Post Budget Quote from Paavan Nanda, Co-founder, WinZO
“We welcome the Finance Minister’s announcement during Budget 2022 to set up an Animation, Visual Effects, Gaming, and Comics (AVGC) task force with the objective of building domestic capacity to serve our markets and global demand. Gaming is a soon-to-be trillion-dollar industry, and it is heartening to see that the Government of India has acknowledged the exponential potential that this sector holds. As a giant step towards contributing to the same, WinZO launched the country’s first-ever national-level scholarship program called B.O.S.S (Battle of Super Scholars) and unveiled a $26M Game Developer’s fund with an aim to provide a platform to the best minds to disrupt this emerging global gaming industry. WinZO, as a leading game tech company, will be willing to work with public stakeholders to attract the best talent to this growing industry.”- Paavan Nanda, Co-founder, WinZO.
Credenc post-budget quote 2022 Union Budget
Views to be accredited to Avinash Kumar, Founder, Credenc
We welcome the Union Budget announced by the Finance Minister that is positively focused on e-learning to address the rising concern on education in the country. The development of a digital university & expansion of the present PM eVidya Scheme from 12 channels to 200 channels will facilitate supplementary learning for all classes from 1 to 12 in regional languages. This will help students to access world class quality education, especially in remote rural areas. Moreover, An innovative and path-breaking initiatives of digital university and One Class One TV Channel was a much needed scheme to help overcome the loss of learning due to the pandemic. This much required shift to the digital learning will accelerate the growth of ed-tech companies and will fuel growth within the sector.
Post budget quote from Nishanth Chandran, Founder & CEO, TENDERCUTS
The major initiative to introduce chemical-free natural farming is sure to create a better outlook on the quality of food and essentials related to farming and poultry. Provision of funds through NABARD for agriculture and rural enterprises, especially for the farm produce value chain, would be helpful in strengthening the poultry, meat, and seafood sectors. Secondly, as drivers of growth for the economy, the announcement of tax incentives for start-ups to be incorporated until March 31, 2023, will have a good impact on nurturing the start-up ecosystem. It is wonderful to note that the 2022 budget’s focus on road infrastructure will be a game changer and help in maintaining smooth supply chain management. Moreover, the introduction of data exchange will ensure better logistics and the efficient movement of goods.
Mr. Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani “Budget 2022 has set the tone for the modern India that will be built on a strong foundation of planned cities with high capital expenditure towards a robust network of infrastructure and technology.
Honourable Finance Minister Nirmala Sitharaman’s focus on redefining urbanization through urban building policy and setting up of a high-level expert committee is a welcome move. Our cities have been built with the age-old laws and there was a dire need to refurbish them as per modern day to day requirements and needs. The focus on modernizing building / infrastructure laws and town planning displays that we are gearing to envision a new India with smart and tech-led planned cities.
Allocation of Rs 48000 cr towards affordable housing reassures the Government’s focus on housing. Equal focus on infrastructure, sustainability, technology, will have a multiplier effect by creating more job opportunities and consumption demand.
Real Estate sector has been largely impacted due to the pandemic. There were some expectations from the sector that would have boosted demand and offered increased deductions towards the principal/ interest payment of home loans. There was a need to increase the scope of affordable housing by raising the cap of Rs 45 Lakhs for metros. This would have increased the scope of affordable housing and a large number of home-buyers could have then benefitted from the subsidies available for this segment.
An infrastructure status has been a long pending demand of the sector. It would have made a major difference in accessing capital at a reasonable cost. Nevertheless, we appreciate the government’s focus on overall developments of the nation. We are optimistic and look forward to witnessing the beginning of a new and robust economy.”
Post Budget Reaction Quote – Vaidyanathan V, CFO At Great Lakes Institute of Management, Chennai
The Budget 22 has provided a much-required push to the economy by increasing the allocation to Capital Expenditure by about 35%. The budget has given thrust to the Gati Shakti – for sustainable growth. The budget has also given a push to the digital economy, introduction of Digital currency starting 200 TV channels to fill the gap in learning of the children due to the pandemic are some of the welcome points. Repealing 1486 Acts, which were redundant, introduction of e-passport, thrust for EV (electric vehicle) by introduction of charging stations and battery swapping are all welcome moves. Modification to the filing of tax returns for rectification/ including left out income at a nominal fee is a welcome move to avoid litigation.
