she was taken off the ventilator. Initial few days she required oxygen therapy, nebulization because of cough. Now she is independent doing all her routine, including taking her of kids.”

The third case was of Mr. Prashanth Kumar, a 34 year old who works with G4S secure solutions as assignment manager had come with complaints of fever, cough, and breathlessness on 20/12/2019. Initially, he was treated with antibiotics, flu medicine (oseltamivir) and oxygen. Even on ventilator full support, his oxygen levels did not improve, the family was given the option of initiation of ECMO- family agreed for the same and he was initiated on ECMO. He was put on resting lung ventilation. However, he was weaned off ECMO but he was discharged with oxygen to home. He longer requires oxygen now.

India Inc Views on the Budget 2000 Across Industry Tech Sectors

Supria Dhanda, Vice President and Country Manager, Western Digital India sharing her perspective on today’s budget announcement.

“With the announcement of the Budget 2020, it is motivating to see the initiatives to further advance the technology sector. We look forward to collaborate with the Government and industry to fuel the vision for data-centric innovations. The government’s plan to enable the private sector to build data center parks across the country highlights the huge potential of data. Addressing the need for technology and stressing on the importance of AI, Analytics and IoT will enable the country to embrace the technological advancements required to succeed today. We are happy to see the Government’s efforts to drive a positive change and position India as a technology leader.” said Supria Dhanda, Vice President and Country Manager, Western Digital India", said Supria Dhanda, Vice President and Country Manager, Western Digital India.

IDSign, a Bangalore-based digital signing and verification management startup.

Naveen Chava, CEO, IDSign reacted, "With today's union budget themed around three strong aspects- Aspirational India, Economic Development and Caring Society, the Government of India has reassured its promise in promoting the Indian startup ecosystem for a vibrant and inclusive economy. The proposals aimed at bringing fundamental structural reforms and digital governance such as setting up investment advisory cell online to help young entrepreneurs with faster clearance and launch of seed fund to support early-stage startups come as a major booster for the sector. The decision to relax much-awaited Esops is a laudable move which will now help startups to attract new talent pool. Additionally, the allocation of 3000 crore for development of skill India programme testifies the government's urge to embrace the proliferation of future-readying technologies- Analytics, IoT, AI  Quantum Computing and so on among rural youths to make them part of digital India. Also, the government's step to mandate aadhaar-based verification on indirect taxes would certainly widen lucrative business opportunities for companies like us operating in the area of digital signing and verification management."   

We welcome and feel motivated with the budget announced today by FM highlighting ‘Technology’ as one of the important pillars that will help in making India a $5 Tn economy soon. Triggering the digital revolution with use of new-age technologies like IoT, AI and Machine Learning in economic, healthcare and agriculture development, government should also focus on using the allocated funds for automation and mechanisation in these fields. With these initiatives, technology companies like Aeris will be able to provide IOT technology services like  efficient waste management and higher productivity in the field of agriculture, utilities, finance, asset assurance  and fleet management and more.  On the other hand, the new budget initiatives positively addressed the skill-gap problem. The upcoming digital era presents a complex skilling challenge with a clear need to develop the skillset. The apprenticeship embedded degree, online education program and study in India program will equip the upcoming Indian professionals with the essential knowledge and competencies to navigate the data-driven world of tomorrow. Having said that, we are excited to see the next steps on how the plans are being executed.” Dr Rishi Bhatnagar, President, Aeris Communications.

“We laud the budget presented by Hon'ble Finance Minister Nirmala Sitharaman. The budget has clearly recognized the importance of Talent, Technology and Entrepreneurship in the growth of the country. It is commendable to see the continuous commitment of the government to bridge the skill gap and to develop India's large talent pool, for which the govt. has allocated INR 3,000 crores towards skilling. Technology is a given and digital technology is the force driving the turmoil for this industry, whose future is yet to be unleashed. The proposal of a policy to set up data centre farms throughout the country will push more efficiency on data, as data is the new oil, but right now it is in the form of crude oil. The budget also focused on the national mission for quantum computing and application, this will position India with globally elite countries. India would probably be the third biggest and a pioneering nation if we can break into this technology. It is also commendable to see an extra push given to the manufacturing ecosystem in the country. The budget 2020 is a step forward in achieving the nation’s goal of a $5 trillion economy.” Said Dharmender Kapoor, CEO & MD, Birlasoft.

