Interim budget: Reaction overdose

Chennai: Finance Minister Piyush Goyal presented the interim budget for the nation that focussed on farmers welfare, the working class, healthcare, education among others. Here is what the industry had to say about the budget to News Today.


The Southern India Chamber of Commerce and Industry (SICCI) said, “The interim budget presented by the Finance Minister was transformational (and) growth oriented. The budget has rightly covered each and every sector of the economy. The financial package for farmers is a step in a right direction. SICCI welcomes the government’s intention of procuring 25 per cent from the MSME sector and three per cent from women entrepreneurs in the MSME sector. Another welcome measure is the introduction of Pension Scheme for unorganized sector. The announcement of container freight at inland waterways can be pivotal to the economy.”

Growth oriented

Hindustan Chamber of Commerce president CA Rajendra Kumar P, said about the budget, “The budget has largely focused on uplift of agricultural sector and rural development. The budget has taken care of all sections of society, great relief are given to various stake holders including farmers, people from below poverty line and middle class people. Chamber specifically takes note of and appreciates the requirement of sourcing from SMEs by Government Enterprises increased to 25 per cent and out of that at least three per cent from women owned SMEs. HCC is of the strong opinion this budget will act as a catalyst in the growth and development of Nation.”

Healthcare for all

Westminster Healthcare, chief financial officer (CFO), Shanthini Arunthavanathan, said, “The 2019-20 union budget comes as a cheer to many due to the government’s attempt of creating a mass -budget this year with special focus on rural health. The announcement regarding setting up of 22nd All India Institute of Medical Sciences (AIIMS) in Haryana is a welcome move towards enhancing advanced medical research in India, producing a greater number of qualified medical professionals and expanding opportunities for the aspiring medical students of the country. The government’s vision towards having a distress free healthcare and a functional, comprehensive healthcare system by 2030 are praiseworthy.”

Could have had incentives

Chairman of Incubex NestaVera, Manas Mehrotra, had this to say: “We welcome the budget for ushering in policies that will help in the growth of the overall economy. Some measures could have been taken to bolster the co-working sector specifically and smart cites. There have been no measures around GST and taxation in Budget 2019 to help co-working firms. Input tax credit under GST is an important issue that concerns the sector. The government has not enabled co-working firms to claim input credits on work contract and construction services supplied, as detailed under GST provisions.”

Digitisation push

VP and country GM, IT Division-India and SAARC, Schneider Electric, Venkatraman Swaminathan, said, “It’s heartening to see the government’s continued push towards digitisation, as is evident from the announcements made this morning. The commitment towards setting up of one lakh digital villages in the next five years is sure to benefit the small and mid-size industries that form the backbone of the Indian ecosystem. This would result in the overall expansion of rural industrialisation by harnessing digital technologies.”

Global disruptors

L&T Infotech, CEO and MD, Sanjay Jalona, said about the budget, “The continued support by the government on new age concepts such as AI that has the power to emerge as not only national assets but global disruptors is a huge trigger to further advancements in these fields. The role of such exponential technologies in driving the nation’s development is immense and provides a much-needed avenue to address and overcome pertinent age-old issues. Furthermore government’s vision for 2030 to place India as a modern, technology-driven, high growth and transparent society including leading the world in transport through electric vehicles and energy storage devices further emphasizes the role of digital technologies in transforming not only businesses but overall living standards.”