Budget 2021 Reactions LIVE: Modi added that this was one of the rare Budget speeches that elicited so many positive reactions from experts.
Union Finance Minister Nirmala Sitharaman on Monday presented the Union Budget 2021-22. FM Nirmala Sitharaman has made a number of announcements pertaining to textiles, manufacturing, railways, startups, health, infrastructure, income tax and other domains. Welcoming the announcements made by FM Sitharaman, PM Narendra Modi said that Union Budget 2021-22 contains the vision of self-reliance as well as inclusiveness. Modi added that this was one of the rare Budget speeches that elicited so many positive reactions from experts.
Here are all the LIVE updates on top quotes, reactions of India Inc. about their take on Budget 2021:-
- Budget 2021 Reactions LIVE UPDATES: Chandru Kalro, Managing Director of TTK Prestige
“There were great expectations around this budget and I am pleased to say that it delivered. This was a positive investment oriented budget demonstrating fiscal responsibility. Investment in infrastructure and new labour codes are particularly noteworthy as it will result in more jobs. The affordable housing push will definitely see an increase in the consumption of kitchen appliances. We appreciate the measures announced by the Finance Minister to improve ease of doing business, re-invigorating improving human capital and focusing on innovation. It is commendable to see an increase in revenue without higher taxes.’’
- Budget 2021 Reactions LIVE UPDATES: Sanjiv Navangul, MD & CEO, Bharat Serums and Vaccines Ltd, (BSV)
“The union budget has given a substantial increase to bolster the healthcare sector in India. INR 35000 cr for COVID-19 vaccine and the commitment to the pneumococcal vaccine to be rolled out nationwide to avert child deaths is a massive boost. A well spent allocation of INR 64,000 cr under the new Atmanirbhar Swasthya Bharat Yojana scheme will show significant results thus labelling #healthyindia as an encouraging effort. And, the infrastructural push will certainly create many more skilled jobs revitalizing the overall ecosystem”
- Budget 2021 Reactions LIVE UPDATES: Dr. Ajay Data, Founder and CEO, VideoMeet
The announcement by the Honorable Finance Minister regarding the startups was much required at the moment and will help the fledgling startups with meager resources to continue with their business operations without worrying about the compliance with complex taxes. The announcement comes soon after Prime Minister announced setting up of Rs 10,000 crore fund for seed funding of startups. These moves by the government make the intent of government clear that it wants to promote entrepreneurship and help the enthusiastic young entrepreneurs in the country.The setting up of separate administration structure to promote ease of doing business is a laudable move by the FM. Also, as predicted startups were given importance under this budget and the industry is poised to be greatly benefited with the Tax holiday extended by another year till 31 March, 2022.
- Budget 2021 Reactions LIVE UPDATES: Dr. Harish Pillai- CEO, Aster India, Aster DM Healthcare
“The increased investment towards Health Infrastructure and focus on a holistic approach to health is seen as a testimony of the commitment to building stronger health systems. The launch of the Atmanirbhar Swasthya Bharat Yojana with an outlay of Rs. 64,180 crores will boost the healthcare ecosystem. The investment will aid in developing capacities of healthcare systems, develop institutions for detection and cure of new and emerging diseases. This in addition to the National Health Mission, will support rural and urban health care centres. The all-inclusive approach through the launch of Mission Poshan 2.0 to improve nutritional outcomes and continued focus on cleanliness through Swachh Bharat Mission & potable drinking water through Urban Jal Jeevan Mission will subsequently bolster public health. The commitment to Rs. 35, 000 crores for the COVID-19 vaccination program and the promise to further provide funds if required, will accelerate the vaccination across the population. Strengthening of the National Centre for Disease Control (NCDC) & setting up of a National Institution for One Health, Bio-Safety Level III laboratories and regional National Institutes for Virology will provide a thrust for the improvement of the healthcare sector in India, which is commendable. Overall, it is a landmark budget to help fill-up the growing needs of improved healthcare in the country.”
- Budget 2021 Reactions LIVE UPDATES: Ashish Bhutani, MD, Bhutani Group
It is to be seen what kind of easing government will carry out in InvITs/REITs. Hopefully, there will be changes in the mandated time gap between two institutional placements, and changes will be made with respect to pricing of units by REITs and InvITs for preferential issues. In view of the pandemic, we expect that there will be relaxations for raising of equity capital. Having said that we hope that the relaxations will be good for the market, and people will see more REITs moving in.
- Budget 2021 Reactions LIVE UPDATES: Samir Sathe, Executive Vice President, Wadhwani Advantage at Wadhwani Foundation
“ The current budget has a thrust on globalising supply chains in manufacturing and increased investment in hard infrastructure, which together is a welcome step for SMEs, albeit indirectly and with a lag, since the SMEs will need to experience on the benefits of such investments only in the latter part of 2021 or 2022. I am hopeful and happy about the changes on the healthcare, which is an important area for India, for the Foundation and for the Advantage program. The key is in its implementation.