Subrat Mohanty, Group President, Manipal Education and Medical Group (MEMG) remarks, The Union Budget 2020 has boosted the education sector with the allocation of INR 99,300 Cr. We, at the Manipal Group, are heartened by the government's investment (of Rs 3000 Cr) in the skill development sector. We believe it will bring focus on some new age skills that will be invaluable in training the world's largest working-age population.

Another progressive change we look forward to is that degrees can be taken online and will be offered by the Top 100 NIRF ranked institutes. As a NIRF Top 10 institute with strong tech credentials, we believe this change will have a significant impact in the coming years. The proposal by the FM to attract external commercial borrowing and FDI into the education sector would boost funding and thus infrastructure in the educational institutions in the country.

Also, the announcement that the government will hold an IND-SAT exam for Asian and African students for scholarships to ‘Study in India’ would help internationalise the Indian student community. It will also help build India's reputation as a leading global education destination.

Start-up
Kushal Agarwal, Co-Founder & Chief Strategy Officer, XOXODAY
The Department for Promotion of Industry and Internal Trade (DPIIT) has suggested several measures to the finance ministry for start-ups in the Budget. The initiatives in Esop vesting is a big relief for employees who want to join startups and for companies to hire high-quality talent by offering esops. We also look forward to Income tax brackets improvements will further benefit with disposable cash flow for individuals and help boost spends in economy. The budget could have been better from structural reforms to boost levers for growth which is in struggle now.

Education and Design Tech
JD Institute of Fashion Technology- Nealesh Dalal - Managing Trustee
"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.”

Education and HR
Ambrish Sinha, CEO, MeritTrac Services
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.

Education and Skilling
Vishwanathan Iyer, Professor – Finance Area, Associate Dean (Academics), TAPMI
“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”

Rajiv V. Shah, Professor, Chairperson-Finance Area, TAPMI
“The focus on transport infrastructure development is welcome and needs to be pushed forward with even more vigour. This leads to immediate benefits such as employment, and in the long run, also helps to develop the economy through reduced transportation costs and improved connectivity. The proposal to rationalize the tax structure by giving an option to pay tax at reduced rates if deductions are not claimed can be a double-edged sword. On the one hand, it definitely leads to simplification of the return filing activity and saving manpower and energy on verification of claims of deductions. However, it can also lead to a shift in the investing and savings pattern of the taxpayer as the current investments have the added benefit of tax savings built into the returns. This could possibly be replaced by other savings options or even enhanced spending. While this could be beneficial in the short run, it could affect the post-retirement corpus building activity.”

Budget Has No Direct Impact on Real Estate, Focus Continues on Infrastructure and Revival of Consumer Demand

The Union Budget announcement will continues to focus on affordable housing and infrastructure, more specifically, urban infrastructure and logistics.  However we do not see significant impact on the realty sector.

Keeping in mind the limited fiscal room available to the Government, the focus of the Budget is to increase liquidity and enhance consumer demand through extension of benefits and simplification of personal income tax.

·         Emphasis on ‘Study in India’

o   Will provide a significant boost to student housing which is set on a higher growth trajectory

·         Private sector policy on data centre parks across the country

o   JLL estimates USD 4 billion investment opportunity for data centres

o   Industry capacity to grow from 350 MW in 2019 to 781 MW in 2024

o   Industry revenue to triple in the next five years to USD 3.2 billion in FY 2024

·         National Logistics Policy and viability gap fund for development of Warehouses

o   To provide impetus for increasing warehousing supply

o   Supply expected to rise from 211 mn sq ft in 2019 to 379 mn sq ft in 2023

o   Net absorption of 36 mn sq ft in 2019 to get further boost

o   Single window clearance to expedite supply as approval time expected to reduce by 6 months

