Dr Anand Bansal, Medical Director at Action Group of Hospitals said, “Amid COVID 19 pandemic the sudden and unprecedented changes the world had to go through, this budget was keenly awaited especially for the announcements in regards to the health sector. Healthcare is certainly a top priority of this budget as 137% hike in health & wellness budget has been announced. Our health sector needs more expenditure and infrastructure development.
With the announcement of PM Atmanirbhar Health Yojana worth around Rs. 64000 crore we are certainly going to witness more inclusive growth in our healthcare in upcoming years, which is full of challenges in the current scenario. Also the amount of Rs. 35000 crore announced for COVID 19 vaccine will strengthen this fight against pandemic. As per health concerns this budget is satisfactory and full of vision, considering the challenges our healthcare is facing, things will surely need time to reflect results on a larger scale”.
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Cdr Navneet Bali, Regional Director, Northern India, Narayana Health said, “The Union Budget this year has clearly announced the paradigm shift in the way we look at the health and wellness in our country. From 137% increase in healthcare budget allocation to Rs. 64180 crore spending in next 6 years towards the ‘PM Atmanirbhar Swasth Bharat Yojana, this is a movement towards making our country more aware about wellness and ensuring that our citizens are more productive. When a country has more productive and healthy citizens it manifests into everything that we do and this budget typically has shown a direction towards how we are headed in the next five to 10 years.
Setting up of health and wellness centres in rural and urban India, having integrated public health labs, having a nationwide Pneumococcal vaccine which will prevent deaths of over 50000 children to the announcement of Rs. 35000 crore towards vaccines, I think these are very important and critical steps towards that direction. Along with that thinking about clean air missions in 42 urban areas with a million plus population, setting up of critical care hospital blocks 602 districts in India; I think these all are very important steps which will strengthen our healthcare. I think this budget points out that along with spending on treating illness it is also better for the country to work towards wellness and make the citizens healthy and productive. In that way I think this is an extraordinary and great Budget”.
Union budget 2021 – 22, announced by Hon’ble Finance Minister today reassures the country that the Government will take all steps necessary for a post pandemic economic revival and lay’s path towards realization of aspiration of making India a 5 $ Trillion economy by 2024. As mentioned by the Hon’ble FM, 2021 is truly a historic year as India celebrates 75th year of independence.
Mr Satish Magar, President CREDAI National said “Increased allocation to healthcare with 35000 Crore for COVID vaccine in FY 21 – 22 will ensure that the vaccine reaches the most vulnerable sections of our country and it will in turn improve the overall customer sentiment and buying behaviour, aiding the revival of the economy. Continuous focus on expanding highways, developing infrastructure, road & rail transport, metro rail projects shall play a crucial role in connecting all corners of the country further boosting demand for housing in these areas, thereby promoting economic activity and job creation.”
Mr Jaxay Shah, Chairman CREDAI National said “This is clearly a budget for growth with next level reforms, focusing on the healthcare, infrastructure and financial sectors and establishes a stable tax regime and higher borrowing for CAPEX. The Budget 2021 – 2022 has laid the stepping stone for India’s post-COVID revival mission and has placed India on a global map in terms of resilient economic growth.”
In line with CREDAI’s recommendation Hon’ble FM announced an extension of tax holiday for affordable housing projects for another year till March 31, 2022 and deduction on payment of interest to buyers also has been extended for one more year. This will boost overall demand for affordable housing and it has been the fastest growing segment for the real estate sector.
To increase liquidity and access to required funding for the real estate sector, announcement of setting-up of a developmental financial institution with Rs 20,000 crore and allowing FDI of up to 74% in insurance, separate administration structure to promote ease of doing business are welcome steps. Announcement of Asset Reconstruction Company and Asset Management Company to help banks tackle bad loans will reduce the pressure on banking sector as NPAs shall now be handled by these entities.
Proposed amendments to allow debt funding through REITs, InvITs shall help in attracting more investments in Real Estate & Infrastructure sector. The proposal to make dividend payments to REIT and Invit’s exempt from TDS shall encourage retail individual investors to explore investment opportunities in REITs.
However, popular demands of changes in IT slabs, increasing the limit of 80C, lower home loan interest rates and etc were not announced in the budget. The steps required to ensure more money in the hands of tax-payers to encourage spending was also not addressed. Touching upon the steep hikes in prices of steel and other metals, Hon’ble FM announced cut on customs duty on copper scrap from 5% to 2.5%, availability of essential construction materials with regulated pricing is crucial for the sectors growth. Real Estate shall continue to be the preferred investment option as the announcements made by the FM in the budget will encourage many prospective home buyers to make a positive decision in this year.
