Post Union Budget Reaction 2017

Lavina Shrivastav, Communication Consultant

“The 2017 budgetis appreciable as digitalization is the main focus of the budget. The budgetalso focuses on encouraging the emerging industry to grow by reducing thecorporate tax for companies with less than 50 Crore annual turnover. Theproposal of new initiatives for the digitalization through Make in India willalso continue to open more employment opportunities for the youth. This willhelp to take our country to a brighter future.”

Mr. Manoj Nair, CEO & Founder, RedGirraffe.com for your perusal. 

"One of the mostprofound effect on real estate that we saw in this budget relates to Section 23of Income Tax Act. Individuals holding house property which is vacantthroughout the year shall be subjected to tax on the properties’ deemed rentalvalue. However all builders & developers shall enjoy a year long relief,who hold properties as stock in trade as there would be no tax on deemed rentalvalue for a period of one year from the end of the year in which the occupationcertificate was granted. While I expect an inundation of properties in the residentialmarket thereby crashing rentals down further, this move indeed provides muchneeded respite, albeit for a year, for already stressed Real Estateindustry."

Mr. Manoj Nair, CEO & Founder,RedGirraffe.com for your perusal. 

Ms. Geetha Kannan

ABI India welcomes and looks forward toaggressive skill development programmes for women

The Anita Borg InstituteIndia has welcomed the Union Budget 2017 with specific reference to the increase in allocation for skill development among women to Rs. 1.84 lakh crorein financial year 2017-18. The Managing Director of Anita Borg Institute,India, Geetha Kannan said, "If the Government has to fulfill its promise of creating 100 million jobs by 2022, it will have to aggressively push forempowerment of women at all levels. The announcement that the government willprovide one-stop convergence support system for skill development for women inrural areas is a step in the right direction.  The three main agendas ofthe budget – Transform, Energise, Clean India (TECIndia) which the Finance Minister mentioned, will happen only when women form an integral part

Ms. Geetha Kannan, ManagingDirector, The Anita Borg Institute (ABI) India

“We werehoping to get some relaxation in taxes for low end smart phones in lieu ofpromoting smart devises to the masses which would have enabled them for digitalbanking and also some packages to support mobile manufacturing in India, on thecontrary increase in duty on PCB will certainly increase the prices of mobilephones”

Mr. Pankaj Anand, CEO, Jivi Mobiles. 

 Mr. Rohit Saboo, President and CEO, NationalEngineering Industries Limited (NEI). 

“The auto componentsindustry is poised to benefit from the government’s strong focus on boostinginfrastructure and connectivity. Increased allocation of funds for roads andhighways will bring positive sentiments for the sector by increasing demand fortransport. Infrastructure development has always been prerequisite for growth,which has been taken well into consideration in this year’s budget. Increase ofcredit to the farm segment will also impact the auto segment due to thetrickle-down effect.”

Mr. Sachin Goel, CEO, HomePunch.com, anonline marketplace for home and kitchen appliances. 

The Budget gives us a sense of confidence as astart-up, where investment in further development of e com  platformslooks promising . The FM has been generous with reduced taxes for smallcompanies and the provision of tax on profits for three out of seven yearscompared to earlier three out of five years. Tax relief for individuals inlower income band (from 2.5 to 5 lac) will boost consumerism owing to higherdisposable income. Focus on pushing the digital payments practice, youth andjobs are also other welcome moves, which will lead to increasing economicactivity and economy moving towards growth environment for ecom.​​

Mr.  Aurvind Lama Co-founder  CEOof Mr. Lama, Travelyaari " A lot was expectedfrom this year Union Budget,   not all  but we are happy to see few of them being fulfilled .The union budget presented bought in progressiveoutlook with due importance given to infrastructure development and techdevelopment. The investment proposed in building National Highways along withdeveloping road network is a welcome step especially for player like us in busindustry.  This infrastructural development will greatly benefit thetravel and tourism.  Focus on improving internet and broadband connectionin rural areas will go a long way to digitize cashless economy and connectingthem to the main stream. The governments focus on inclusion and encouragementof the MSME sector along with Startups is also visible. Profit linkeddeductions to 3 years out 7 will be helpful for emerging startup players.."

