This How India’s Most Influential Entrepreneurs, Corporate Gurus Reacted To #Budget2021: Good, Bad Or Ugly?

Union Budget for the financial year 2021-22 has been presented by Finance Minister Nirmala Sethuraman, and reactions are pouring in from various quarters.

Find out what India’s leading, most influential entrepreneurs and corporate gurus are saying about the budget:

CP Gurnani, MD & CEO, Tech Mahindra :

“This budget is a step in the direction towards Atmanirbharta, clearly providing every opportunity that is required for a sustainable economic momentum and growth. The FM has provided for ample opportunity to boost and sustain the gig economy, digital payments and research and development taking place within the country. The focus on innovation and R&D (Research & Development) as an important pillar is a critical step in increasing the export income of Indian IT sector. Along with this, the ‘Atmanirbhar Bharat’ budget also outlines initiatives for gig economy, digital payments, human capital while also setting up fintech hub and National Natural Language Translation Missions. Therefore, with increased allocation towards infrastructure, financial inclusion and healthcare, Budget 2021 promises to provide the much-needed economic velocity to India’s growth cycle.”

Manish Sharma, President & CEO, Panasonic India & SA:

“The Budget presented by the Honorable FM in the background of five mini budgets is continuum of reformative measures to boost the economy to drive – Job, Demand and Spending. I believe the methodical approach of identifying six focus areas where Health and Infrastructure, with significant increase in allocations, sit on the top is in the right direction to revitalize the economy and invest in well-being of people.

For manufacturers, Govt re-iterated its commitment to reforms like introduction of Production Linked Incentive (PLI) scheme with a budget outlay of Rs 1.97 lakh crores across 13 sectors which reaffirms their intent to provide impetus to domestic manufacturing, while elevating India’s position as a global manufacturing champion. We look forward to implementation details here to participate. The increased spending on infrastructure to improve roads and public transport is also a positive move and will provide easy access to raw material.”

Mr Rohit Kapoor, Chief Executive Officer, OYO India & South Asia:

“It is heartening to see a budget entirely focussed on revitalising the economy. On the backbone of the proposed reforms, we believe that a focus on growth-oriented measures, economic reforms and inclusive growth would pave the way for extensive economic recovery. The Government’s focus on extending and improving transport (road, railway, metro) infrastructure with nearly 217 projects worth over Rs 1 lakh crore to be completed under National Infrastructure Pipeline will enable travellers to explore hidden gems and therefore bolster the domestic tourism and hospitality industries. Additionally, keeping up with the changing times, an overall focus on technology with interventions like incentivising and promoting digital payments will fast track India’s transition into a digitally-enabled economy.

We are confident that with the series of interventions announced by the Honorable Finance Minister, Nirmala Sitharaman, our country is on the path of stable and quick economic recovery. With the mantra of ‘Atmanirbhar Bharat’ and initiatives reducing compliances for one-person-companies, a boost for MSMEs, the reduction in corporate taxation along with the steps to simplify GST for companies further and ease tax compliance will boost morale across industries. The funds allocated to COVID-19 vaccines will also strengthen confidence among travellers and boost faster recovery in the service sectors. The Government’s efforts towards skilling the country’s youth and collaborating with other countries will spur entrepreneurship and enable job creation as well. This budget truly has the potential for transforming India.”

Piyush N. Singh, India Market Unit Lead and Lead – Growth and Strategic Client Relationships, Asia Pacific and Latam, Accenture:

“Overall, the 2021 Union Budget attempts to achieve the difficult balance between structural populism and prudent measures, and demonstrates a reasonable level of policy stability, with some strategic positive interventions which are critical during times of upheaval. The voluntary vehicle scrapping policy for example will provide a fillip to the auto sector which is important not only because it is one of the largest organized sector employer, but also since it sustains a lot of retail lending from banks and NBFCs. The multiplier effect of this policy on the back of a period that witnessed a good crop yield in rural areas combined with the pent up demand from the pandemic and increased disposable income, will be beneficial for the auto sector. Investments in infrastructure are also consistent, and the proposal to establish a Development Financial Institution will hopefully boost infrastructure related projects which require financing and are not getting adequate interest from the banking sector.”

Mr. Harsha Kadam, CEO Schaeffler India and President Industrial Business:

“This budget has the ingredients to deliver long term growth. The government is bullish on public spending and we are encouraged by it. We were certain that Budget 2021 would surely consider the gloom that hovered over the Indian auto industry and it is reassuring to see that it did. The infrastructure boost will surely benefit the heavy and medium commercial vehicle segment, which was much needed. The voluntary scrappage policy implementation is surely a step in the right direction keeping in mind the environment and auto industry at large. We have been awaiting it for a while and this is a step forward for sure. In fact, the announcement regarding the PLI scheme investments is going to play an accelerator for the manufacturing sector, which has seen really tough times along with the auto industry. This gives reason for double celebration as it will encourage global manufacturing firms and also provide incentives for local manufacturing firms to expand. This is a huge step in terms of creating jobs and opportunities for the youth. This budget has been very progressive for the railways as well, an important sector for us. The decision of commissioning dedicated freight corridors which will not only improve the overall movement of goods but also spur economic activities in the long run. The continued push for investment in railway with the additional allocation towards MetroLite and MetroNeo for smaller cities for bodes well in the long run. The only caution here is to look at the inflating fiscal deficit. Overall, the budget provides an opportunity for the state and the central governments to come together and rebuild for the future and we must seize these opportunities for future growth.”

Sunil Sharma, managing director – Sales, Sophos India & SAARC:

“The Government’s Union Budget 2021 is built on the foundation of new technologies such as Data Analytics, Artificial Intelligence (AI), and Machine Learning (ML) which will empower businesses with econsultation, escrutiny, and compliance management. This is surely going to enhance enterprise cybersecurity as AI has immense potential to bring in scalable and effective defenses against sophisticated attacks like ransomware. That said, this increased penetration of digital technologies brings with it additional cyber risks that one should be vary of. As per our recent survey, with 100% Indian businesses being concerned about their current level of cloud security, there is a need for initiatives that promote the development of cybersecurity skillsets. Additionally, this reskilling process should also take care of security of cloud environments which are the backbone of the accelerated digital transformation that India is witnessing due to the pandemic. While we welcome the Government’s proposed steps in strengthening MSMEs that provide employment to millions of people, we need more impetus on building skilled cybersecurity professionals in the country. The Government’s allocation of Rs. 3,000 crore towards skill development that will help reskill India’s youth and boost the overall economy, is a step in the right direction.”

Karthikeyan Natarajan, President and Chief Operating Officer, Cyient:

“Focus on setting up of Fintech Hub at Gift City, enhancing digital payments and use of AI in governance – all provide a strong platform for Digital India. Allocation of Rs 50,000 crore towards National Research Foundation will work towards boosting India’s Innovation Quotient on the global map and is a welcome move. Allocation of funds as incentives for promoting digital payments is also a step in the right direction and a significant step in ease of doing business. Lastly, increase in allocation for highways and railways will lead to employment generation and boost the economic growth of the nation.”

Rajiv Bhalla, MD, Barco India :

“The budget is a major step in the right direction. It outlays a strong focus on infrastructure, healthcare, capital spending, disinvestment, monetization, job creation and digitization. These measures are not only progressive and recovery-led, if implemented correctly would ease the burden on the economy and lead India towards the projected v-shaped growth and development. The budget talks about structural reforms in banking, enhancing debt financing and credit limits for businesses and asset monetization. This will lead to an increase in government spending, which, in turn will spur demand, therefore net positive for the industry. The several initiatives around job-creation, startups, reskilling, rural development and better quality of services to people are positive as a Nation cannot progress without care for the environment and inclusive all-round transformation.”

Sandeep Lodha, CEO, OYO’s Weddingz.in :

“We are pleased to see the Government’s efforts towards promoting the start up ecosystem in India. The wedding industry was in need of a booster shot to spring back in action. While there weren’t any direct reforms in the industry, the Union Budget 2021 has laid focus on the fundamentals that can spur the recovery of the sector – financial respite and economic development, strengthening of infrastructure, spotlight on health and relief to taxpayers.

Stimulus through extension of tax holidays for one more year until 2022 will ease the stress caused on startups due to the nationwide crackdown. Incentivization of the digital transactions will also go a long way in heralding a new wave in the wedding industry by addressing concerns pertaining to confidence, trust and unfair practices. It will eliminate financial gaps/slips caused due to human error. The introduction of artificial intelligence in MCA – 21 will save us the hassle of paperwork and will be tailwinds leading to portfolio development, innovation and increased focus on customer centricity. Increased focus on connectivity will also help us create tourism circuits or bring to the fore many less-explored destinations.

Although, we did expect a slashdown on GST, we are hopeful that the increased focus on FDI and simplification of GST will bring about positive development in the wedding industry in India.”

Vikas Garg, Chief Financial Officer at Paytm:

“The Finance Minister has presented a balanced budget that is aimed at maximum growth of all sectors in the coming year. The Rs.1500 crore proposed scheme to incentivize digital payments is a welcome move that will accelerate the growth of cashless transactions in our country. During the pandemic, digital payments emerged as one of the key enablers of empowerment at the grassroots and brought millions of people under the fold of the formal economy. Government’s continued emphasis on increasing investment in Infrastructure, Insurance and digital payments will ensure financial inclusion of the masses.”

Prashant Tripathy, MD & CEO, Max Life Insurance:

“The Life insurance sector was opened up two decades back and has since then consistently delivered on its promise to protect the citizens’ future. As an industry that plays an important role in securing the nation, the proposed increase of the FDI limit to 74 percent will provide insurance companies with committed funds to improve the penetration of insurance in the country. It will also bring in better technical know-how, innovation, and new products to the advantage of the consumers. We are confident that the increase in FDI will make the insurance sector more competitive, transparent, and efficient. Ultimately, this will improve business prospects and lead to greater employment generation in the country.”

Nath Parameshwaran, Director, Corporate Affairs, PayPal India:

“The Union Budget 2021 has delivered on its promise to revive the #economy by further opening up avenues for direct investment into the country and strengthening the Atmanirbhar Bharat mission. The increase in infra focused expenditure is a bold step amongst other measures which will have a multiplier effect on job creation.
In its true sense, the #government has pushed the “Sankalp of Nation-First” agenda through this budget by allocating Rs 15,700 cr to MSMEs. The government has also set aside an outlay of Rs 10,000 cr under the Guarantee Emergency Credit Line Facility to help affected small business borrowers. The spirit of today’s micro is tomorrow’s MNC was also brought alive through this budget as the FM proposed to incentivize the incorporate of One Person Companies. This will strengthen our startup & Indian gig/freelance and entrepreneurial culture, enabling them to grow without restrictions on any paid-up capital or turnover.