Instamojo:
Basis today’s Budget announcement on incentives for boosting digital payments, please find below, inputs from Akash Gehani, Co-Founder & COO, Instamojo. Would be great if you could carry the same in your publication. “The announcements made by the Finance Minister towards the further development of digital payments in India, as part of the Union Budget 2021 are indeed positive. In fact, the allocation of Rs.1500 crore for digital payments is a welcome move, but it is too early to comment on the same. What we should be looking forward to is the implementation of the same. While the funds have been announced it is still unclear how these budgets allocation is going to be used for the benefit.”
WAVE Group:
Mr Manpreet Singh Chadha, Chairman, Wave Group- “The budget 2021 will set the foundation stone for a high growth rate trajectory. With a clear road map for privatization, the budget proposed CAPEX led to a high trajectory growth story.
Retaining tax holiday on Affordable housing projects till March 31, 2022, and the proposal to make dividend payments to REIT and InvIT exempt from TDS is a much-needed relief for the real sector. In a difficult time, it’s a very good budget as it has not changed the tax structure, leaving the disposable incomes at the hand of individual unchanged.”
Lava Group:
It is a historic budget making a mark of the beginning of a new India. Government has given a clarion call to the industry with the announcement of creating global champions from India and backing this strategy with new, “development finance institution”. Now the responsibility shifts to the industry to not only dream but dream big and stand together with the government to make the country progress from poverty to wealth over the next three decades.
-To be attributed to Mr. Hari Om Rai, CMD, Lava International Limited
Indian Chamber of Commerce:
Indian Chamber of Commerce (ICC) would like to present its highest compliments to Finance Minister for presenting a Bold, Growth oriented and historic budget in many ways. By increasing Capital Spending by 34.5% over last year at Rs. 5.54 lakh crore, this Budget aims at Demand Driven Recovery in Output and Employment, the need of the hour. ICC compliments Government for keeping higher fiscal deficit target of 9.5% this year and 6.8% for next year which would be funded through borrowings and disinvestment. Industry would like to thank FM for keeping the taxes more or less unchanged during these trying times. The budget lays strong emphasis on Ease of Doing Business, reduced compliance, Transparency and Trust which is much needed at this time of economic crisis.
This is a budget for a Healthy India with a strong Infrastructure and Industry. Rs 64,180 crore would be spent on Healthcare over 6 years with additional Rs. 35,000 crore on Covid Vaccine in Fiscal Year 2021-22. Roads and Railways have received Rs. 2.28 lakh crore in FY 21-22. Swachh Bharat 2.0 with an outlay of Rs. 1.41 lakh crore would be implemented over 5 years. Jal Jeevan Mission for clean water would get a support for both urban and rural areas. ICC compliments the Government for specific support to Textile, Housing, Fishing, Tea, Agriculture, Energy and others and the PLI Incentives of Rs. 1.97 lakh crore for new Investment. The Budget is in line with Atmanirbhar Bharat Vision of Hon’ble Prime Minister Shri Narendra Modi. In line with the vision, the budget proposes PLI, rationalization of customs exemptions and raises duties on products which can be manufactured in India. Al the same time ensures availability of raw materials for Indian Industry.
ICC welcomes measures like announcement to form an Asset Reconstruction & Management Company; Institution to deal with for NPA/Bad Loans, Decriminalization of provisions related to Limited Partnership Act. Revision of Small Industry Definition – Paid up capital 2.0 Crores & Turnover limit revised. All these will boost liquidity and reduce compliance burden.
Govt.’s commitment to fast track privatization, disinvestment and monetization of unused assets is praiseworthy. ICC feels it is an All Inclusive budget and addresses the needs of all segments of society and economy. A significant humane face is Income Tax Relief for senior citizens aged 75 and above.
Issued on behalf of:
Mr. Vikash Agarwal
President, Indian Chamber of Commerce (ICC)
Razorpay:
Commenting on the Union Budget, Harshil Mathur, CEO & Co-founder of Razorpay, said – “2020 saw an 80% increase in digital payments, especially from Tier 2 & 3 cities, and the Gov. has understandably focussed on capitalising on this momentum and incentivising the adoption of digital payments for the year ahead. I believe the 1500 Cr. incentive announced will open a plethora of opportunities for Fintechs to innovate for the new normal, leading to large scale adoption even in the smallest of towns and villages. I’m hoping the funds will be used towards developing alternatives to Zero MDR policy and initiatives towards bringing digital financial literacy in vernacular languages. These will instil trust in the system and accelerate adoption from MSMEs and entrepreneurs who are apprehensive towards moving money digitally.” He further added, “Fintech in India has grown more in the last ten months than in the last two years, thanks to young Startups who’ve built tailored solutions and addressed markets never served before. And so, easing the norms around setting up of One-Person Companies (OPC), without any restrictions on paid-up capital and turnover, is a good step towards removing barriers to innovation amongst startups. Also, the 1-year extension towards capital gains exemption will provide additional tax relief for startups, enabling ease-of-doing-business in this new order and allowing small businesses to prosper.”