​​

Amaresh Ojha, Founder and CEO Gympik "

'Budget 2017 has been positive for the startup sector,the increase in window will give more time to start-ups to reach a stage whenthey start earning profits before they exercise their option for income taxexemption.This will be a good news for the companies which are in hyper growthmode. This tax reduction was much needed for smaller companies. A lot ofattention has been put in the healthcare and wellness domain. Expecting thegovernment to implement all the plans and policies effectively for the comingfinancial year.'" 

Mr Gursahib SinghSethi, Co-Founder, Travkart.com "

The budget will be a soothing balm for economy and taxpayers. Further to the announcement for increase in railway connectivity to theremote areas and upgradation of airports in Tier 2 cities, a huge number ofpeople will be able to travel smoothly from Tier 2 and Tier 3 cities.  Thehigh speed internet connectivity in rural areas will be the biggest advantageto them. This will help them to do more purchasing and online bookings. We areexpecting more travel coming ahead. Along with this, reducing the income tax to5% for the people having an earning bracket of 2.5 lac -5 lacs, it will be acrucial factor in their saving. This will increase their budget to travel andwill also motivate youngster and young entrepreneurs to pay taxes. "

​​ Sujayath Ali, Co-founder and CEO,Voonik

4 ways the Budget 2017 will benefitStartups

Abolition of FIPB: Government has signaledclear and loud that it is committed to liberalizing FDI policy to attract moremore investments. Once the FDI reforms are announced, they will not onlyattract fresh funds into the current startup ecosystem, but will also promotenew ventures in many untapped or undeserved sectors of economy.

Merchant enabled Aadhar Pay system: Digitalpayments play a pivotal role in ensuring consistent customer experience andincreasing verified transactions. New merchant enabled Aadhar payments willbring many new consumers who do not have a debit card, into the digital paymentenvironment. This will help startups improve their user identification andengagement.

Schemes to promote BHIM: Mobile penetrationhas still not peaked in the country. Even those who don’t have Pan card, have amobile phone. Also a large consumer base of housewives, teenagers, dependentparents etc who are currently transacting on cash, will now be able to uselinked accounts for transactions. This will further help startups to increaseprepaid contribution to overall transactions.

Income Tax rate for companies with turnoverof over Rs 50 crore has been reduced to 25%: It will not impact tech startupsand ecommerce companies directly. But it is a very positive move for the sellerecosystem. Lakhs of sellers are finding new avenues with the growing ecommerceindustry in the country. These sellers will benefit from the government moveand will be able to plough back money in further scaling up."​​

Mrs. Ratna Chadha, Chief Executive, TIRUN,an exclusive India representative of Royal Caribbean Cruises Ltd. "

​​Cruise tourism alsobe given impetus as it really helps in employment. It’s a big bonus to see tier2 cities having airports, people living there also have aspiration value. Itsgreat people will get to go abroad as we have huge deployment across the world. "

Mr Sankalp Chopra,Co-founder,SeaSoul Cosmeceuticals "

The focus on energising youth & create jobs wouldhelp the young companies like our  benefit and support by attracting young& energised talent especially now tax slabs have been reduced. Along withthis improved and high speed broadband connection in rural and tier 2 and 3cities will be critical for the companies Especially for those who wants topropagate into tier 2 & tier 3 markets not just to sell products but alsoto upskill at low low cost using digital platforms.

Vinamra Pandiya, CEO and Founder,Qtrove.com:

“The overall budget seems to be another big steptowards a digital India and it is rightly so! A strong weightage for digitalpayments is principally good in the long run for the e-commerce sector. Taxreliefs to SMEs and revised tax slabs for individuals will surely promote moreinvestment thus helping the economy grow. Policy changes with regards to easeof FDI are extremely encouraging and we are now looking forward to thesuggestion made by the expert panel for the implementation of GST.”

Mr Aditya Loomba, Joint Managing Director,ECO Rent A Car 

The budget was ore or less as per my expectation, as itfocused mainly on infrastructure growth like roads, sanitation, affordablehousing etc

It also focuses on implementation of recentdemonetization and digitalization policies.The HNIs will be taxed more and thetax burden on lower-mid income will be reduced.There was also some tax relieffor small businesses which I feel is a good initiative.Personally, I wishedthere could have been more focus on our Tourism and Hospitality industry as ithas a much greater potential for growth and needs suitable investments.We are alarge country with an amazing potential for tourism. If the tourism grows, ithas cascading benefits on Employment, GDP and general image building of ournation.

