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Know the industry leaders views on Union Budget Reaction 2020

Know the industry leaders views on Union Budget Reaction 2020 1

Reaction to Budget 2020- Mr Amit Saraogi, MD, Anmol Feeds Pvt Ltd.

We welcome the measures taken in the Union Budget 2020-2021 pertaining to the agriculture and fisheries sector. I have always maintained that fish is the highest and easiest profit-making commodity and it is a sector that can provide employment to numerous youths. The government has also realized the potential of the sector and proposed schemes that will not only benefit the sector but the overall economy of the country.  Adequate focus has been given to the marine fishery resources as well.

 Ashim Sachdevae, regional Vice President – South Asia

  1. Education
    1. While recognizing that the scope for a very large real increase in allocation to the Education sector was limited, the proposed allocation of Rs.99,300 crore for education does seem a tad disappointing as it is virtually flat in real terms if one factors in expected inflationary impact of 4.5%.
    2. The focus on skilling and vocational education is an encouraging step. The proposal to have 150 HEIs offer an apprenticeship related degree/diploma could help to overcome social taboos against blue-collar skilling and encourage more youngsters to opt out of pursuing general degree courses for white-collar jobs.
  1. Education Technology
    1. One would have liked to see greater thrust on providing incentives for adoption of education technology solutions for better student outcomes. While GST rates are not within the purview of the Union Budget, it would have been a positive to hear about proposals for reviewing GST rates applicable on subscription of educational technology solutions.
    2. The announcement about the launch of full-fledged online degree courses by HEIs ranked in the Top 100 of the National India Ranking Framework is again a welcome but baby step towards creating an infrastructure for making cost-effective higher education opportunities available to a larger number of youngsters. However, much more would be required to ensure consistent pedagogy and quality outcomes.

Ms. Rupal Dalal, Executive Director, JD Institute of Fashion Technology

Education in India is one of the critical sectors, which demands to be revamped and taken care of in terms of its quality and structure. Under the Union –budget 20-2021, FM, Ms. Nirmala Sitharaman allocates Rs. 99,300 Crores for Education sector in FY21, which is highly appreciable and will be marked as the boon for the education industry. India has the largest working population in the world and keeping the current economic scenario in mind, the government has directed the focus primarily on the skill development. And it has allocated a lofty amount, around Rs. 3,000 Crs for the development of skill’s programs. With an aim to ensure and make education accessible to everyone, irrespective of financial and social background, geographical boundaries, the government is planning a degree-level full-fledged online education programs to be offered by institutes in top 100 in National Institutional Ranking Framework for both the rural and urban sectors. We welcome the intent in this budget of a New India that attempts to make the country as one of the leading destinations for higher studies in the world as well as the place for cutting edge innovation. Under the 20-2021 budget, the government is planning to initiate IND-SAT exam for Asian and African students for scholarships, to promote ‘Study in India’. Being an educationist, we are welcoming the thoughts and the novel educational policy implemented by the government of India.

Shaheen Mistri- Founder & CEO, Teach For India

“We are encouraged to see the government’s commitment towards ensuring quality education in India. While this year’s budget was mainly focused on higher education, we are hopeful that the yet to be announced education policy will put the spotlight on primary education, crucial to the formative years of students. For the government to achieve its vision of an India where all children get an excellent education it will be crucial to incentivize states to improving learning outcomes of students and invest in leadership for education.” Shaheen Mistri- Founder & CEO, Teach For India

Rishi Chandiok, Regional Director (South Asia), QNET Ltd

“This is a positive budget with good balance supporting the digital revolution, industry and individual citizen. The allocation of 69,000 crores towards better healthcare for tier 2 and 3 towns, is a welcome move. The government’s focus on promoting entrepreneurship through better policy and better access to funding will boost innovation in the country. Reduction in personal tax will boost saving and enhance spending power of the middle-income group. Overall, we are positive about the measures taken in the budget to take our economy forward.”

Mr. Sanjay Jain, Managing Director, Siddha Group 

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. Nakul Himatsingka, Managing Director, Ideal GroupThe 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.  

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