·         NBFC eligibility for SARFAESI Act reduced from INR 500 cr to INR 100 cr Assets Under Management

o   To empower more NBFCs to recover funds in stalled real estate projects

o   Provide opportunity for funds to invest in stressed assets

·         Enhanced focus on infrastructure - INR 1.7 lakh crore allocated to transport infrastructure including railways

o   Delhi-Mumbai expressway to be completed by 2023

o   Bengaluru-Chennai expressway to be completed by 2023.

o   Government to provide 20% equity for Bengaluru Suburban Transportation Project

o   100 more airports to be developed by 2024

o   5 new smart cities proposed

Continued focus on affordable housing

·         Extension of benefit u/s 80EEA to avail additional INR 150,000 interest deduction on home loans for first time home buyers

o   This benefit (currently available for home loans sanctioned between April 1, 2019 and March 31, 2020), has been extended until 31st March 2021. This will continue the benefits the first time home buyers.

o   Considering that a majority of home buyers fall in the lower and mid-income segments, this tax benefit will boost demand substantially.

o   Will significantly benefit first time home buyers who will enjoy the benefits of interest subvention under the CLSS scheme and the extended tax benefits.

·         Time extension to claim 100% tax deduction on profits from affordable housing projects until March 2021 u/s 80IBA

o   This extension in the dateline will ensure continued interest of developers for the construction of affordable housing projects and help achieve the “Housing for All” objective of the government.

·         Abolition of Dividend Distribution Tax and 100 % tax exemption for Sovereign Wealth Funds infrastructure investments with minimum lock-in of 3 years

o   Investments in logistics and warehousing to get boost

o   Investments in affordable housing projects to get more fillip

Budget 2020: Positive Reaction from the Startup Industry W.R.T. Deferring ESOPs by 5 Years

With the bold step by the finance minister - Nirmala Sitharaman in Budget 2020, startup fraternity is really happy with regards to the deferring of ESOPs.

“We welcome the specific focus on startups in the budget as the engine of innovation and creativity in the economy. The creation of digital platform for managing and filing of IPRs is something our country needed as the IPR laws are still not very well defined and we welcome this move with full support. One area where we would have liked more focus from the budget was around providing a simple platform for startups to manage their foreign exchange and remittances. The current banking processes around foreign remittances (both incoming and outgoing) are extremely cumbersome and can be made easier for registered startups to enable more focus on innovation and exports rather than dealing with paperwork and regulation. The deferment of ESOP taxes is something that should have been done even earlier as many employees do not cash in or do not sell their ESOPs for a long time hence should they should not be preemptively taxed. Regarding the tax breaks, while a 3 year income tax exemption is a welcome move, this period can be extended to 5 years which would give the startups more time and runway to invest in digital disruption." - Siddharth Goenka, Founder and CEO of Aiosell Technologies

"For Startups, deferring the ESOPs Tax by 5 years and a provision for seed funding is a vital impetus towards boosting the small business sentiment and centrifugal to India's $5 Trillion vision by 2025" - Vikramjit Singh Sahaye, Founder and CEO, Hiring Plug. 

"One of the core reasons behind a successful startup is the ability to hire from a very talented pool and to keep them motivated during the long and hard journey of scaling. This is the reason why startups from hubs like Silicon Valley grow up to become world-renowned and add value to society at large. The tax deferment on ESOPs will prove to be one of the significant factors and levers in motivating growth-enabling employees, a great step in helping startups in India to scale by hiring and retaining them! Reforms like these give more power to the Indian startup hub to make a mark on a global scale and contribute towards India's $5 Trillion vision by 2025." - Vivek Goyal, Co-Founder, PlayShifu

"Deferring the ESOPs in startups by 5 years is a thrust that will surely advance the business sentiment and help reorganize the sector and this is very much centrifugal to India’s $5 Trillion vision by 2025." - Shubhendu Sharma, Founder and COO, Wifi Dabba.