Further, the boost to textiles exports which is job intensive sector will enable the industry to become globally competitive, attract large investments and spark employment. MITRA, as introduced by the government will create cutting-edge infrastructure with plug and play facilities to turn our small businesses into global champions.

I believe in the mission of Make in India for the World and these measures align well and will play a key role in growing our exports.

The allocation of Rs. 1,500 crores as incentives for promoting #digital payments is also welcomed by the industry. Through this, we will see sustainable growth in digital payments and a gradual shift towards a digital first approach. The move is much needed to democratize financial services in a country as vast as India. In a push to deepen financial inclusion, the reduction in margin money requirement from 25% to 15% under the Stand Up India is welcome step especially for women micro-entrepreneurs.”

Kalpesh Parmar, General Manager, Mars Wrigley India:

“This is a growth-oriented Budget that will propel recovery of the Indian economy post-pandemic, with increased capital expenditure and infrastructure spends across roads, rural, and agriculture sectors. This is expected to further boost consumption across categories. The focus on promoting domestic manufacturing sector through the PLI scheme commitment and revision in custom duties will make India truly AtmaNirbhar and a global manufacturing hub while the scheme for promoting digital payments will provide the necessary fillip to Digital India. We also commend the extension of social security benefits to platform and gig workers and the government vision to ensure universalisation of social security for all workforce.”

Harpreet Singh, Partner, Indirect Tax, KPMG in India:

“Key GST changes introduced in the budget are replacing submission of audited reconciliation with self-certification reconciliations and availability of input tax credit only on reporting of invoices/debit notes by the suppliers.
On Customs front, the FM continued to provide thrust on overhauling Customs duty structure by proposing to review more than 400 old exemptions and implementing revised Customs duty structure w.e.f 1 Oct 2021. With the larger theme of promoting domestic manufacturing in sectors such as electronics, renewable energy, capital equipment, auto parts, MSME products, the FM proposed to withdraw exemptions on products such as parts of charger, sub-part of mobiles and increase Customs duty on solar inverters, auto parts etc. Additionally, Customs duty rates were rationalized for textile sector, chemicals sector and gold & silver. Other Customs tariff changes include changes proposed to be effective from Jan 1, 2022 on account to change in 351-line items of HSN/customs tariff
Other significant changes in Customs include:

· Automatic sunset clause of two years from date of notification in all new customs duty exemptions has been provided. Any existing customs notification will expire on March 31, 2023.
· Time bound investigations related to duty demand introduced by providing for limit of two years for completion of any proceedings which would culminate in issuance of a show cause notice.
· Serving of show cause notice has been made possible by posting on customs common portal”

Ravish Naresh, Co-founder and CEO, Khatabook:

“The Union Budget 2021 has announced a series of initiatives to boost the MSME, startup, and digital ecosystem. The proposed allocation of Rs 1,500 crore to incentivize and promote digital modes of payment will lend the industry a major thrust and add to the acceleration of digital adoption in the country.

Reduction of margin money requirement from 25% to 15%, provisions to expand the threshold of capitalization and turnover, permitting one-person companies, reducing the residency limit, and extending the ambit of tax holiday will strengthen the startup ecosystem in the country, which in turn will contribute to self-reliance.”

Harshvardhan Lunia, CEO and Co-founder, Lendingkart:

“Over the last year, the Government has introduced a series of stimulus measures for sustained growth in the MSME industry. Despite the tough times during lockdown & post recovery period, the Finance Ministry continues with its efforts to spur investments as well as giving impetus to MSME financing.

The doubling of budget allocation for MSMEs in FY 22 to Rs 15,700 crore shows the confidence in India’s thriving ecosystem of SMEs and MSMEs fueling the growth of the country and leveraging technology effectively. The reduction in margin money required for startups aimed at focusing on innovations and necessary support for them to continuously enhance their proposition. This along with a one person company proposition on relaxation of paid up capital and residency requirements for NRIs will be paving the way for future investments to support financial inclusion. The real implementation and intended effectiveness on-ground is expected to see concrete success.”

Tapan Ray, MD & Group CEO, GIFT City:

““The slew of tax incentives announced for GIFT IFSC in today’s Union Budget have once again reaffirmed the Govt. of India’s commitment to develop GIFT IFSC as a global financial hub. The tax announcement would help in attracting global players in the Fund business, aircraft leasing & financing business and offshore investment banking sector to set up their base in GIFT IFSC. We thank the Government of India for continuously bringing in measures to facilitate businesses at GIFT IFSC.”

Somasundaram PR, Managing Director, India, World Gold Council:

“The rationalisation of import duty on gold to around 10.75% from 12.5% is a welcome move and timely. Hopefully, this is the first of a series of such cuts to make bullion an asset class that operates mainstream. It is a much needed incentive for the organised and compliant players in the bullion and gold jewellery market. A rationalised duty structure and simplified processes are fundamental to an organised trading market. Following appointment of IFSCA to regulate the International Bullion Exchange at GIFT City last year, the regulatory clarity in this budget around a domestic bullion exchange will spur infrastructure development and good delivery standards, enabling India to emerge as a major bullion trading hub.”

Mr. Rajesh Uttamchandani, Director, Syska Group:

“Finance Minister Nirmala Sitharaman stated that for a 5-trillion-dollar economy, our manufacturing sector has to grow in double digits on a sustained basis. We welcome the measures exercised by the honorable Prime Minister Shri Modi Ji and his government in the Union Budget towards boosting electronic manufacturing in the country. The government led by Modi Ji has pledged an infusion of Rs 1.97 lakh crore on various PLI schemes over the next 5 years, starting this fiscal. This is in addition to the Rs 40,951 crore towards the PLI scheme to help expand and boost exports. Today, India’s manufacturing industry has tremendous potential to place the country on the global manufacturing map, simultaneously boosting several employment opportunities to India’s youth. Our manufacturing companies need to become an integral part of global supply chains. With a budget of Rs 15,700 crore, which is more than two times that of the previous year, this will help strengthen the MSME sector in terms of productivity development, technology adoption, strengthening of infrastructure and more. As a company, Syska has always been aligned with the vision of Atmanirbhar Bharat promoting sustainability through our products and creating new job opportunities. The budget has a positive, expansionary approach towards the manufacturing sector, which is reflected through the incentives and strengthening of the PLI schemes provided by the government.”

Mr. Niraj Hutheesing, Founder and Managing Director, Cygnet Infotech:

“We welcome the measures announced by the government of India in the Union Budget 2021. Significant capital expenditure in infrastructure and health care sectors will be a big asset for India. Promotion of digitization at large, and digital transactions particularly, is another positive aspect of the budget. There has been political will to take a big deficit for the next year. Simplifying the tax regime is another important aspect of this Budget. To ease compliance, the Finance Minister has increased the tax audit limit from ?5 crore to ?10 crores for the companies that conduct most of their business through digital modes. Additionally, the government is also planning to take steps to reduce inverted duty structures in GST and has proposed to review over 400 old exemptions in indirect taxes and will begin extensive consultation from October 2021. The budget also provided impetus on one of the most hard-pressing issues, namely tax evasion cases. The use of digital technologies such as automation solutions and data analytics tools can help in removing anomalies in the GST tax infrastructure and make it transparent to a great extent. All the measures announced today will further enable companies such as Cygnet Infotech to develop technology solutions for businesses to help them adhere to the taxation norms”

Ms. Surabhi Goel, CEO – Aditya Birla World Academy, Aditya Birla Education Academy, The Aditya Birla Integrated School:

““The measures announced by the finance minister in today’s union budget 2021 focuses on two important aspects – one is the continuous upskilling of India’s youth and also providing education for all. We are in-line with the announcement as Aditya Birla Education Academy is at the forefront of creating various programs that help the educators of the country upskill themselves. Finance minister Niramala Sitharaman has set aside funds worth 3000 crore with an aim to create an opportunity for millenials of India to upskill themselves. The budget also provided an impetus on establishing a National Research Foundation by allocating Rs 50,000 crore thereby qualitatively strengthening the education system through the National Education Policy. At Aditya Birla World Academy and The Aditya Birla Integrated School, the focus has always been on creating a cohesive learning environment for the students even through the online medium over the course of last year. We aim to make the students future ready by imparting practical learning along with theory based sessions. We believe that the measures announced by the government will further boost in augmenting the education sector of the country.”

Mr. Kishan Jain, Director at Goldmedal Electricals:

“The Union Budget 2021 has provided massive opportunities for companies looking to set up manufacturing facilities in the country. Given our current economic situation across the globe caused by the pandemic, the Finance Minister’s decision to infuse INR 1.97 lakh crore towards various PLI scheme is laudable in addition to the Rs 40,951 crore towards the PLI scheme to help expand and boost exports. As correctly stated by FM Nirmala Sitharaman, our manufacturing companies need to become an integral part of global supply chain. Further, the provision of INR15,700 cr towards the MSME sector, will provide a further fillip to the Government’s flagship Make in India initiative. As a company, Goldmedal Electricals has always been at the forefront of introducing innovative and sustainable solutions that make our planet not only smarter but also sustainable for generations to come and support government’s vision of Atmanirbhar Bharat.”

Suraj Malik, Partner, BDO India (M&A):

“”Budget 2021 constructively impact the lives of common man with targeted proposals for extending social security benefits to gig economy, tax concessions on affordable housing and rental housing, simplified compliance regime for start-ups and exemption to senior citizens from tax filings. Stability in tax regime, simplification in compliance procedures along with consolidation of laws will provide a strong foundation to the six pillars for achieving economic growth”.

Ms. Reeba Chacko, Partner & Head – Corporate, Cyril Amarchand Mangaldas:

“The announcement on liberalisation of rules around debt financing of REITs and InvITs by FPIs is very welcome. It has been a keenly awaited outcome and the government has responded to it.

The proposal to have a single Securities Code rationalising and consolidating what is currently covered by the SEBI Act, SCRA, Depositories Act, Government Securities Act is also a great initiative in simplifying and easing the regulatory regime also by eliminating any overlaps and inconsistencies.

