Post Budget Reactions
Sanjay Gupta, Vice President and India Country Manager, NXP Semiconductors.
’The Union Budget 2021 has been the first-ever digital budget marking a major milestone in the digital journey of India. The budget has put the much-needed focus on Atmanirbhar Bharat and the need to grow the innovation and R&D sector in the country on a sustained basis. We are excited about the announcement of INR 50,000 crores for the National Research Foundation over the period of five years. This will surely boost the overall research and innovation ecosystem of the country. R&D is the lifeline for any organization and any country to continue to prosper in changing dynamic times. In India, we have to focus parallelly on ‘design-in-India’ in addition to ‘Make-in-India’ to continue to be ahead of the curve. Looking forward to having more and more companies leverage this increased R&D budget from govt and develop future researchers and Innovators. The voluntary vehicle scrapping policy would play a major part in phasing out the old and unfit vehicles thereby encouraging uptake in environment-friendly means of transport like electric vehicles. Overall, we are hopeful that Budget 2021 will propel India in the direction of becoming a global economic superpower.’’
Karthikeyan Natarajan, President and Chief Operating Officer, Cyient
“Coming out of the pandemic year, the Finance Minister has laid down a well-rounded Budget.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.“
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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.”
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.”
Sumant Sinha, CMD, ReNew Power
“It is a growth oriented and forward looking Budget. The Finance Minister’s focus on healthcare, infrastructure, power and the financial sector will have a positive, broad based impact on the economy. By increasing capex spending significantly without hiking taxes, and instead focusing on expanding economic activity, the FM has set the groundwork for a sharp and sustained economic recovery over the next several years.”
Mr Anil Gupta, Chairman-cum-Managing Director, KEI Industries Ltd
“The prime objective of Budget’21 is to boost and revive the economy that suffered a major setback due to the global pandemic COVID-19 while also increasing the purchasing power of the customers. Allocation of Rs 3.05 lakh crore outlay over 5 years for a more revamped reforms-based power distribution sector scheme will provide assistance to the DISCOMS which further will benefit us in establishing well-defined strategies and plans to generate more demand and ensure smooth power supply. Further, the government’s announcement to boost renewable energy, solar energy corporation to boosting renewable energy development would in turn help us frame the sector very differently and efficiently. Additionally, looking ahead at the zeal to augment the country’s infrastructure with highway, enhancing public transport in urban areas will prove to be beneficial for the overall development of the society and give the much needed boost to manufacturing companies like ours to get back to powering the economy as per pre-covid levels. “