Also. the act of increasing the threshold limits of the small company definitions is symbolic not fundamentally disruptive. While this will make more companies beneficiaries of the sops and concessions that the government has with a view to protect them, this does not change fundamental competitiveness of the small companies unless they build management capabilities to address and make the best use of the concessions or protection they will enjoy. It is like offering more playground without skilling the players how to win. I was hopeful of deeper, capability building budgetary changes for them.”
- Budget 2021 Reactions LIVE UPDATES: Sanjay Borkar, CEO and co-founder, FarmERP
“The Finance Minister has proposed to increase the agricultural credit to INR 16.5 lakh crores which was the highlight centring the Agricultural Budget. This credit can be used by smallholder farmers for CapEx, may it be their vehicles or cold storage and other facilities that they require and also as working capital during the crop cycle.
One of India’s major concerning factors when it comes to agriculture is the infrastructure. The Agriculture Infrastructure and Development Cess (AIDC) proposed in this year’s budget can bring in good revenue to help farmers overcome these shortcomings by allowing them to store their produce in cold storages, stores or typical warehouses and get better value for their produce. This will play a vital role in strengthening the agricultural supply chain which can ultimately benefit the farmers and the stakeholders.
The ‘Digital India’ movement initiated by the Government can help the farmers greatly. Though this movement is not directly focused on farmers, focusing on digital projects will promote the use of technology. This can be revolutionary for the rural sector including farmers as it can aid to improve the standard of living, manage finances, help provide better services and products to the end consumers.”
- Budget 2021 Reactions LIVE UPDATES: Sanjay Jain, Director, Elan Professionals Pvt. Ltd
“We are delighted that the government has recognised and considered strengthening the healthcare system for betterment of individuals, healthcare workers and hospitals along with the required infrastructure. It is an opportunity for a brand like ours to step forward and support the government’s initiative by fully utilizing our portable vaccine carrier which will not only ease the transportation but will also lower the wastage of COVID-19 vaccine. Along with this, I think it is important to consider our industry under the PLI scheme to boost Atma Nirbhar Bharat packages. The manufacturing of commercial refrigerators is important and it will help in improving the agricultural industry as it would help avoid the wastage of vegetables and fruits due to lack of improper cold chain facilities. Also, almost 50% of cold chains are still import dependent. Hence, I look forward to the Government considering this.”
- Budget 2021 Reactions LIVE UPDATES: Rohit Sarin, Co-Founder of Client Associates
“It’s a growth focussed budget which is the need of the hour. The Government has done well to bite the bullet of expansionary fiscal policy with 6.8% fiscal deficit in FY22 after 9.5% deficit in FY21. This would bring in much needed investment in healthcare, manufacturing and infrastructure which shall show up in higher growth of the GDP in the years to come. This has been balanced with staying away from populist schemes and tinkering with direct tax structure as distractions. Overall a growth oriented and focused budget.”
- Budget 2021 Reactions LIVE UPDATES: Harvinder Singh Sikka, MD, Sikka Group
Long pending demand of the real estate sector has not been met. We have been asking for industry status for the whole sector and single window clearance for smooth functioning, the government did not comment on these requirements. Overall, the budget announcements made by Hon’ble FM seems to be a mixed bag from the real estate perspective. While the proposed easing of InvITs/REITs and the extension of tax holiday for affordable housing one more year are some of the positives for the sector.
- Budget 2021 Reactions LIVE UPDATES: Vinay Jain, Founder and CEO, Grafdoer
The Union Budget FY 21-22 has brought a ray of hope for the general public as the government has extended eligibility of tax SOP on home loan, which is beneficial for the sanitary-ware industry, and will also provide tax exemption for affordable rental housing projects. Moreover, the new custom duty structure that has been introduced on the steel products is somewhat a relief as it has reduced duties on copper from 5% to 2.5%, it has also cut duty on copper scrap from 5% to 2.5%, and exempted duty on steel scrap for a specified period. The industry has seen a hike in the products comprising of metal constituents but this will now, somehow help the manufacturers to see stability in the pricing of the products and is a matter of relief for the people
- Budget 2021 Reactions LIVE UPDATES: Ashwani Rawat & Amarsh Chaturvedi, Co-Founder & Director, Transerve.
“The Union Budget 2021 can be rightly considered as path breaking as it was the ground-level of the country and not just sector specific. The budget laid much-needed importance to the country’s healthcare system considering the recent and ongoing Covid pandemic by allocating Rs 64,180 crore for Atmanirbhar Swasthya Yojana, thus strengthening healthcare in India. We also appreciate an outlay of Rs 1.41 lakh for Urban Swachh Bharat 2.0 Mission, Rs 2.87 lakh crore for Jal Jeevan Mission Urban, Rs 1.41 lakh crore for Urban Clean India Mission and announcement of 5 new Smart Cities under PPP mode in collaboration with states, to reinforce the Urban India. Technology being the core suite to build on a successful business ecosystem, we welcome allocation of Rs 8,000 crore for National Mission on Quantum Computing & technology and building data centre parks. The honourable Finance Minister has left no stones unturned to give a boost to new age technology like AI, ML and Data Analytics across sectors with the launch of MCA Version 3.0 which shall target simplification of E-Scrutiny, E-Adjudication and Compliance management.”