The insurance sector is in for a great boost with the FDI limit increase to 74% from the existing 49%. The requirement for majority directors and key management persons being Indian residents and at least 50% being independent directors is a prescription that remains reflecting the government’s focus on maintaining a keen eye on governance in this sector. A specified percentage of profits would also have to be retained in general reserves.”

Mr. Surya Phadke, Chairman at Doot:

“We welcome the Hon’ble Finance Minister’s scheme to allow 1-person company(s) for innovators/startups to be exempt from Paid-up capitals and other norms. Further, the change in the dividend distribution tax laws is welcome and we hope will attract more foreign retail investors in the start-up sector.
The government has also marked a change in several sectors to go paperless and reduce the tax-payers involvement in filing of taxes & compliance documents.
The tax holiday on capital gains for start-ups has been pushed forward to 31st march 2022 which provides an additional philippe to the start-ups in all sectors.”

Utkarsh Sinha, Managing Director at Bexley Advisors:

” India is in the fortunate position of being projected to be in a V-Shaped recovery post Covid. Combine that with the fact that it is one of the few large economies projected to grow in the next few years, presents a phenomenal opportunity for capital gains, FII and FDI. Budget announcements that ease the flow of capital to India and the repatriation of gains would be very helpful. It is also critical that India sends a strong signal to the world that it represents a stable and predictable tax regime, with no retroactive taxations and punitive cess on gains, that can be a strong disincentive for investments. We must demonstrate that capital flowing to India is put to good use, can grow and is recoverable.

CEO of CarWale & BikeWale, Mr. Banwari Lal Sharma:

“Firstly, we would like to applaud the Government for rolling out a budget that is progressive, remedy-inclined and development focused. The much-anticipated scrappage policy will give a boost to the automotive sector by generating demand for newer vehicles. This will curb environmental stress caused due to pollution in the long run and will also catapult the adoption of e-vehicles in the next 5 years. Increased focus on road infrastructure, research and development, and PLI among others will open floodgates for innovation leading to the increased capacity of both passenger and commercial vehicles. Also, the vision of ‘Atma Nirbhar’ Bharat coupled with increased impetus on FDI will boost domestic manufacturing of automotive components in India. Allocation of funds on building rural and agricultural infrastructure will also trigger demand for automobiles in smaller and lesser connected markets. Furthermore, simplification of GST and the incentivization of digital payments will ignite the sector through means of customer confidence, convenience, and fair practices. Directionally, it’s a great budget as it has set the perspective for the coming years.”

Gaurang Sinha, Director of Go-to-Market Strategy at Flock:

“We welcome the Finance Minister’s announcement to introduce the scheme allowing 1-person company(s) for start-ups and innovators to be exempted from paid-up capitals and turnover norms, in the Union Budget today. This will enable India to develop new technologies and boost employment like never before. Additionally, the government’s move towards boosting emerging technologies such as the internet of things (IoT), machine learning (ML), artificial intelligence (AI) and data analytics, will accelerate the growth of our digital economy. Further, the adoption of video conferencing for various tasks by the Government will encourage the use and demand for professional communication and collaboration platforms. We believe that with all of these measures, this new decade looks great for the Indian start-up ecosystem. “

Naren Kumar, Co-Founder & CEO of IamHere, a hyperlocal community tech startup incubated at NASSCOM, Bengaluru and winner of Government of India’s AatmaNirbhar App Challenge:

“The budget is definitely going to be talked about for its disinvestment push in public sector companies. But leaving that, at the cost of over simplification, I see the budget investing in infrastructure and on social welfare, and for everything in between, it’s more about relief in taxes, compliances and processes. For example, road, rail and port infra get a huge boost. Similarly, the “xyz for all” schemes get a push – gas for all, housing for all, health for all, skills for all, nutrition for all. For others, it’s mostly about relaxation in tax compliance, tax dispute resolution, extended tax holidays, reduced operational compliances and rationalized duties intended for MSMEs. The startup industry does feel that not much has changed for 90% of them and the old problems of ESOP and capital gains still remain, but there is also a sigh of relief that there is no new headache in this budget for them. The country has been moving towards becoming AatmaNirbhar for some time now and this budget does reflect that. While traditional right economists will be happy with the disinvestment plan, they may not completely agree with the self-reliance model, but I guess international trade hostilities and more recently COVID have demanded this structure. There have been some execution lapses in the past after the big announcements in budget, hopefully we can see more streamlining this time.”

Vidya Shah, Chairperson & CEO, EdelGive Foundation:

“If I could define this fiscal budget in one word it would be ‘Recovery’. The impact of the economic challenged caused by COVID 19 could only be overturned through significant announcements towards social growth, particularly sectors such as education, livelihoods and healthcare.

In perhaps the most relevant announcement given the COVID 19 context, is the support to the unorganised labour force through the proposed portal enabling them with available health, housing, skill, insurance credit and food schemes. Extending these social security and minimum wages to all categories of workers, is a welcome move. Additionally, the announcement and acknowledgment of Women being allowed to work in all categories of labour and also in night shifts with adequate protection, is positive, but will entail a fair evaluation of their safety in these situations.
Further in the agricultural sector, the increase in the allocation under the Rural Infrastructure Development Fund and the Micro-Irrigation corpus is welcomed. However support to Rural enterprises could also have been extended as these enterprises are leading the way to provide opportunities for those in the most marginalised locations.
In regard to Education, the strengthening of over 15,000 schools under NEP as exemplar schools across India, will be useful in understanding the implementation of NEP for other schools to emulate. In terms of higher education, the Higher Education Commission legislation being announced this year will provide more clarity on the sector.
The extensive allocations under healthcare provisions, including vaccination for Covid-19 has been encouraging

However, we would have liked to see more focus on women in this budget. Women enterprises and women farmers need focused attention and support from the government through the different schemes available. Additionally impetus on women’s health, both mental and physical, need much more attention than they are currently getting.

Overall, the budget this year is of increased significance as we continue to aim to rebuild our economy, but its victory will lie in the impact it has on social rebuilding of our nation.”

Mandar Agashe, CMD, Sarvatra Technologies:

“The Union budget 2021 has lot of encouraging initiatives for the startup ecosystem and meets some of the expectations of the Fintech industry.
We are happy that aspiring entrepreneurs and small businesses will benefit from the measures government has taken including broadening the definition of start-ups, simplifying regulations, providing income tax exemptions amongst others. We believe that this announcements will give startup economy a boost!
Also, Considering digital has changed the way transactions are done, Fintech is an important thread for financial inclusion, hence creation of Fintech hub in GIFT ISFC will help companies step up their activity, grant them incentives, help them raise more funds, and create more collaboration opportunities for growth. These initiatives are likely to create a strong foundation for cashless payments and pave a path for robust and sustainable growth for the industry. Besides, the move to provide financial incentive to promote digital mode of payment will further give boost to digital transaction.”

Yogita Tulsiani, Director and Co-founder iXceed Solutions:

“”The year 2020 has seen a lot of ups and downs. The budget for 2021 has included various ways to bring the scattered businesses back on track. The Union Budget 2021 has focused on skill development by tieing up with countries like Japan and UAE. This would help in overall development of the Human Resource sector. With everything going digital, the launch of an online platform for gig workers will definitely ease the process of work. Startup sector is gifted with the Tax Holiday with the extension in eligibility for one more year till 2021. The tax exemption on capital gains till March 2022 will push more investments.”

Mr. Ram Iyer, Founder and CEO, Vayana Network:

“This is a great budget with a lot of growth boosting measures. In the backdrop of the pandemic and resultant fiscal situation, the government has done a great balancing act.
There are a number of steps announced to boost capex and infra; and manufacturing which will create huge trickle down benefits for the economy at large. To achieve this within tight fiscal deficit targets and without impacting the tax rates will be a herculean achievement. The key positives for businesses include –

1. Creation of a huge DFI to fund India’s infra ambitions over the next 3-5 years
2. Vehicle scrapping policy will give a boost to the Auto sector in coming years
3. Launch of multiple infra and capex projects will give boost to manufacturing, steel and cement sectors
4. Further allocations for PLI in manufacturing is a great step to place India firmly in the global Supply Chain ecosystem in core sectors like Electronics
5. Smaller businesses will see more ease of doing businesses due to relaxation of audit & GST norms
6. Divestments of some PSUs and higher FDI limits in insurance will lead to entry of global players with deeper commitment to India and also boost innovation. “

Dhruvil Sanghvi, Chief Executive Officer, LogiNext:

“We welcome the incentives proposed by Honourable Finance Minister Ms. Nirmala Sitharaman. Strengthening global and national supply chains is of paramount importance for economic growth. The proposals to set up freight corridors across the country, as well as the proposal for a future ready rail system, along with development of national highways will bridge the gaps that currently exist, bringing in better connectivity between production and consumption markets. Furthermore, the push towards digitisation along with proposals of the one year tax holiday for startups and extending cap gains tax exemption for investment into start-ups shows the intent towards making it easier to do business in India and push forward on the technology wave.”

Manish Patel, Founder & CEO, Mswipe:

“Small retailers and kiranas were instrumental in growing the share of digital payments in India and in providing easy payment solutions to their customers since the onset of COVID 19. The budget provision of Rs.1500 crore to incentivize digital modes of payments comes as a recognition of these very efforts and will go a long way in encouraging Small and Medium Enterprises (SMEs) to switch to accepting digital payments. The announcement by the Honourable Finance Minister Nirmala Sitharaman has met the industry’s expectation of providing financial incentives that enable small businesses to adopt digital solutions. As India’s largest POS acquirer and end-to-end digital enabler of SMEs, Mswipe sees this as a great boost for digital payments infrastructure as well as growth in share of small businesses in online commerce. Further, the budget allocation of Rs.15,700 crore to support the Micro, Small and Medium Enterprises (MSMEs), which is more than double of this year’s budget estimate, is also a positive step. Similarly, the proposed development of a world class fintech hub at GIFT-IFSC is yet another effort in the direction of placing India as a leading innovation ecosystem on the global fintech map.”