 Mr. Sanjay Shroff, Managing Director& Founder, Styletag.com 

"The budget has an eye on fiscal prudence . Theboosts towards infra spends and railway safety will show results in times tocome.  The focus on agricultural and rural development is welcome.Beginnings towards rationalization  of taxes both for corporate and individual incomes is a step in the right direction. This will help boththe common man  which falls under the middle income group and the smallercompanies.The  move towards cleaning up political funding is very welcome.For us personally, from an e-commerce industry point of view, thedemonetization and the thrust on digital economy is very promising. Itwill open up further opportunities and a wider market for us.The ceiling of 3lakhs on cash transactions will also go a long way in ensuring bettercompliance and shift  towards the digital economy."

Mr Shrutam Desai, CO-Founder, Onlymobiles.com

However, there are no direct announcements made withrespect to e-commerce sector, i will call it a muted budget but theexpectations were also on lower side as we are expecting major reforms onlyduring the GST announcements and subsequent rollout. there are two notableannouncements made which will eventually help e-commerce companies (esp thosewho are in nascent stage) - 01) reduced income tax for people whose income isless than 5L - this will increase the net income of the salaried class and mayhelp to increase the consumption. 02) reduced corporate tax from 30% to 25% -with annual turnover of less than 50 Crore 

However, we should also note that ample focus have beenplaced on improving infrastructure - which eventually bring down the logisticexpenses for the e-commerce companies. the result may not be visible in shortperiod but it is govt’s message that they are prioritising the transportationsector. 

Abdul G Sait,Co-founder & MD at Passion Connect  

The overall announcements by the Hon'bleFinance Minister focuses holistic economic growthand digitalization in the country. As India strengthens itsposition on the global map, the need for skilled youth is crucial. Launch of aRs 4,000 crore scheme, called Sankalp, for skill development and Emphasis onextending market relevant training for the youth and setting up 100 IndiaInternational Skills Centres (IISC) across the country, are extremely positivemoves. 

For a startup like us, the budget does include certaingood news. Carry forward of losses, tax break upto 7 years,Minimum AlternativeTax (MAT) changed from 5 to 15 years and Income tax benefit for MSME’s isa big relief. It is important for us to stay agile and upbeat withtechnological advancements and this budget is making it possible. 

Dr Kaushik Murali, President - MedicalAdministration, Sankara Eye Foundation

Healthcare was among the 10focus areas of the budget. They appear to have consolidated on schemesannounced earlier. The visible allocation has been to maternal and child healthand primary health care , an impetus with healthcare having infra status or tospur device manufacturing is not immediately evident. In the long term theprograms on skilling, sanitation could improve overall healthcare. With mosthealthcare being out of pocket MNREGA allocation may also help increase access.

Mr. Vikram Chari, Founder, Chairman and CEO,SmartOwner: 

Affordablehousing

“Affordablehousing is a laudable aim, so it is positive that the 2017 budget emphasizesfacilitating higher investment in it. However, we need to be realistic aboutwhat an affordable home is. The current definition is too limiting. It shouldbe expanded to encompass India’s large and growing middle class, especially inthe context of rapid urbanization.” 

FDI

“We need tothink through our inhibitions about FDI because we are unnecessarily reducingthe amount of capital that can come into the country. The real estatesector is a perfect example of this: It is highly capital-intensive, yetcapital is expensive and hard for developers to access. The result is fewerproperties being constructed and higher prices for end users. UrbanIndians pay a higher price for property as a multiple of their household incomethan the residents of wealthier countries do. In this context, liberalizing FDIin real estate—and allowing people abroad to freely invest in property in India(subject to security safeguards)—can make a big difference to supply andaffordability.” 

Taxrelief

“This budgetdoes not contain the hoped-for tax incentives for homebuyers in the middleclass. The currently allowed deductions for the principal and interest of ahome loan do not go far enough, especially for those purchasing properties inIndia’s metropolises. The relaxation of taxes on long-term capital gains and onincomes of people earning five lakhs is an overall positive, but we would liketo see more support of India’s burgeoning middle class.” 

