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Union Budget 2020 applauded by industry leaders

Union Budget 2020 applauded by industry leaders 1

P.Srinivasavaradhan, President, TVS Srichakra Ltd

QUOTE : We welcome the steps on revisions in personal income tax slabs under the new tax scheme, with the changed direct tax structure some surplus income will be available which can drive consumption. These are key to boost manufacturing and revive consumer sentiments. Major fund allocation for infrastructure, warehousing and  logistics through rail, land and air will allow manufacturers to strengthen the business footprint domestically and are in line with international best practices. Will make India more competitive globally in the years to come. Consumers who had deferred their purchases now hold the key to aid growth in the automobile sector as well as the auto components sector. The economy can look forward to be buoyant and we are glad that the government in this budget has introduced steps in different areas to reduce the stress on the manufacturers as well as the customers. Government’s step to extend support in the areas of technology upgradation, R&D will boost the auto component sector.

Dr. Chandrakumar, Executive Chairman & Managing Director, Kauvery Hospitals

QUOTE : It is really encouraging that the government is trying to promote growth of hospital infrastructure through PPP mode across 112 districts in tier 2 and tier 3 cities, through Viability Gap Funding Window, which will help in improving the accessibility of quality healthcare. We are happy to see the support extended towards developing and improving the skill sets of teachers, nurses, para-medical staff and care-givers

Ms. Ameera Shah, Promoter & MD, Metropolis Healthcare Ltd

There are two good highlights of the budget for the corporate sector. Hundred percent tax emption for sovereign wealth funds for their investments in the infrastructure sector is expected to give a boost to the infra investments in India.

The tax dispute settlement scheme is a positive move that has the potential for quick fund infusion into Government coffers before March-end. There are also several welcome measures to give the start-up sector a big boost. With the tax changes for the middle class, the already complex tax framework has become even more complicated.

The budget did not provide much relief for the healthcare sector. The increase in overall outlay to Rs 69,000 crore, up from Rs 62,659 crore last year, is clearly inadequate considering the health challenges facing the country and the stated goal of turning India into a caring society.

The viability gap funding window for setting up hospitals in 112 aspirational districts and establishing medical colleges in district hospitals are significant steps to make healthcare more accessible and affordable. The focus on wellness and preventive healthcare is encouraging. The initiatives announced, such as Rs 35,600 crore for nutrition-related programmes, will help reduce the disease burden and improve maternal mortality rate over the long term.

With respect to the scheme related to medical devices, unfortunately, we still do not have the indigenous capability to manufacture high-quality devices here in India and thus by imposing cess, it will ultimately make healthcare services more expensive.

Mr. Rajesh Sharma, Managing Director, Capri Global Capital Ltd

“The union budget has done justice to the budget theme. Steps such as Credit default swap, increase in  FPI limits in Corporate bonds will help in deepening the bond markets. This will provide additional avenues for NBFCs to raise funds and in-turn reduces their cost of borrowings.

NBFC eligibility for SARFAESI act reduced from loan size of Rs 1 cr to 50 lacs and the AUM size requirement reduced to Rs 100 cr from 500 cr. Reducing the limit for NBFCs will help improve recoveries.

Simplifying and reducing the tax rate for an individual will go a long way in boosting overall consumption and in- turn increase consumer spending. The revised Partial credit guarantee scheme by the government will help in addressing the liquidity constraints for NBFCs and housing finance corporations.

The Subordinate debt for entrepreneurs of MSMEs will be provided and will be treated as quasi-equity. This will go a long way in supporting the MSME sector especially micro-entrepreneurs.

Tax holiday to developers of  affordable housing extended  by 1 year will provide the necessary support to  affordable  housing  demand and will support the PMAY initiative. A well-crafted budget with a careful and more strategic stance by our FM, we look forward to a continued period of high growth for the Indian economy.”

Mr. Naveen K M, Managing Director, Trio World School

The Union Budget 2020 has proposed to allocate INR 99,300 crore for education sector, out of which 3000 crore has been allocated for skill development which is a welcoming move. 

Other than this, the other appreciable move taken my the finance ministry is to collaborate with private institutions and to bring in bridge course for developing the skills of  the teachers, this would provide an advantageous platform for both private and government as well. 

The education sector has also received a good boost by launching ‘Study in India’ program with Ind-Sat exam, this will bring in foreign students to India for  higher education from Asian and African countries. The budget 2020, seems to give hope to a lot of educational institutes through Study in India program. This is a very- balanced budget and we believe that these were the much-needed steps that the government has taken to develop Indian education system. Overall, we believe that they have embarked upon a path in the right direction.

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