Mr Animesh Damani, Managing Partner, Artha Energy Resources:

“The FY 2021-22 budget has left the non-utility solar players to fend for themselves. Adding to the misery is the capped net metering of 10KW, which is likely to impact 70% of the rooftop solar business, the Government’s stance to raise import duties on solar inverters will further discourage potential investment in the solar development segment, and adversely affect employment. Similarly, the allocation of ? 2500 crore fund to SECI and REDA (cumulatively), is a play on optics and is yet again, not likely to benefit the private players. Moreover, the silence of the authorities on the GST front has now become a matter of concern, which if introduced, had the potential to generate revenue for the Government, and aide private players alike.”
The only silver lining in the budget is the Government taking note of the Hydrogen Energy sector and we hope for it to have a serious outlay. This in-turn is likely to prompt Indian players in the sector to take the lead globally.”

Praveen Paulose, MD and CEO, Celusion Technologies:

“We wholeheartedly welcome Finance Minister Nirmala Sitharaman’s Budget for 2021 which entails several initiatives to push India’s economic growth in the coming years. The government’s move to allocate Rs 1500 crore to strengthen the digital payments across the country and facilitate a world-class fintech hub in Gujarat International Finance Tec (GIFT) city will boom the fintech sector’s health incredibly. The much-awaited push post-Covid looks to turn in favour of the BFSI and Fintech market.”

Ms. Priyanka Madnani, CEO and Co-founder, Easy to pitch,One stop pitching solution:

“Many startups in this lockdown started from the ideation stage. In order to do the pivot of their projects,seed fund would be very much beneficiary to them as they would be able to consume that amount for pilating of their ideas and to move to the idea stage to the prototype stage ,development stage and hence would be able to start making sales.So this seed fund is very helpful for those startups pan india.Also this would encourage more and more startups to get recognised by the startup government of India.That is the base,if a startup is getting registered in the DIP,it is getting these benefits,last year it was 41000,we would be able to see more numbers, crossing more than 60000 this year for sure.”

Danish Ahmed, CEO of India’s largest medical travel startup Hospals:

“We welcome the government move to pay special attention to the much-needed health infrastructure in recent times. Rs 64,180 crore spending plan for healthcare over the next six years in the budget will take India’s health and wellbeing industry to newer heights strengthening Honb’le Prime Minister’s Atmanirbhar bharat mission and creating a robust ecosystem for primary, secondary and tertiary healthcare in the country. A massive 137% percentage hike in the spending from the previous budget is also the need of the hour to push and set global benchmarks for the largest vaccination programme in the world that is taking place in India. This will further boost the confidence of Hospitals in the country to take their reach, services and treatment standards to newer heights. By offering special incentives to healthcare providers cost benefits can be further extended to foreign patients attracting millions of international patients seeking quality healthcare in India, incentivizing the promising medical tourism segment.”

“With two COVID-19 vaccines available and two more expected, India can become the torchbearer of covid vaccination drive on the global stage. By sharing millions of doses of Covid-19 vaccine in South Asia India has already claimed its global leadership in health and wellbeing and is well applauded by superpowers of the world. With the nationwide Covid Vaccination drive, India can also act as a platform for foreign patients seeking for Covid vaccination in India encouraging covid vaccine tourism.”

Ram N Kumar, Founder and CEO, NirogStreet :

“The introduction of Aatmanirbhar health programme with an outlay of Rs 64,180 Crores in addition to national health mission in the Union Budget 2021 is a step forward in ensuring a Healthy India and claiming its position as an undisputed leader on global health and wellbeing platform. We expect Aatmanirbhar health programme to consider Aatmanirbhar Ayurveda as its integral part. Further strengthening India’s sankalp of Nation-first, health and wellbeing being one of the six pillars, a 137% of tremendous rise in healthcare spending has certainly made this budget like ‘never before’. By laying special emphasis on preventive and curative healthcare and proposed establishment of 17,000 rural and 11,000 urban health and wellness centres in the country, the government has reassured its vision of affordable and quality health coverage for all. In the past few years the government has actively promoted Ayurveda and supported the growth of pioneering research and medical facilities in the country. We further expect special incentives from the huge healthcare spending outlay to create a robust ecosystem supporting world class research, product development and drug discovery in the Ayurvedic sector so as to mainstream it for future generations to accept it as the first call of prevention and treatment.”

Mr. Vaibhav Garg, Sports & Clinical Nutritionist, Founder- Purecise:

“Finance Minister Nirmala Sitharaman announced a new centrally sponsored scheme for the healthcare sector in Budget 2021. The Pradhan Mantri Atma Nirbhar Swasthya Bharat Yojana has been launched with a total outlay of Rs. 64,180 crore over a period of next six years aimed to cure new and emerging diseases. In addition, for the year 2021-2022, Rs. 35000 crores will be provided for the contribution of COVID-19 vaccinations. Since, this budget focuses on the health care system which is one of our common goals towards the country but along with this, we expected an initiative to be taken by the government towards improving palliative care through science based dietary and nutrition protocols in the post COVID-19 scenario. We appreciate the Government’s move to outlay Rs 2,23,846 cr. dedicated towards health and well-being for the FY22. The budget very aptly focuses towards strengthening preventive care, curative and well-being of the population.”

Neetish Sarda, Founder, Smartworks:

“”Hon’ble FM’s vision for Atmanirbhar Bharat with a budget focused on six essential pillars is commendable. The government has set an ambitious target to build infrastructure in the country and increase focus on digitisation and public investments. The proposal to exempt dividend payments on REITs and InVITs from TDS will surely boost investor sentiment thus augmenting funds for infra and real estate sectors. Initiatives to boost the Indian startup ecosystem by incentivising the setting up of One Person Companies (OPCs), announcing tax holidays and an extension in capital gains exemption are welcome steps.”

Jahnabi Phookan, National President, FICCI FLO:

“The budget proposed by Finance Minister will help to boost the revival of our nation’s economy following the Covid induced Economic Fallout. With its targeted proposals for extending benefits to the women in form of policies such as Mega Investments Textiles Park, Incentivising one-person companies, Implementation of the four labour codes, dedicating 3000 crore to NATS, proposal of funds for the welfare of tea workers especially the women & children in Assam & West Bengal, It will provide a strong foundation for the female strata to rise and support in building an Atmanirbhar Bharat”.

Shammi Pant, Co-Founder, myJen.ai:

“This budget reinforces the focus on the fundamentals with intent to revive the economy from the unprecedented pandemic setback of last year. In a major way it focuses on Health, Infrastructure and further rationalization of our financial regulations, which is going to give the economy an impetus in revival and put the focus back on fundamentals. The startup community welcomes the attention given in Budget speech of the Finance Ministry and we thank for announcements regarding Tax Holidays and Capital Gain Exemptions.”

Romira Roy, Founder and Chairperson – SEED:

““The six-pack budget proposed by the Finance Minister encompasses the true spirit of sustainable and equal growth. The push for the health sector and the skilling space with tie-ups with UAE and Japan, to begin with, will go a long way. The focus on revamping the health infrastructure, the push for aggressive disinvestment with LIC’s IPOs, Tax holiday for start-up, expansion & strengthening of nameless faceless IT along with the revision of years are something to be applauded. Although tax slab revisions & further involvement of the private sector in the COVID vaccination distribution is something that could have also been looked at. Overall it was a well-balanced budget given the fiscal deficit constraints”

Rishi Ahuja, Founder, Klip VR Immersive Tech:

““It’s heartening to see the focus on Education in Finance Minister’s budget speech where she rightly said youth of the country have abundant skills and it needs proper channelization. This year will be historic and motivational for our youth with events like 75th Year of Independence and Chandrayaan Mission 3. The education budget and steps announced for effective implementation of National Education Policy, increased focus on the role of technology will provide further opportunities for growth and sustained development of the sector and students. Rishi Ahuja, Klip VR Immersive Tech”

Mr. Lalit Arora, Co-founder and CEO, VingaJoy:

“The Union Budget 2021 has given a hope to the consumer durables industry as it provided incentives for local manufacturers, reduction in taxes on eco-friendly and energy-efficient products along with waiver of customs duty on imported inputs to make components. It is likely to attract global players in the Indian manufacturing sector as the Government is planning to offer plug-and-play infrastructure to the companies willing to come to India. Domestic electronic manufacturing has grown rapidly. We are now exporting items like mobiles and chargers. For greater domestic value addition, we are withdrawing a few exemptions on parts of chargers and sub- parts of mobiles. Further, some parts of mobiles will move from ‘nil’ rate to a moderate 2.5%.”

Mr. Mrityunjay Shahi, founder & CEO, SalaryDost:

“We welcome the progressive Budget presented by our honourable Financial Minister. The growing market of Fintech Industry will get a good boost and drive indigenous ideas specially after FM reiterated the fact that the Industry will grow at a CAGR of 22.7% during the 2020-2025 period. It is also expected to reach more than Rs. 6,207 billion by 2025.”

There are certain moves that are commendable such as:
The announcement of facilitating a Fintech hub at Gift City, Gandhinagar by the Hon’ble Finance Minister will be a game-changer for the Indian Fintech startups. This hub is going to originate 150K new jobs for our youth. The move taken by FM to set up a Fintech hub is highly appreciable. Yes, there is a need to create more of such kinds of hubs in India for FinTech’s to grow easily expediently. The decision justifies that FinTech’s are an important part of the financial ecosystem.

-The government has provided strong propulsion to digital transactions in India by allocating Rs 1,500 crores for promotion of digital payment. This will surely encourage the FinTech ecosystem and companies to offer innovative and enriched user experience.
Budget always brings new hopes and direction to achieve more. We are happy with the announcements that are mentioned above and we are expecting new possibilities in terms of business outreach and support from the Government bodies to flourish in the country and abroad as well.”

Mr. Mandeep Arora, Managing Director, UBON:

“At UBON, we believe that the Budget 2021 is an encouraging one. Proposing the scheme to encourage domestic electronic manufacturing mobile phones, semiconductor packaging and electronic equipment is a welcoming move and we look forward to a complete policy to leverage it in expanding manufacturing in our new factories. Furthermore, painting a futuristic picture in this year’s budget, madam finance minister acknowledged the role of advanced technologies like IoT, AI, and analytics in shaping the world. We are forever committed to advancing our ‘AI x IoT’ ecosystem in India and will continue to invest in cutting-edge technologies to offer the best services to our customers in India.
Another aspect which I want to applaud in this year’s budget is withdrawing exemptions on parts of chargers and sub-parts of mobiles. From a consumer electronics industry perspective, the decision is a welcome move and boosts the industry sentiments. This will further give a boost to Indian Manufacturing industry and propel more investors in the sector.”