- Budget 2021 Reactions LIVE UPDATES: Dhiraj Jain, Director, Mahagun Group
“The Union Budget presented today by Finance Minister Niramala Sitharaman paves the way for faster recovery in the real estate sector which was badly impacted by the corona pandemic. The measures announced today will provide the right impetus and help the industry rebound across the country. Although the real estate sector has shown tremendous resilience in the last 10 months or so, such a step by the government was much required by the government. The real estate industry is standing at a crucial juncture at the moment and the extension of deduction of the home loan interest will definitely do wonders for the sector. The luxury housing sector does not have much to rejoice though
- Budget 2021 Reactions LIVE UPDATES: Prof (Dr.) Sanjiv Marwah, Director, JK Business School
“The budget presented by the honorable Finance Minister tried to address many facets of the educational sector. The overall allocation of Rs. 93224 Cr for the education sector is a welcoming announcement. The budget emphasized the recent trend of tinkering at the edges of the problems that confront Indian Education System. Madam Finance Minister announced strengthening of more than 15,000 schools, starting 750 Eklavya schools and 100 new Sainik schools which will have a great impact on the school education. On the other hand, Legislation of the Higher Education Commission of India will resolve the various challenges faced by higher education in our country. The budget consists of the apt strategies which will help in speedy implementation of National Education Policy (NEP).
Another point which deserves huge appreciation in the budget is the development of the National Research Foundation, which outlayed Rs.50,000 Cr over 5 years. It will strengthen the overall research ecosystem of the country and help India emerge as the R&D epicentre of the world.”
- Budget 2021 Reactions LIVE UPDATES: Sagar Saxena, Project Head, Spectrum Metro
“The real estate has been provided the right kind of impetus today by the Finance Minister. The measures announced by her will make the industry more resilient and also help the industry to blossom further. The intent of the government is clear, it wants to lend a helping hand for the sector to grow and achieve the twin objective of providing housing to the masses as well generating more jobs in the sector through increased sales of houses. The retail and commercial real estate was also looking at some support measures but has to contend with little though.
- Budget 2021 Reactions LIVE UPDATES: Teo – Shaan Sarin Founder and CEO
“Needless to state, pandemic impact on every sector. This Union budget 2021 should look into the need of an hour i.e., GST relief. As Finance Minister Nirmala Sitharaman said that the budget is going to boost Indian economy. Being one of the largest industry sector members we are looking forward towards spurt in our sector. After pandemic restaurateur’s industry and lease in certain areas of management of restaurants and bars. Mr. Shaan adds, upgrading in the regulations is required as time passes so that recovery can be done in this sector. States to get 41 per cent share of taxes as per the 15th Finance Commission recommendation. The government has accepted the recommendation. Yes, on exports seems to be fruitful for this financial year.”
- Budget 2021 Reactions LIVE UPDATES: Ricky Sethi Co-founder, Talli Station
“We are expecting that the rusty dusty clouds of pandemic are going to clear the sky and sunshine will secure the land in restaurateurs’ industry as well. Highlighting the need for a sharp sun beam amidst licensing and other compliances Mr. Sethi said the boost is indeed to take back the restaurateur industry to the growth track in FY21-22. Budget 2021 relies on 6 pillars, says Finance Minister Nirmala Sitharaman. As it is India’s largest hospitality industry, we are hoping to get an opportunity to optimize our offerings and boost revenue too. Competition spike is a fierce point in this arena as consumer demand and preferences are transforming towards digitally under account of the government’s Digital Bharat Scheme.”
- Budget 2021 Reactions LIVE UPDATES: Deepak Kapoor, Director, Gulshan
The Finance Minister has come out for a robust roadmap for the real estate sector which will help the government vision to achieve ‘Housing For all’ by 2022. The steps announced by the FM give a sense of the seriousness and intent of the government to support the important realty industry that can provide jobs to millions of people and strength to the GDP. Various announcements by the FM today to improve the infrastructure today will also go a long in improving the real estate industry as these measures will help formation and sustenance of new micro markets on the back of new highways and expressways
- Budget 2021 Reactions LIVE UPDATES: Kanz- Dilpreet Singh Wasan, Partner, Kanz
“It is very encouraging to see the focus on healthcare in the budget and a 137 per cent increase in outlay in healthcare and wellness over last year. Budget 2021 provides every opportunity for economy to capture pace and grow sustainably. Govt proposes capital expenditure for FY22 at Rs 5.54 lakh crore. We are looking forward to attain good results from Union Budget presented by Finance Minister Nirmala Sitharaman. “