GST

“The financeminister’s affirmation that the GST rollout is on schedule for 1 July isencouraging. It is about time that we created a single national market, and theGST is going to make things much easier for manufacturers andsuppliers. This will result in increased efficiencies across the supplychain, and the end result will be lower prices and a more efficienteconomy.”  

Capitalgains on Joint Development Agreements

“Thismeasure will represent a significant improvement in law. In recent years,landholders entering into JDAs with developers incurred tax liability fromthe moment they signed an agreement; the new budget shifts the timeline of taxliability to the date of project completion. It is an important measure of taxrelief for individuals and HUFs entering into joint ventures with builders forthe development of their land. Ultimately, it will contribute to increasedsupply and lower prices for buyers of flats, villas, and plots in gatedcommunities.”

“Overall itis a growth oriented budget with the government undertaking multiple measuresto provide the necessary impetus to the economy. Abolition of FIPB is one suchencouraging measure which will enhance the ease of doing business in thecountry. 

Government’sdecision to launch Aadhaar based smart cards with health information for seniorcitizens is one big constructive step which will help millions of seniorcitizens. India is one of the few countries which lacks a secured nationalidentity card. I feel going forward we will see all Aadhar cards beingconverted into chip based smart cards thereby enhancing the safety and securityof one’s identity and information.” 

Mr. DevenMehta, Managing Director, Smart Card IT Solutions Ltd. 

Shweta Sastri, Executive Director –CanadianInternational School.

I believe budget 2017 willhelp in enhancing the true potential of our youth. Setting up annual learningoutcomes would be beneficial in providing and reinstating quality education.Introduction of 350 online courses will help students to learn virtually,access quality study materials and participate in discussion forums. Budget2017 will bring science and innovation to the forefront which is the need ofthe hour. Also, through SANKALP (Skill Acquisition and Knowledge Awareness forLivelihood Promotion Program), market relevant training will boost skill setsof the youth and help in providing employment to many. 

Microfinance institutions (MFIs) and NBFCs will benefit from the higher funds flow, with the availability of refinance from SIDBI. The cashflows of MSMEs likely to improve on account of better availability of funds to MFIs and NBFCs, and also with the reduction in their tax outflows. Incentives for the rural economy likely to increase demand for tractor, microfinance and two-wheeler loans while the abolition of FIPB likely to improve operational ease of raising foreign capital.

The listing of SRs is likely to improve transparency in the ARC sector, and create more liquidity in the secondary market for trading in SRs. With improved liquidity and better exit options, there is likely to be greater investor interest (foreign investors and distress funds) in these instruments.

Higher volume of digital transactions likely to result in lower operating expenses and better internal controls for lenders

Mr. Abinav Raja, Co-Founder, Lynk Logistics, a Ramco Group Company.

“This year’s union budget has a strong emphasis on the logistics industry. With INR  2.41 lakh crore allocated to the Transport sector, we can look forward to improved connectivity within and across cities in India; which will ease operational costs. 

Along with the further emphasis on a digital economy, we will continue to see strong adoption of cashless transactions by customers in FY 2017.” 

Mr. R KArora, Chairman, Supertech Ltd.  

“The budgetfor financial year 2017-18 has the potential to give much needed impetus toaffordable housing in the country.  The Real Estate Developer communityappreciates that the Government is serious in achieving the objective ofHousing for All by 2022, which is evident from the grant of InfrastructureStatus to affordable housing. The other positive steps to revive the realestate in the Budget are additional refinance of Rs. 20000 crores through NHB.This is good news for both developers and investors in real estateprojects.  Further, the permission to complete Affordable Housing Projects in5 years instead of 3 years to qualify for Tax exemption in 80IB is arelief.   The new Credit Linked Subsidy Scheme for Middle IncomeGroup with allocation of Rs. 1000 crores in the Budget will also revivethe demand.   The benefit to individual taxpayers by raising exemptionlimit and slab restructuring benefit would also boost purchasing power anddemand.  The relief in capital gains tax on real estate propertiesannounced in the Budget is a welcome step as it would help enhance investmentas well as demand in real estate sector.  The reduction in fiscal deficitis indicative of a bright economy.”