Sudarshan Lodha, Co-founder, Strata, a leading fractional real estate platform:

“Considering the challenging year the country has been through, I would like to congratulate the finance minister for putting up a bold budget focussed on growth. It is extremely encouraging to see that the budget bets big on the infrastructure industry to help kick-start the economy. Divestment and monetisation of assets across industry including airports, ports, railways and freight corridors is a big stride and will go a long way in making India Atma nirbhar in the real sense of the term. This will also offer a big impetus to fractional investment models in real-estate. Instead of solely depending on the developers for the supply side, the industry can expect big government assets on the block thereby opening up the industry further to retail investment.

Considering infrastructure needs long term debt financing, a professionally managed Development Financial Institution will act as an enabler, while an Asset Reconstruction Company and Asset Management Company will usher in consolidation in the sector. Additionally, Debt Financing of InVITs and REITs by Foreign Portfolio Investors will help boost much needed liquidity in the sector, whereas reduction in taxes and measures for affordable housing will spur consumption and growth at the retail level.

The budget also offers big boost to the startup sector. Besides extension of a tax holiday, extended capital gains exemption for investment in start-ups by another year will help the sector attract more funds. This will encourage more entrepreneurs to join the bandwagon while also evading the cumbersome compliance procedure.”

Sparsh Garg, Founder and CEO, Educlouds (India’s leading Edtech startup transforming educators and wannaedupreneurs of the post covid era):

“As mentioned by Hon’ble Finance Minister during the Union Budget presentation, introduction of the legislation this year to implement the setting-up of the Higher Education Commission of India and creation of other ‘umbrella’ structures for higher education in India will certainly strengthen country’s education system as per the need of the new informed world and create more job avenues for youth in the times to come. Strengthening of 15,000 schools under National Education Policy is a great move in the direction of creating a robust school infrastructure in the country. Inclusive development for human capital, innovation and R&D being the key pillars of the budget as well as prestigious Atmanirbhar Baharat abhiyan will create new growth avenues for employment, entrepreneurship and disruption across industries. An extension of the tax holiday to startups by another year to March 31, 2022 will also accelerate India’s edtech startup growth story. By further incentivising the edtech sector, the government could have strengthened its roadmap of offering quality education accessible to all through simple and affordable tech innovations. Considering the huge contribution of the edtech sector in assuring accessible and affordable education amid the pandemic, we expect the GST council to further reduce the existing 18% GST slab in near future.”

Sanjay Phadke EVP – Platform & FI Business Head, Vayana Network:

“MSMEs generally depend upon big businesses in the supply chain and the overall buoyancy in the economy for those that deal with retail. The budget is definitely a Big Bang with far more focus on enhancing macro spending across healthcare, infrastructure and large scale manufacturing. The resultant virtuous cycle will provide a significant tailwind to MSMEs too. There are many specific measures on changes in duties, easier compliances etc that would provide support to MSMEs that are ravaged by Coronavirus crisis. There is also a strong underlying theme of digitisation and improving access to capital for those that are compliant and digital which will help MSMEs contribute in a big way towards the target of 5 Trillion Dollars economy.”

Parthasarathi Patnaik – Chief Risk Officer, Vayana Network:

“While the vehicle scrappage policy seems voluntary at this stage, I think this may be the first of many bold steps the government is likely to take to aggressively curb use of polluting vehicles and usher an era of electric vehicles in line with global trends. This measure portends well for the auto sector in the medium term as it is likely that a large number of older commercial and private vehicles will be replaced by newer fuel efficient vehicles, thus requiring large additional investments by auto and auto parts manufacturers.

Further, with the FM’s budget proposing to make large outlays for capital investments in infrastructure and on improving public transport, the auto sector is likely to see a surge in investments and employment opportunities in the near to mid-term’.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby:

“Considering the challenging year faced by the Indian economy, the Ministry of Finance has put up a fine balancing act. While initiatives to support digital payments are few, the budget showcases a strong intent to continue driving a less-cash ecosystem. On one hand, the Union Budget 2021 has various encouraging initiatives that will propel aspiring entrepreneurs and boost small businesses. On the other hand, it renders a lot of focus on uplifting the lower stratum of the society which includes the migrants, gig workers and farmers among others. The pandemic-induced economy has played an important role in dispelling the long-held scepticism regarding the gig workforce’s efficiency and dependability.

The proposal to extend social benefits to gig economy workers and farmers along with a portal to register their details will pave the way to formalise the sector and create employment avenues amid a robust ecosystem to fulfil the government’s Aatmanirbhar vision. Furthermore, initiatives such as the development of a world-class fintech hub at GIFT, investor charter and a dedicated fund of Rs 1,500 crores for digital payments are extremely encouraging as they will augment innovation within the fintech industry and accelerate the pace of a financially inclusive, cashless economy. we are eager to explore the new and exciting opportunities that will emerge.”

Rajesh Jha, Co-founder & Director, PayNearby:

“The increase of FDI limit in insurance is an extremely favourable move for the industry. Considering the skewed nature of insurance penetration in the country, we require innovative, cost-effective tools to cater to the target audience of which 90% is still unbanked and underbanked. The increased FDI limit will offer true metamorphosis for the sector as capital infusion will help businesses expand, aligned strongly with the government’s vision of financial inclusion.”

Sanjay Bhatia, Co-Founder & CEO, Freightwalla:

“For most of the last year, the shipping & logistics sector has been under strain due to global headwinds. The industry was expecting short term measures to lower the current pressure faced by the industry. Having said the budget did include steps to boost the sector in the long term. Invitation to private players to manage the ports is a beneficial move for the industry. Private port management players having knowledge and competencies can transform the overall functioning, thereby increasing its potential in shipment handling. It can also lead to digitizing the entire port facility and providing an experience to the consumers and users. The industry provides direct and indirect employment opportunities to millions of people in the country. The launch of the scheme to promote merchant ships’ flagging will further give a rise in employment. It also sends a signal that the Indian government is welcoming to the international logistics industry.
Additionally, the goal to double the ship’s recycling capabilities is another move to generate career opportunities among the nation’s youth. Aggressive road infrastructure push will help in smooth cargo movement to and fro from port to shipper. Overall it has been a reasonable budget for the sector, more investments or steps to digitize the industry could have made it even better.”

Mr Arun Pandey, Chairman & MD, Rhiti Group:

““The Union Budget 2021-2022 laid major impetus on unlocking our nation’s true potential by introducing schemes such as providing financial incentives to promote digital transactions, providing incentives to one-person companies, allocating resources for the revival of the MSME sector, setting up of Central University in Leh, allotment of 3000 cr to NATS, etc. These initiatives will help to foster the Start-up Industry, MSME sector, education sector & help in the overall development of the nation. Through this budget, the Finance Minister was able to address each & every aspect of the economy”

Ms Sucheta Mahapatra, MD India – Branch Personal Finance App:

“Union Budget of 2021 is showing big promises towards resuscitating the economy post the pandemic.
Salaried citizens can breathe a big sigh of relief, thanks to no changes from individual Income tax.
We also welcome the decision on allocating the 35,000 Crs for Covid-19 vaccination procedures. This shows commitment from the government for immunization that can further help the nation get back on track at the earliest.
Privatization and disinvestment would be important for the coming FY, While implementation of these remain key, the economy would see a boost with private players coming in and the government having funds to spend on infra and other projects.
We are in particular happy about the Tax Holiday for startups. This will help in putting less pressure on the Startups Ecosystem which hasn’t seen a fruitful year.
Last but not the least, we are also expecting a lot more employment creation across all sectors, which will boost the lending and banking sector for both institutional and retail segments.”

Mr Alok Patnia, Managing Partner, ProfitBoard Ventures:

FM Nirmala Sitharaman extends tax holidays for startups by one year, till March 2022

To help India Inc’s startups in beating pandemic blues, the FM announced a tax holiday extension by one more year to Mar 2022. The existing provisions of section 80-IAC of the said Act, inter alia, provide for a deduction of an amount equal to one hundred percent. of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years at the option of the assessee subject to the condition that the total turnover of its business does not exceed one hundred crore rupees for an eligible start-up incorporated on or after the 1st day of April, 2016 but before the 1st day of April, 2021.

Apart from the tax holiday, Sitharaman also informed that the government proposes to incentivize incorporation of one-person companies (OPCs), a move that will benefit startups and innovators.

This is likely to attract more investment outflow in startups. With proper planning, more investment inflows can also help in reducing the fiscal deficit.

Mr from Bharat Goyal, Founder, Director Bhartiyam International School

The budget that has been announced today was very positive in terms of the long-term vision of the Govt. It is clear that the Govt has taken all the major policy decisions which will help to bring the economy back on track and the most important and very happy step was the increase in capital expenditure which will result in more money that will flow into the markets. Other than that, I would say that the education sector needed a little more focus from the Govt side there has been discussion about the higher education council but from School’s perspective other than making 15,000 Model Schools and 1,000 new Sainik Schools have not been much. We are expecting a little more focus towards Govt’s role in various aspects of School Education.
Other than that this budget is more focused towards giving some relaxation to the Sr Citizens, Farmers, and also some organisations but for middle class and lower middle class there’s not much that has come directly from the budget as of now.

Farhan Pettiwala, Executive Director & Head Development, India & South Asia, Akhand Jyoti Eye Hospital:

“We expected a bigger change and disruptive budget, indeed the budget has Kickstarted by increasing investment in Infra, healthcare, ARC (assett management company), LIC IPO disinvestment, no change in tax structure, INR 64,180 crore to new health scheme is a big plus, with 35,000cr for covid vaccine.”

Mr. Ramesh Mamgain, Country Manager, India and SAARC, Commvault:

“The Union Budget 2021 is sui generis considering that it is India’s first-ever ‘Digital Budget’. The gesture of doing away with the paper versions of Budget underlines government’s commitment towards PM’s ‘Digital India’ vision.

A renewed focus on infrastructure would mean accelerated technology adoption, which cannot be accomplished without data privacy measures, propelled by data protection. This approach would help in strengthening India’s data protection framework to protect individual information, with investments in key technologies like artificial intelligence (AI) and machine learning (ML) to secure cloud-based infrastructures.