Mr. Vikrant Khanna(Co-Founder / CEO) of Mogi IO says, Budget sets the tone for taking India one step forward as the Startup Capital of the World.
There is an overarching theme of boosting digitization & entrepreneurship via tax incentives for another year and by earmarked capital expenditure & promoting startups in sector such as defense, agriculture, drone, digital currency, data centers, animation etc.
There is no doubt it will lead to an accelerated trend of global investments and growth for the Indian start ups.
Rajat Singhania, Founder of HyLyt by SocioRAC said, I welcome this budget, which is:- keeping up with the need of the times (Data centers now counted as infrastructure, Crypto holding accepted as legal, e passports, National Digital Health system),
– leverages India’s strength (Push to agro startups, using Drones to solve India specific problems)
– progressive (Job creation, Economic growth at more than 9%)
– innovative (PM Gati shakti, EV battery swapping policy)
Key Updates; Union Budget 2022:-
-Economic growth in FY22 to be pegged at 9.2%
-Introduction of a central bank digital currency (RBI Crypto)
-Creation of 60 lakh jobs announced: Creation of 60 lakh jobs
-Seven engines of PM gati shakti – roads, rail, airways, ports, waterways, mass transport, logistics.
-FM’s mega push for infrastructure development under PM Gati shakti
-Start-ups in agriculture sector encouraged with commitment to provide support for FPOs, technology including IT based support.
-Start-ups to be promoted to create Drone-shakti. Government to promote Drone-as-a-service: Drones to be used for crop assessment, digitization of land records, spraying of insecticides.
-E-passports to be rolled out
-An open platform for the National Digital Health Ecosystem will be rolled out.
-A push for Electric Vehicles: A battery-swapping policy to be brought out with interoperability standards to boost EV eco system
-Data centers to get Infra Status.
-The government will tax income from digital asset transfers at 30% giving it a legal status in India
-Period of incorporation for eligible start-ups to claim the tax benefit is extended by 1 year.
Lots has been done, more needs to be done for sure but this is surely a step in that direction.
POST BUDGET REACTION QUOTE – DR MONA LISA BAL, CHAIRPERSON, KiiT INTERNATIONAL SCHOOL
The Union Budget 2022 announced today was a hit and miss for the education sector. While it has finally addressed and recognized the learning loss the pandemic has created, the need to develop the digital infrastructure of the country was not adequately focused in the budget. The economically disadvantaged students especially in rural areas have lost essential years of education and introduction of supplementary teachers was highly necessary. Supplementary education can help bridge the gap to a large extent. Increase of ‘One Class One TV Channel’ from 12 to 200 TV Channels to provide supplementary education in regional languages for class 1-12 is a welcome move but it will not be enough. It is important that we adapt our education system, pedagogies, and assessments according to the changing times. Upskilling is the need of the hour. Thus, the launch of Digital DESH e-portal for skilling, upskilling and reskilling will be key to adapting to the shifting dynamics of our present. Setting up of virtual labs and skilling e-labs will be valuable in developing critical thinking amongst students. Access to high quality e-content can help enhance the quality of education received by students. Making this accessible in regional languages additionally is a positive step towards a wholesome education. Development of a digital university to provide access to students for world-class quality education with ISTE Standards will be beneficial in the long run by making education available for a wider audience through the power of the internet. However, the much-needed increase in budget allotment for the education sector was missed. Further constructive measures towards digitization and resuming physical classes are needed.
Mr. Rajesh Sharma, Managing Director, Capri Global Capital Ltd–
“We welcome the growth-centric Budget aimed at securing India’s long-term economic interest. The union budget 2022-23 announced by the honorable finance minister has shown a progressive and development-oriented focus for infrastructure and MSME. Extension of Emergency Credit Line Guarantee Scheme by another year to March 2023 and coverage increment of 50,000 crores will give the necessary impetus and act as a key enabler to empower the MSME businesses at the grassroots. The announced measure will have a domino effect on the sector as well as provide a cushion to create an engine of economic growth. The interlinkage of various portals for MSMEs will bring the masses who require the necessary thrust and foster an environment where India becomes integral to global demand. We believe the government will accelerate the task to implement the measures efficiently and rapidly for desired outcomes.
Additionally, the allocation of Rs 48, 000 crores for Pradhan Mantri Awas Yojana will fuel the vision of Housing for All and de-bottleneck issues surrounding the affordable housing segment. The announced measure will have a force multiplier for ancillary sectors to generate more opportunities.”