Mr J. Sudhir Pai, ED & CEO, Vikram Hospital, Bangalore

Much awaited budget has been satisfactory for thehealthcare sector.  We are delighted with the government’s decision tostart various initiatives.  Infrastructure plans in healthcare andmeasures to help poor by bringing down costs and providing health cards forsenior citizen are commendable. 

Also, Increase in number of medical seats and DNBseats is a good move.  Encouraging private hospital to conduct DNBprograms will help to improve the quality of healthcare. New rules regardingmedical devices to be formulated will aim at helping investments into thesesectors and bring down cost of the devices. Also plan of 1.5 lakh healthcarecentres to be converted to healthcare wellness centres will help in treatmentand prevention of diseases. 

Amendments to drugs control act to bring down pricesof medicines will help patients financially. With the reduction in tax rates toindividuals earning less than 5 Lakhs and corporates with revenue of Rs. 50core is appreciable.

Mr. K. Madhavan, MD, Peps Industries

"The only highlight in the budget is the reductionof income tax for the Micro and Medium manufacturing industry. This willincrease the capability of companies to work successfully- a good sign ofencouragement and it is welcomed. The previous budget had offered customsexcise sops, so there wasn’t much of an expectation there. When GST isimplemented, there would be more clarity on this, and we are eagerly awaitingthe same.", Bangalore

Much awaited budget has been satisfactory for thehealthcare sector.  We are delighted with the government’s decision tostart various initiatives.  Infrastructure plans in healthcare andmeasures to help poor by bringing down costs and providing health cards forsenior citizen are commendable. 

Also, Increase in number of medical seats and DNBseats is a good move.  Encouraging private hospital to conduct DNBprograms will help to improve the quality of healthcare. New rules regardingmedical devices to be formulated will aim at helping investments into thesesectors and bring down cost of the devices. Also plan of 1.5 lakh healthcarecentres to be converted to healthcare wellness centres will help in treatmentand prevention of diseases. 

Amendments to drugs control act to bring down pricesof medicines will help patients financially. With the reduction in tax rates toindividuals earning upto 5 Lakhs and corporates with revenue of Rs. 50 crore isappreciable.

 

Dr C. Vinod Hayagriv, ManagingDirector, C. Krishniah Chetty & Sons PVT. LTD.

On 3 lakhcap on cash transactions: 

A universalcap on cash transactions over Rs 3 lakh is a welcome step. We recommended thisacross all sectors rather than only gems and jewellery sector. This brings alevel playing field. 

On surchargeon salaries over 1 cr: 

Wealthcreation should be encouraged. Over taxing is not a welcome step. 

On customduty on gold imports:

The industryexpected a reduction in customs duty on gold bullion. Unfortunately this hasnot been handled. Smuggling and attendant Hawala has been and may continue tobe a menace. 

Onrestriction on gold bullion  sales to consumers:

We expectedgovernment to break down on bullion hoarding. Bullion sales permitted only tobona-fide manufacturers and retailers. And not to unregistered dealers. Thishas been untouched and hence the menace of cash is not solved here. 

OnCorruption:

Governmentwill do better for stronger steps to curtail corruption. We are happy to hearthat tax officers will not hound honest tax payers. 

Mr.Rajeev Sharma, Head- Corporate Services & Strategic Planning, MitsubishiElectric India Pvt. Ltd

“TheUnion Budget is a fiscally prudent budget aimed at fiscal consolidation whichshould lead to a stable economic growth if implemented in a planned manner.Some announcements like a new metro rail policy, abolition of ForeignInvestment Promotion Board are forward looking which will provide necessarypolicy impetus to investor sentiments. Selective reduction of corporate taxrate for companies below Rs 500 million turnover should be a game changer asfar as corporate tax inclusion is considered since this will encourage highercompliance at the lower level of the corporate pyramid where percentage of tax leakagesis usually much higher. We also welcome the government’s efforts and commitmentto electrification program which mentions that 100% village electrificationwill be achieved by May 1, 2018.”