While the capital expenditure on the physical connectivity – road, railway and port – has been highlighted throughout, I am sure that digital connectivity will ultimately become a cornerstone of everything we do in the current times.

Overall, it is an inclusive and pro-growth budget, presenting a balanced stance on the pathway to recovery.”

Rajat Singhania, Founder of HyLyt by SocioRAC:

“”The budget is growth-oriented. Govt expenditure on infrastructure is high which will boost the economy. There are no major changes in direct/ indirect taxes. For startups, the tax extension, increase in paid-up capital, registration of one-person firms, NRI permission to incorporate OPCs in India is a good boost to Startups. Overall a positive budget to spur growth, stock markets have responded very positively and we can expect to overcome some of the losses of the year gone by.”

Ankush Singla, Co-founder, Coding Ninjas and Captain Coder:

“Education and the rise in Edtech are soaring in India and will unveil a plethora of opportunities for the consumers (students) and edtech startups. Government’s move under NEP for 2021, from opening up of new schools to collaborating with Japan over technology and knowledge sharing is a great decision. While the NEP unlocks great opportunities for private players in the edtech space and collaboration opportunities with the government, it would be interesting to see the implementation and fast-tracking of these regulations for the Indian education system to boom with its truest potential. The tax holiday and capital exemption are welcome moves. It is a relief to startups especially who were impacted with the pandemic and the lockdown’.”

Murali Iyer, CEO and Principal Officer, InsureNearby:

“Increasing the FDI limit to 74% from the current 49% in the insurance sector is a welcome move by the government which was long overdue. Providing equal rights to foreign partners will help open up the sector while offering the much-needed capital infusion. This will provide a huge fillip to employment opportunities besides helping boost insurance penetration, especially in the hinterlands of the country. Additionally, the move will also help Indian shareholders to find new buyers easily, thereby eyeing a smooth exit.

At just about 4%, India has one of the lowest insurance coverage ratios among the most populous nations and this amendment is likely to put the industry back on the growth track from the present stagnation period. Upscaling FDI in the industry will also encourage innovation-backed tools and technologies that will help drive inclusivity at the bottom of the pyramid. This is likely to boost growth and transformation and will put the insurance sector at par with the banking sector.”

Mr. Rishab Mehta, CEO & Founder, GrayQuest:

“This year’s Union Budget was in the spirit of “do no harm” in terms of any adverse policies being implemented. Broadly, the various decisions laid out in this year’s budget are more “incremental” rather than “transformational” in nature. Accessibility and affordability of education across the weaker economic strata of society has been a perennial challenge in our country, especially this year with the disparity increasing manifold due to lack of online education infrastructure both at school and student level. This year’s budget has indicated a good intention of progress in addressing this gap. Government’s decision to strengthen over 15,000 schools under NEP, set up 100 new Sainik Schools, raise allocation for ‘Eklavya’ schools in hilly areas etc. will provide a fillip to quality education.
This budget has also laid down several measures which are further boosting the cause of both startups and especially fintech startups. Once again, we believe the steps taken relating to startups, although incremental in nature, point towards a long term policy goal of the government to signficantly boost the sector via favourable policies, albeit with incremental steps taken every year instead of a big-bang transformational reform. The decision to extend capital gains tax exemption by another year is another step in that respect. Specific to fintech, the setting up a world-class Fintech hub at Gift city will add impetus and government recognition to the growing relevance of Fintech companies in India, which is essential considering that it is a regulated sector.”

Mr. Dippankar S Haldar, founder and CEO at Jalongi.com:

““Great to see initiatives to set up fishing hubs in the current budget. This multibillion dollar sector needs such grass root level developments. With right supports Sector has potential to match up with the White Revolution. Start Up reforms and reliefs are timely and welcome. We would love to see more such reforms and moves to empower the startup ecosystem in India.”

Ankur Gupta, Founder and CEO, Ruptok Fintech Private Limited:

“The reduction in import taxes on gold and silver will accelerate the demand and purchase of the respective metals. It will also help in boosting the new wave of lending business in India, especially firms like us who provide loans on gold. In terms of tax holiday and capital gains exemption, it will help the newly emerged startups or business who have faced challenges due pandemic. Furthermore, the proposed facilitation of a world-class fintech hub at GIFT city may help in changing the sentiment of the average consumer towards fintech.”

Avinash Godkhindi, CEO of Zaqggle:

“FinTech Hub at Gin City will give a tremendous boost to the Fintech Industry. This will pave the way to look at disruption Technology in the not just Finance sections but Payment and lending sections too.
Push for Atma Nirvbhar again rephrases the Govt commitments in Make in India. This will not only boost jobs in the country but also encourage entrepreneurship & innovation.
The 1 person company changes & the valuation in residency days again helps in a big way to attract global Indians to come back and start contributing to Indian Growth.
Their entrepreneurship will act as a catalyst and a guiding line to the young entrepreneurs of India and create an even more robust ecosystem.”

Anand Ayyadurai, Co-Founder and CEO at VOGO:

‘The scheme to augment public transport in urban areas is a welcome move. The focus on increasing share will empower the growth of our country’s transit system. Especially it will offer an opportunity to mobility players like us to provide more accessibility and last mile connectivity to commuters in the multi-modal world. Apart from this, the announcement on tax holiday and capital gains exemption will help the emerging startups to set their foot stronger in the industry.”

Mr. Ravi B. Goyal, Chairman & MD, AGS Transact Technologies Ltd:

“Budget 2021 effectively addresses the impact of the pandemic on overall economy. The budget’s significant concentration on healthcare, allied industries and economic revival is a welcome move and may provide much needed respite in the near future. The proposed recommendation of allocating INR 1500 crores is a constructive step towards strengthening the overall payments infrastructure and bridging the digital divide in the country. We await more details on how this allocation will be used effectively to accelerate the already remarkable growth of digital transactions in the country. We also laud the Government’s move to set up a world-class fintech hub, Gujarat International Finance Tec (GIFT), which will spur innovation, growth as well as boost employment. ”

Mr. Narayan ‘Naru’ Ramamoorthy, Chief Revenue Officer, Global PayEX:

“At the outset, it is laudable that the Union Budget 2021-22 lays an increased emphasises on use of data analytics, artificial intelligence and machine learning across industries. We welcome the Government of India’s move in taking definitive steps towards using the power of digital technologies and boosting the fintech and startup ecosystem through initiatives such as fintech hub in Gujarat International Fintech Tec (GIFT). The benefits accrued through the allocation of Rs. 1,500 crores for promoting digital modes of payment as well as the increased tax audit limit for those who carry 95% of their transactions digitally will enable businesses, especially MSMEs to digitise their entire value chain and drive exponential impact on key business levers – innovation, growth and efficiency. Add to it, the proposed setup of Asset Reconstruction Company (ARC) and Asset Management Company (AMC) for stressed assets, which will help accelerate the much-needed credit line in B2B payables and receivables financing from the banking system. Further, the allocation of INR 3000 crore for skill development and facilitating a National Digital Educational Architecture (NDEAR) within the context of a Digital First Mindset will help bridge a sizeable technological skill gap in the country and offer the right engine of incessant growth, while setting the foundation for India’s future in the right direction.”

Mr. M. Natarajan, SVP- Head of Finance & Accounts, JK Technosoft:

“The Union Budget 2021-22 is applaudable at various levels. While as expected by many there were no exemptions in the tax slab, but providing exemption to the elderly for filing the return is a great action to reduce the compliance burden for the senior citizens. We also appreciate the Finance Minister’s decision to constitute a Dispute Resolution Committee to ensure efficiency, transparency and accountability under which anyone with a taxable income up to 50 lakh and disputed income up to10 lakh shall be eligible to approach the committee for resolving disputes. We commend the Government’s decision to smoothen the GST structure to remove anomalies such as the inverted duty structure. Further, digitization of GST by deploying deep analytics and Artificial Intelligence to identify tax evaders and fake billers and launch of special drives against them is a praiseworthy action. We also appreciate the Government’s focus on new-age technology like Data Analytics, Artificial Intelligence (AI) and Machine Learning under which it will launch MCA21 Version 3.0 involving additional modules for e-Scrutiny, e-Adjudication, e-Consultation and Compliance Management.”

Kapil Rana, Founder & Chairman, HostBooks Limited:

“A progressive budget having a specific focus on infra, education, agriculture and the power sector but there are no specific incentives for the common taxpayers which was an expectation from this budget. The relief to senior citizens of an age 75 years or more from filing ITR with a pension and interest income only, the period of re-assessment has been reduced to 3 years from 6 years in some specific cases, this will ease their burden. It will help the department in easing related burdens and will raise confidence within taxpayers allowing future growth rather than worry about past mistakes.

To woo Small Taxpayers a new committee has been formed known as dispute resolution committee for taxable income up to 50 Lakh and disputed income up to 10 lakh, E-assessment up to ITAT level.”

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.”

Mr. Nanda, CO-Founder, WinZO Games:

“The measures announced by the government demonstrate its bullishness towards the startup ecosystem. The extension of long-term capital gains by another year will offer tailwinds to early stage funding. Extension of tax holiday by one year is also an encouraging offering, however, most of the new age startups don’t start booking profits in the early years. The Budget’s focus on economic development, infrastructure and health will definitely put India back on the growth trajectory after an unprecedented past financial year.”

Mr. Pramod Bhasin, Chairman, Clix Capital:

“India is likely to be on a very strong growth trajectory post Covid with the highest growth rates in the world. And this is a good strong growth oriented budget. it was critical to increase Government spending and
investment and drive growth and the Govt has pushed for that and these are very welcome steps. Recapitalization of banks, investments in infrastructure, expanding FDI in Insurance are very good steps. And the disinvestment program is vital and overdue.
I wish we could find ways to bring more people into the tax net– it’s tragic that such a small number of people pay their proportion of taxes. Now it will be down to execution to achieve the various targets.”

Anshul Gupta, CEO & Co-founder and YellowClass:

“This is a very progressive, forward looking budget. The government has been supporting startups and business innovation. The budget continues to keep the focus sharp. Extension of tax holiday for startups is a welcome step.”