SIMPLILEARN
“Post 2020, we have witnessed the role of technology taking center stage, opening new job opportunities and increasing the demand for a technically skilled workforce. The government’s decision of introducing post-education apprenticeship with an investment of over Rs.3,000 crore towards the skilling of engineering graduates, diploma holders, etc. is definitely a forward-looking proposition aligned with improving employment opportunities for students pursuing different disciplines. However, it would have been encouraging if the government had introduced a reduction on GST for online education services, with learners and teachers alike taking to online skilling programs in view of the demands of the “New Normal”. Another highlight of the Union Budget 2021 is the extension of social security benefits for gig employees. COVID-19 accelerated the growth of India’s gig economy, giving rise to a new genre of employment and employees. All the initiatives announced by the Government of India today, are signs of building a new India for the generations to follow.” – Krishna Kumar, Founder and CEO of Simplilearn
Masai School
“With rapid digitization and online learning defining the days ahead, technology is set to be the prime job creator. The Union Budget 2021 has introduced useful propositions in line with enabling a technically skilled future workforce. The government’s investment towards a robust framework which includes the skilling and upskilling of engineering graduates, diploma holders, and an enhanced focus towards technical skilling of non-science students will aid in paving the path in creating a job-ready workforce in the “New Normal”. However, it would have been advantageous if the Government introduced amendments with regards to the GST cut from 18% to 5% for edtech products, benefitting both learners and edtech companies.” – Prateek Shukla, CEO and Co-founder of Masai School
SENCO Gold and Diamonds:
Mr. Suvankar Sen, CEO, Senco Gold and Diamonds – ” The duty reduction is a good initiative and a support by Govt to reduce unofficial smuggling . It will help the sector to be more organized . The responsibility of SEBI to manage bullion exchange implementation will help in making the gem and jewelry sector more organized . It is a good initiative by Govt to take care of consumers ,company , and manufacturing sector , karigars as well.”
“The Union Budget has made the right sounds by pushing reforms to add infrastructure creation in healthcare and roads. Provisions for MSMEs will give a big boost to the sector that has borne the maximum brunt of the COVID 19 pandemic. Setting up of the long-awaited bad bank will ease the bad loan burden by taking over the assets. This will help the banks focus on credit growth, which was hit because of the Covid pandemic. Asset Reconstruction Company and Asset Management Company to house stressed assets will also help move the bad assets currently lying in the books of Indian banks.
The Rs 20,000 crore capital infusion into public sector banks announced will allow more room for provisioning of bad assets and boost credit growth, provided demand makes a comeback.
It is a budget aimed at growth and exactly what the doctor had ordered for the economy. Government has tried to solve some of the issues by creating employment opportunities. A lot would depend on the execution during the year.”
-To be attributed to Dr. Rashmi Saluja, Executive Chairperson, Religare Enterprises Ltd.
“The Government has announced a number of measures for MSMEs besides more than doubling the allocation for the sector. Several other steps like reduction of customs duty on semis, flat and long products of non-alloy, alloy, and stainless steels is a big boost for the sector that has borne the maximum brunt of the COVID 19 pandemic. MSMEs and other user industries had been severely hit by a recent sharp rise in iron and steel prices. Further measures for metal re-cyclers will also provide the necessary relief to the many MSMEs working in those sectors.
However, we feel that the government should have considered to address the long pending demand of MSME sector to simplify GST and reduce the tax rate from 18% to 5% on professional services.”
-To be attributed to Mr. Pankaj Sharma, CEO, Religare Finvest Ltd.
“It is heartening to see that the government has finally addressed the long-standing demand of the industry by increasing FDI limit in insurance sector from 49% to 74%, subject to specific compliance. This move will allow foreign ownership and control safeguards, help liberalize the sector and improve penetration. The limit hike will also attract enhanced capital flow to the sector and help insurance companies to raise funds.
However, as mentioned by the Minister of Finance, the execution of the proposal will require amendments to Insurance Laws Act 2015 and Insurance Act 1938.”
-To be attributed to Mr. Mayur Dwivedi, Head – Business Strategy and M&A, Religare Enterprises Limited
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