Amit Magia, CEO and Managing Director, KhushHousing Finance Limited (KHFL)

Union Budget 2017 highlights the commitment of thepresent government towards 'Mission of Housing for All by 2022’. The proposalsto offer infrastructure status to affordable housing sector is truly landmarkas it will leads to a long term funding availabity, which is key for projectsas well as the financing. Besides, the proposal to consider the carpet areainstead of super built-up area for affordable financing will lead to inclusionof many more homes, affordable housing project completion for exemption tenoris extended  by two years is also very practical approach.

The government has also proposed National Housing Bankto refinance housing loans up to Rs.20,000 crore. With these Budget proposals,we expect refinance allocation to the small and mid-size housing financecompanies (HFCs) will be more, who are the actual implementers of ‘PrathanMantri Awas Yojna , PMAY .

All these initiatives coupled with personal tax ratecuts, MSME tax rate cut, thrust on infrastructure creation, advocatingcash-less society and improving economic environment, will result in muchneeded boost in the demand for affordable housing in the country. We areexcited of what the future holds

 

Mr.Pramod Saxena, Chairman & Managing Direct, Oxigen Services

"Thebudget 2017-18 reflects the government’s continuous efforts to move towardsless cash economy and bringing transparency in value chain through digitalpayments & GST. The budget has stressed upon the importance ofstrengthening India’s digital economy by bringing down cost of digitalinfrastructure. The acceleration of PoS infrastructure with 10 Lakh PoSmachines by March 2017 and  another 20 Lakh Aadhaar based PoS by September2017 is a reflection of pushing digital payments at last mile by 300% from thecurrent base of 15 Lakh PoS achieved so far in last 20 years. The decision toexempt duty on various POS machines will help in reducing cost of digitalinfrastructure implementation and benefit companies like Oxigen." 

 

Mr.Anirudh Dhoot, Director, Videocon

The 2017-18financial budget based on the objective to Transform, Energise and Clean India,is aimed at spurring economic growth, synergizing investments and establishinggreater transparency. With 100% rural electrification, lowered tax rates forMSMEs, and increased allocation towards schemes like M-SIPS and ElectronicDevelopment Fund (EDF), the budget fosters positive steps to further acceleratemanufacturing capabilities and boost employment in the country. High disposableincome as a result of lower tax rates will lead to higher purchasing power ofthe individuals. This will lead to increase in demand of consumer goods. 

Also, we arehappy to learn that GST is on track and will be implemented in April 2017. Inaddition to this, the Abolishing of Foreign Investment Promotion Board to easethe inflow of Foreign Direct Investment (FDI) will expand investmentssignificantly.  All this will play an extremely important role inrealization of Government’s dream of ‘Make in India’.

 

Abinav Raja - Co-founder, LYNK(a Ramco Group Company)

“This year’sunion budget has a strong emphasis on the logistics industry. With INR 2.41 lakh crore allocated to the Transport sector, we can look forward toimproved connectivity within and across cities in India; which will easeoperational costs. Along with the further emphasis on a digital economy, we will continue to seestrong adoption of cashless transactions by customers in FY 2017."  

Ms.Radhika Aggarwal, Co founder & CBO, Shopclues.com 

“ShopClues welcomesthe Union Budget, FM & PM have delivered on many of their promises ondigitization, push towards formal economy, reduction of Black Money, landreforms, startups, infrastructure development, rural employment & womenempowerment. Specifically, what stands out are Bharat Net funding of Rs 10K cr,SMES corporate tax rate cut from effectively 33% to 25%, the abolition of FIPB,increased participation of women in MNREGA etc. All these and moreannouncements, in my opinion, are steps in the right direction setting upsmaller & medium business to participate more vigorously in the digital& formal economy. Without the active participation of SMEs India cannotdream to be world’s largest global economy or improve the lot of 1.3 billionpeople on this planet."