CA Anuj Jalota – the Founder of AJ Education NeXt:

“On the face of it and going by the initiatives announced, the budget is tailored to spur growth in almost all sectors and particularly infrastructure. Lot of emphasis is put on achieving the goal of ATMA NIRBHAR BHARAT. The underlying premise is monetization of Government assets including disinvestment in PSUs encompassing even two PSBs. A brief budget is a very bold statement by the way and a challenge thrown to the private sector to rise to the occasion to develop the country. There are risks because of the proposed fiscal deficit at 9.50% as a result of which interest rates may start going up thereby increasing the cost of borrowing for every borrower including the government. However the risk is worth taking and FM deserves all praise for boldness. Lot of emphasis and as a requirement, the budget has allocated a lot of money to improve health infra . In the history of independent India, we have never seen such a push in this sector.”

Mrs. Sucheta Shah, Executive Director, Atlas Integrated Finance Ltd.:

“An extremely well structured and a forward looking budget encompassing all sectors and detailed steps for implementation. The ground level reforms in Health Infra, Agriculture, finance, education sectors have been supported by the necessary acts and regulations from the top level. The Development Financial Institution, Increase in FDI in insurance and the PSE and PSB divestment will provide the much needed boost to the financial sector. Tax consistency and transparency are a big relief for tax payers. The budget comes when India is trying to get its growth back on track and create enough jobs for its workforce. Hence we think, its overall a growth budget providing huge employment opportunities for the Indian economy. The development of Infrastructure is fundamental to the revival of the economy and this continued boost from the government will have a multiplier effect on various sectors that provide material & equipment for construction & development. We believe that the Infra sector will be at a great advantage as each sub sector , shipping, railways , roads, energy and power has been addressed with specific reforms. Also, the introduction of DFI and a Single security market code will enhance the liquidity in the secondary markets and enable smooth capital market operations. Overall, the budget is poised to bring us closer to the dream of an Aatma Nirbhar Bharat and positioning India as an alternative global destination for manufacturing and innovation.”

Mr. Sangeet Kumar, CEO & Co-Founder, Addverb Technologies:

“Budget 2021 focuses on enhancing productivity by incentivising the use of technology to make India ‘Atmanirbhar’ and future-ready. As the future of manufacturing is driven with robotics and other automation technologies, we appreciate the announcement of PLI schemes to create manufacturing global champions under AtmaNirbhar Bharat for 13 sectors related to electronic manufacturing. The Government also announced to extensively use data analytics, artificial intelligence & machine learning for the roll out of MCA21 portal version 3.0. This version 3.0 will have additional modules for e-scrutiny, e-Adjudication, e-Consultation and compliance Management. Also, as upskilling programs are required to make the workforce ready to work with robots and other automation, the budget played a lot of attention to machine learning driven programmes and setting up of data centre parks to promote R&D. We highly appreciate the proposal of extending the tax holiday for start-ups for one more year and Tax relief for startup employees on deferment of tax payment on ESOPs by 5 years.”

Rajat Jadhav, Co-founder, Bold Care:

“The budget has rightfully taken into account the health of the scathed startup ecosystem in India and has simultaneously acknowledged their potential to change the face of the Indian economy.

The extension of the tax holiday by a year is a welcome move that will provide relief and have a positive effect on the start-up sector. The increased focus on capital infusion and ‘Make in India’ initiatives will encourage start-ups to innovate and expand their folds in a non-strenuous and nurturing environment. Paid-up capital for enterprises with a turnover of upto Rs. 2.5 crores will inspire newer investors in the start-up space while the focus on FDI will help existing players to transform themselves into global case studies. Also, the increased impetus given to skill development and R&D will enhance the investment climate and spur growth leading the path for start up’s of today to emerge as MNCs of tomorrow. Additionally, the technology-driven measures along with simplification of the GST structure will add a new dimension to the long term development of this sector. With a connectivity focussed approach and a digital transaction inclined culture, the union budget has made it easier for startups to deepen their hold over the geographies of the country.

Also, ease of business will help startups maneuver the marketplace and flourish in a competitive economy.”

Danish Ahmed is the CEO of India’s largest medical travel startup Hospals:

““We welcome the government move to pay special attention to the much-needed health infrastructure in recent times. Rs 64,180 crore spending plan for healthcare over the next six years in the budget will take India’s health and wellbeing industry to newer heights strengthening Honb’le Prime Minister’s Atmanirbhar bharat mission and creating a robust ecosystem for primary, secondary and tertiary healthcare in the country. A massive 137% percentage hike in the spending from the previous budget is also the need of the hour to push and set global benchmarks for the largest vaccination programme in the world that is taking place in India. This will further boost the confidence of Hospitals in the country to take their reach, services and treatment standards to newer heights. By offering special incentives to healthcare providers cost benefits can be further extended to foreign patients attracting millions of international patients seeking quality healthcare in India, incentivizing the promising medical tourism segment. With two COVID-19 vaccines available and two more expected, India can become the torchbearer of covid vaccination drive on the global stage. By sharing millions of doses of Covid-19 vaccine in South Asia India has already claimed its global leadership in health and wellbeing and is well applauded by superpowers of the world. With the nationwide Covid Vaccination drive, India can also act as a platform for foreign patients seeking for Covid vaccination in India encouraging covid vaccine tourism.”

Sahil Sharma, Co-Founder & CEO, GigIndia:

“”The Union Budget 2022 announced by the Finance Minister will provide a shot in the arm for gig and platform workers, given the decision to extend social security benefits to this cohort. Moreover, they would be now covered under the ESIC (Employee State Insurance Corporation) scheme since minimum wages will apply to all such workers. The other highlights are a new portal for collecting data of gig employees, migrant labourers and construction workers. This information will be useful in providing gig workers with health and insurance facilities. Finally, the decision to allow women to work in all these categories as well as in night shifts, backed by suitable safeguards, is most welcome too. Taken together, such measures will streamline the gig economy, transforming it into a more organised sector. Consequently, this should help attract more talent in the coming days.”

Amit Das, Co-founder and CEO of Think360.ai:

“As a young company, we always want more and expect less from a budget; There are quite a few interesting bits here though – the increased capital expenditure should drive second order growth in various other industries as well. The 1500 Cr scheme to promote digital payments, the first “digital census”, faceless dispute resolution mechanisms for greater efficiency, relaxation of norms for OPCs. I think it’s good that we are not too focused on fiscal deficit targets this year, given the kind of crisis 2020 was. Couple of places where I would have liked to see more schemes – healthcare corpus, and more credit schemes beyond agri. A specific call out or scheme for the AI industry and the role it would play in establishing our global dominance would have been a welcome step.”

Ram N Kumar, Founder and CEO, NirogStreet:

“The introduction of Aatmanirbhar health programme with an outlay of Rs 64,180 Crores in addition to national health mission in the Union Budget 2021 is a step forward in ensuring a Healthy India and claiming its position as an undisputed leader on global health and wellbeing platform. We expect Aatmanirbhar health programme to consider Aatmanirbhar Ayurveda as its integral part. Further strengthening India’s sankalp of Nation-first, health and wellbeing being one of the six pillars, a 137% of tremendous rise in healthcare spending has certainly made this budget like ‘never before’. By laying special emphasis on preventive and curative healthcare and proposed establishment of 17,000 rural and 11,000 urban health and wellness centres in the country, the government has reassured its vision of affordable and quality health coverage for all. In the past few years the government has actively promoted Ayurveda and supported the growth of pioneering research and medical facilities in the country. We further expect special incentives from the huge healthcare spending outlay to create a robust ecosystem supporting world class research, product development and drug discovery in the Ayurvedic sector so as to mainstream it for future generations to accept it as the first call of prevention and treatment.”

Tarun Lawadia, Founder & CEO, PumPumPum:

“Voluntary vehicle scrapping policy announced by Hon’ble FM under which vehicles will undergo fitness tests for 20 years for personal vehicles and 15 for commercial ones will certainly strengthen India’s fight against pollution across cities and promote fuel efficient vehicles and Evs in the country. A capital investment of Rs 5.54 trillion in developing road infrastructure around the country is expected to boost the sales and demand for commercial vehicles giving some relief to the auto sector. But increasing customs duties on some auto parts to 15% will put more pressure on the already struggling auto manufacturing sector of the country. Auto industry has always been a key contributor to India’s economic growth and job creation. We expected the Union Budget to be a game-changer for the worst-hit auto sector. In the near future, we have high hopes from the government to encourage the startup ecosystem for new consumer trends such as used car leasing, car rental, car subscription models etc. which are going to be the promising industries of the future and can boost the growth of Indian auto sector.”

Javed Tapia, Managing Director, Clover Infotech:

“The introduction of measures in the areas of capital expenditure, healthcare and well-being, are important in the post COVID-19 phase. By doubling the provision for growth of MSMEs, the FM has taken a progressive step to augment job creation and growth in consumption. The training and skilling initiatives under the Apprenticeship Training Program is a great step towards skilling the youth and making them employable in a world that is constantly undergoing digital transformation. Opening up Insurance with FDI enhancement to 74% from 49% will enable to accelerate the penetration of Life and General Insurance across India to safeguard our young population.”

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.”

Mr. 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 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.”

Vinay Bagri, CEO and Co-founder, Niyo:

“The Union Budget 2021 has been in the favour of the Fintech and startup community. After the last one year of pandemic and the impact it has had on the Fintech sector, the facilitation of a world-class fintech hub at GIFT city is a huge step in providing further growth opportunities to the sector. Given the need for digital shift with an aim of having a cashless economy, the allocation of 1500 crores for the promotion of digital payments comes at the right time.”

Mr. Aditya Hans, Partner, Dhruva Advisors LLP :

“Government continues to encourage affordable housing : To continue encouraging first time homebuyers for purchasing an affordable house (i.e. residential property having stamp duty value up to Rs. 45 lacs), the end-date for taking home loan from financial institutions is extended by 1 year viz. from 31-Mar-21 to 31-Mar-22.

1. Government provides relief to home buyers in pandemic period – With an attempt to boost housing sector, waiver from deemed taxation on difference between stamp duty value and transaction value extended from 10% to 20% on sale of residential units by builders during the period 12 Nov 2020 to 30 June 2021 for a consideration not exceeding INR 2 crs
2. Lesser tax compliance for senior pensioners – Senior citizens of age 75 years and above absolved from tax return filing where income consists of only pension and interest income from the same bank providing pension. Senior citizen to furnish declaration to Bank which would deduct applicable taxes on such income.
3. Alternative to LTC exemption during pandemic period – Individual employees can still avail exemption for leave travel concession (LTC) of one-third of specified expenditure or INR 36,000 whichever is less, for the block of 2018-21, if they have incurred expenditure on purchase of goods/ services liable to GST @ 12% or more, provided the payment is made via non-cash mode and incurred during the period 12 October 2020 to 31 March 2021.”

Mr. Gautam Khanna, CEO, P.D. Hinduja Hospital:

“The emphasis on health in the union budget 2021, brings in hope and light after the most challenging period faced by the world, especially the healthcare industry. The most overwhelming addition in the aftermaths of the pandemic is the PM’s Aatmanirbhar Health Yojana, with an outlay of 64,180 cr over 6 years. The total outlay of 2.23 lakh crore for the healthcare budget, with a massive increase of 137% from last year is a welcome move for the healthcare industry. The infrastructure enhancements announced like setting up of integrated public health labs in each district, 12 central institutions, 15 Health Emergency Centres, critical care hospital blocks in 602 districts, 17000 rural and 11,000 urban health and wellness centers are the crucial advancements that will help us move towards the goal of providing accessible and affordable healthcare for all. In lieu of the current unprecedented crisis, the allocation of Rs 35,000 crore for Covid-19 vaccines strengthens our motive to fight against the deadly virus for the safety and wellbeing of society.”

Mr. Dharmesh Shah, Chairman, BDR Pharma:

“I am pleased that this Union Budget 2021 Finance Minister has taken a commendable step by allocating the much-needed boost to help the sector rebuild the economy. The thrust on capacity building stands positive and committed by the vision of our Prime Minister Shri Narendra Modiji on Atma Nirbhar Bharat. We certainly believe that with the increased focus on research and development, more pharma dedicated chemical zones will be created across the country, which will expand our in-house raw material manufacturing and depend less and less on imports. The declaration of Aatmanirbhar Health Yojana, a centrally funded scheme with an outlay of INR 64,180 crore over six years through the National Health Mission, is a convivial step to build up the primary, secondary and tertiary healthcare in the country. We most heartily welcome the investment allowance allocation that is likely to be around INR 2.23 crores, a magnanimous increase of over 137 percent rise from the budget last year. It is laudable that the government is focusing on healthcare and is taking preventive health and wellbeing to curb the challenges seen during the unprecedented crisis and be future-ready. I hope to see a year filled with innovation in the sector and an increase in the quality of accessible healthcare.”

Mr Samir Bhatia, Founder & CEO, SMEcorner:

““The Hon. Finance Minister has presented a budget which will provide tremendous stimulus to the economy, and in particular, the MSME segment. Increase in import duties for certain products and rationalization of duties in the case of many items manufactured by MSMEs will help local industry compete against imports and boost their revenues. Besides, other changes such as increasing the limit for tax audit to 10crs of annual turnover for ‘digital’ MSMEs is a very welcome step. Overall, the budget will provide a major impetus to all sectors of the economy which was much needed. I give 100/100 to this budget!”

Rupinder Malik, Partner, J Sagar Associates:

“On corporate governance front, we were expecting the decriminalization under the LLP Act, 2008 and this is a good move to ease the doing of business in India. To relax the compliance burden, the definition of Small Companies is expanded by increasing the thresholds for paid-up capital from ‘not exceeding INR 50 Lakh’ to ‘not exceeding INR 2 Crore’ and turnover from ‘not exceeding INR 2 Crore’ to ‘not exceeding INR 20 Crore’. Further, the Government seems to incentivize the start-ups by allowing One Person Companies (OPCs) to grow without any restrictions on paid-up capital and turnover; the residency limit to set up an OPC is reduced from 182 days to 120 days and Non Resident Indians are permitted to incorporate OPCs”

Shachindra Nath, Executive Chairman & Managing Director, U GRO Capital:

“Broadly evaluating, the Union Budget 2021 is a significant attempt by the government, to accept a higher fiscal deficit and enhance expenditure towards economic revival. It is appreciative of the government to put a special emphasis towards providing relief to the tax payers and reducing the burden posed by COVID-19. One of the key highlights of the budget is setting-up of the development finance institution (DFI) towards infrastructure financing and institutional framework to purchase corporate bond, which would solve the issue of liquidity for the infrastructure sector and corporate bond market. Also, with the path-breaking initiative of instituting Asset Reconstruction Company (ARC) and asset management company (AMC) for NPA consolidation, banks have been allowed to streamline their focus on the much needed growth.”

Mr. Jitendra Chouksey, Founder of FITTR:

“We welcome the steps outlined in the Union Budget 2021-22. It hinges on augmenting economic recovery while laying emphasis on self-reliance. This year’s Union Budget has a strong focus on healthcare with increased spending. The allocation of INR 2,23,846 crore for healthcare in FY21-22 and the proposed ‘Aatmanirbhar Swastha Bharat Yojana’, with an outlay of INR 64,180 crore over six years is expected to give the right impetus to healthcare in India. What makes it significant is the fact that this year the allocation is almost double of last year’s budget. Considering the given circumstances, this was the need of the hour. Besides healthcare, the budget has given due importance to the start-up segment as well. The extension of tax holiday by one year, till 31st March 2022, on revenue as well as investment was much needed during these challenging times. This will further foster the growth of start-ups in India. On the whole, we believe that announcements made today will help usher in a well-balanced growth of the economy.”

Pushkar Singh, Co-founder & CEO, LetsTransport:

“In the times of stress, when nobody has the idea of how things will come into play, the government has yet again proved that their approach towards resolving the stress by spending the budget where it’s required the most highly commendable. The move will increase the much-needed demand and result in getting the economy back on track. The announcement of a voluntary vehicle scrapping policy is a welcome move for logistics solutions providers which will result in more sustainable and better logistics.

The allocation of Rs 1.18 Trillion in Budget 2021-22 and the announcement of over Rs 2 trillion worth of highways in 4 states is a welcome move for smoother logistics and transport. Benefits of these will be reaped by Tier-II and smaller cities and will allow better connectivity to every nook and corner of the country. We are very happy to see such steps and hoping for an even better implementation.”

Ms Sucheta Mahapatra, MD India – Branch Personal Finance App:

“Union Budget of 2021 is showing big promises towards resuscitating the economy post the pandemic.
Salaried citizens can breathe a big sigh of relief, thanks to no changes from individual Income tax.
We also welcome the decision on allocating the 35,000 Crs for Covid-19 vaccination procedures. This shows commitment from the government for immunization that can further help the nation get back on track at the earliest.
Privatization and disinvestment would be important for the coming FY, While implementation of these remain key, the economy would see a boost with private players coming in and the government having funds to spend on infra and other projects.
We are in particular happy about the Tax Holiday for startups. This will help in putting less pressure on the Startups Ecosystem which hasn’t seen a fruitful year.
Last but not the least, we are also expecting a lot more employment creation across all sectors, which will boost the lending and banking sector for both institutional and retail segments.”

Mr Alok Patnia, Managing Partner, ProfitBoard Ventures:

“M Nirmala Sitharaman extends tax holidays for startups by one year, till March 2022

To help India Inc’s startups in beating pandemic blues, the FM announced a tax holiday extension by one more year to Mar 2022. The existing provisions of section 80-IAC of the said Act, inter alia, provide for a deduction of an amount equal to one hundred percent. of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years at the option of the assessee subject to the condition that the total turnover of its business does not exceed one hundred crore rupees for an eligible start-up incorporated on or after the 1st day of April, 2016 but before the 1st day of April, 2021.

Apart from the tax holiday, Sitharaman also informed that the government proposes to incentivize incorporation of one-person companies (OPCs), a move that will benefit startups and innovators.

This is likely to attract more investment outflow in startups. With proper planning, more investment inflows can also help in reducing the fiscal deficit.”

Teliolabs, CEO, Amit Singh:

“The budget is good for overall economy under the current circumstances, IoT and 5G which are the future of the country could have been looked into for a better future. However, one year of tax holiday for startups has been the long standing demand by the community which was met by the Finance ministry, also exemption on capital gains is also a welcome move. This will not boost PM Modi’s call for startup India but also for aatmnirbhar bharat.

Ms. Shubhi Agarwal, Co-Founder and COO Locobuzz Solutions:

““A strong push for Infrastructure is always a welcome step, especially in our country where significant growth will be visible with the correct implementation. This is extremely vital if we truly want to have hundreds of smart cities. It is bound to have a positive impact on other growth-oriented policies. While the tax holiday is extended for some startups, there is a dire need to include benefits for nearly 40,000 DPIIT registered startups. This is a good way to support the implementation plans for achieving the intricate and pro-development details announced in the budget today. The ability to create a one-person company without restrictions will definitely give a boost to innovation. This, along with continued exemption of capital gains tax by a year should also help with investments, thereby facilitating growth. We would be very keen to know the details of the Rs 15.700 allocation for the MSME sector, this could also be vital for the ecosystem. Overall, a decent budget like this, crafted for unprecedented times will definitely see growth in the current market.”

Mr Siddharth Gadia, Co-Founder Zeno Health:

“It is good that government has set out healthcare as first pillar to be strengthen for strong India with increasing the budget by nearly 137% over last year to 2.23 lakh crore, with three core areas of ‘preventive’ ‘curative’ and ‘well-being’. It is also heartening to see 35000 Cr being allocated to Covid 19 vaccines alone. Overall a higher government spend on healthcare was much needed, as India lies among the bottom of the list of nations with low public health expenditures and this budget steps are in right direction, to move the nation up for better healthcare for citizens..

Madhusudan Ekambaram, Co-Founder & CEO, KreditBee and Co-Founder, FACE

“The Government’s decision to boost entrepreneurship and digital payments in India is a testament to its commitment to realize its vision of an economically self-reliant nation.

The COVID-19 pandemic has given a fillip to the adoption of digital payments as more and more consumers realized the benefits and convenience they have to offer. I welcome the Rs 1,500 crore scheme announced by the Hon’ble Finance Minister in the Union Budget 2021 to promote digital payments as it will help create a robust and dynamic payments ecosystem in India’s emerging digital economy.

The extension of tax holiday by one more year to March 2022, along with capital gains exemption, will boost startups by helping them tide over the economic crisis unleashed by the COVID-19 pandemic. Furthermore, the proposals to incentivize OPC incorporation along with measures like the removal of the restrictions on paid-up capital and turnover or reducing residency limit is in sync with the government vision of encouraging and catalyzing entrepreneurship in India.”