“The UnionBudget has given major attention to skill and vocational training. We supportthe government’s call to acknowledge the importance of skill learning and theallocation of Rs. 2,200 Crore towards skill strengthening. The need of the houris to focus on youth and provide them with opportunities that will help themgrow their skills and in turn contribute back to the development of thecountry. Imparting education through digital is the future of education and westrongly believe that this will build the efficacy in the education system;making it more learner-centric”

Sanjay Padode, Secretary, CDE, IFIMInstitutions

The budgetfocussed on firing up the economy by increasing the spending power of thepopulation and by creating employment opportunities for the masses throughinfrastructure spends. This time the budget did take into cognizance the needfor educational reforms and it was nice to hear that the government is soongoing to come out with reforms in UGC. The allocated spends for education wereenhanced by 9% when compared to last year, however this spend is not going tobe enough to meet the educational needs of the country. The government on theother hand has once again focussed significantly on enhancing skills, thisimplies that they are more concerned with employability of our large youth baseand this is definitely a step in the right direction.

The mentionof “Swayam” project for providing access to 350 courses delivered by the bestfaculty in the country for the masses clearly implies that the Government iskeen to leverage use of technology to address the education needs of thecountry.

The mentionof grant of autonomy to accredited and ranked colleges is a welcome move as itwill bring relief to quality educational institutions from administrative andprocedural work. This will also help them innovate and make their respectivecurriculums relevant to the needs of the society”. 

Mr. Rushabh Gandhi, Director - Salesand Marketing,  IndiaFirst Life Insurance. 

From an insurance stand point, the Union Budget is neutral to beingmildly positive. Commission to insurance agents is currently subject to 5% TDSirrespective of whether the agents total income is below taxable limits. Theproposal is to do away with the TDS for those agents whose total income isexpected to be within taxable limits. This, from an administrative point ofview, will make life easier for agents and also play a small role in reignitingthe individual agency business in the country.

Ms.​UshaMohan, Founder Director, The Bangalore School: 

The unionbudget will lead to stable economic growth.  Budget clearly indicates thatno income tax needs to be paid for upto Rs 3 lakh of annual income, which is aboon for teachers.  However we expected more relief for salaried class. Wecan’t call it a land mark budget.

Budget foryou:  8Budget for the city (Bengaluru):  7Budget for the country:  6

 

Mr.​ OmAhuja, CEO, Residential, BRIGADE GROUP :

Union Budget2017 clearly highlights Government focus and thrust on Housing sector in India.For the first time ever in the history of India, Union Budget has rolled outmultiple initiatives for housing industry giving serious boost to the sectorand employment in the sector. Extending the time horizon for project completionfrom 3 years to 5 years to avail tax benefits for developer will help moredevelopers look at this segment seriously.Budget for you:  8Budget for the city (Bengaluru):  8Budget for  the country:  8 

Ms.BaniAnand, Entrepreneur/Founder Director, Hairline International:

The UnionBudget has announced a huge relief for MSME companies like us. For companieshaving turnover less than Rs 50 crore, tax rate has been reduced from 30% to25%. Also the announcement of reducing individual tax rate to 5% for the incomebetween 2.5 lakhs and 5 lakhs is a big boon for entrepreneurs.

Budget foryou:  9Budget for the city (Bengaluru):  7Budget for  the country:  6  

 

Dr.Shubha Rama Rao,Senior Consultant and Head of Obstetrics & Gynecology​,St. Martha's Hospital. 

​ ​The announcement in the Union Budgetfor senior citizens to be issued with Aadhar based smart health card is a goodmove. Also, the allocation to Mahila Shakti Kendra, incentive to pregnant womenand elimination of TB by 2025 are all positive announcements. The 2 new AllIndia Institute of medical sciences proposed in Jharkhand and Gujarat will makeaffordable healthcare reaches the masses.

Budget foryou:  7Budget for the city (Bengaluru):  7Budget for  the country:  9

JatinDalal, Chief Financial Officer, Wipro Limited. 

“I commend the Finance Minister for delivering a Budget that is a clearcontinuation of policy direction. The Budget’s focus on investments ininfrastructure creation while easing private sector’s access to credit willgenerate jobs and increase productivity.  The thrust on digital economy,deployment of analytics in tax administration and initiatives on cyber-securitydemonstrate the significance of Information Technology among Government’s priorities. Corporate India welcomes the initiatives to expand the tax base and eliminateevasion. While the targeted proposals on corporate taxation are welcome,progressive steps towards achieving competitive tax rates could have attractedglobal investors.”

 


  (0)   Comment