MUMBAI, 3rd FEBRUARY, 2022 (GPN): HERE IS THE PERSPECTIVE POST BUDGET BY EMINENT BUSINESSES AND INDUSTRY EXPERTS-
1.Perspective on Union Budget 2022 by Mr. Nish Bhatt, Founder & CEO, Millwood Kane International – an Investment consulting firm.
Mr. Nish Bhatt, Founder & CEO, Millwood Kane International
“The government has spelled out its priorities very clear. The higher capex and thrust on infra are required to keep the growth rate high. Though there may be some concerns on a higher deficit, that is entirely for the development of key infra projects. The Make in India thrust along with a focus on infra will create the required number of new jobs for various age brackets.
Rs 48,000 cr allocation to build 80 lakh affordable homes is a big booster for the real estate sector. The focus on EV charging infra and urban planning will complement real estate further.
Robust execution of the budget plans, no further COVID waves, and crude trading in a favorable range will be key to the market and economy going forward.”
About Millwood Kane International:
With a 25+ year strong legacy, Millwood Kane International is an investment consulting firm with real estate at its core. They are committed towards delivering strong returns, providing enhanced value through efficiencies that are achieved through a holistic and tailored approach. With in-depth knowledge, a diverse culture and insights into various industries and markets, MKI clients benefit from unique and creative cross-border opportunities. Millwood Kane International has cultivated global partners and resources allowing individuals and corporations a route to Europe, Africa and the Middle East through using Cyprus as a hub, reaping the benefits of a more efficient tax environment, whilst enjoying one of the best lifestyles in the world.
2.Reaction on Agriculture from our expert- Dr.Arun Singh, Global Chief Economist, Dun and Bradstreet
“Although the agriculture sector has witnessed mere 2.7% increase in the budgetary allocation to Rs 1.5 trillion (BE) for FY23, the government’s focus on development of logistics infrastructure will have positive ripple effects on the sector. The development of logistics infrastructure will enable efficient agricultural marketing, in turn boosting farmers’ incomes. Besides, the announcements like use of ‘Kisan Drones’ and promoting thematic funds for encouraging agri-tech sector are expected to drive technology wave in the Indian agriculture sector.”
3.Quote by Parag Shah, Director, HK Jewels (KISNA Diamond Jewellery)
4.Quote from Ms. Vandana Luthra, Founder, VLCC Group
“As a leading player in the Wellness services and products domain it is gratifying for us at VLCC to note the key initiatives in this year’s annual Budget specifically with regard to Healthcare and Skill Development.The allocation of INR Rs 64,180 crore over the next six years to improve healthcare services and the National Tele Mental Health program are welcome and critical steps in the pandemic era. Also, the roll out of the National Digital Health Ecosystem will go a long way in ensuring universal access to health facilities and it is an expectation that it will also expand to bring in preventive healthcare services under its ambit.
The launch of the Digital Ecosystem for Skilling and Livelihood (DESL) and greater aligning of the National Skill Qualification framework with dynamic industry needs, will not only make the youth gain more relevant job-ready skills but also provide an impetus to growth of Learning & Development players and ed-techs.”
5.Quote by Pravin Patel, Founder of Brio Hydroponics based on the recent announcements on the Agriculture sector in the Budget 2022-23 session.
“The Budget 2022 presented by Union Finance Minister Nirmala Sitharaman provides an impetus for growth. Agriculture is the country’s largest employer and the backbone of the Indian economy, accounting for 20.2 percent of the country’s Gross Domestic Product (GDP) in FY21. As a result, every investment in the area will provide multiplied profits. The agricultural startup fund will foster innovation and entrepreneurship in the industry, while cutting-edge technology interventions can simultaneously boost sector output and exports. Of course, we cannot overlook the 350 exclusions granted on some agricultural items, thereby promoting exports. Dedicated funds for field research, as well as an emphasis on associated agro farming, would go a long way toward ensuring the success of starting projects. As agriculture is still largely unstructured and influenced by large landowners, digitization of land records and a minimum support price (MSP) would help minimize all sorts of exploitation. Integrating education and agriculture is a pressing issue. The more educated our young farmers are, the easier it will be to execute modernization measures such as promoting drones for crop assessment and spraying insecticides and nutrients. The announcement of a parallel track of (1) a blueprint for the Amrit Kaal, is futuristic and inclusive. This will directly benefit our youth, women, farmers, the Scheduled Castes, and the Scheduled Tribes. Overall, a high-tech budget with an emphasis on digitalization and skill development exists; implementation issues do exist, but with the support and cooperation of state governments, agriculture in India appears to be on the verge of flourishing.” by Pravin Patel, Founder of Brio Hydroponics.
6.Perspective on Union Budget 2022 by Mr. Sharad Mittal, Chief Executive Officer, Motilal Oswal Real Estate (MORE).
Mr. Sharad Mittal, Chief Executive Officer, Motilal Oswal Real Estate (MORE)
“Budget is a “non populist growth oriented budget”. Focus is on growing the economy through investment rather than consumption.
Some of the key takeaways impacting the Real Estate sectors are as follow:
Budget has seen a renewed focus on affordable housing with an allocation of 48000 Cr in PMAY. There has also been a focus on transparency and ease of doing business through digitization of land records and streamlining the single window platform for environmental clearance. Data centres and energy storage systems getting infrastructure status will help boost financing of this segment.
However, there have not been many measures to boost real estate demand like increase in deduction in interest on housing loans from a tax perspective, etc.
7.Perspective by Amit Chadha, CEO and MD, L&T Technology Services on the Union Budget.
Mr. Amit Chadha, CEO and MD, L&T Technology Services
Digital Engineering is the future and steps taken today will shape the country’s journey ahead on this. And the announcements under Union Budget appear to precisely embrace this proactive approach as the fundamental impetus has been on leveraging digital technologies to further the nation’s growth and march ahead. As a pure-play ER&D services provider, our belief is that such a mass scale enablement of the digital ecosystem will also result in complementing uptake of digital engineering capabilities resulting in the country maintaining its strong hold as a global preferred destination for engineering services.
8.Quote By Mr. Mahesh Gupta, Chairman Kent RO Systems Ltd.
Mr. Mahesh Gupta, Chairman Kent RO Systems Ltd.
“Union budget 2016 aims to strengthen India’s foundation by uplifting rural population through financial reforms and empowering measures like Digital Literacy scheme. This budget addresses the structural transformation amidst a very challenging global scenario due to pandemic. The Government’s thrust to manufacturing and rural education along with employment generation is commendable.
The budget has all the right keywords. What makes me particularly happy is the impetus being given to job creation and domestic manufacturing with ease of business. These steps assure the creation of a developed ecosystem.”
9.Reaction from Dr. Sujata Seshadrinathan, Director, Basiz Fund Services, and is doctorate in Blockchain adaptation and Crypto Assets:
Dr. Sujata Seshadrinathan, Director, Basiz Fund Services, and is doctorate in Blockchain adaptation and Crypto Assets
India’s position as world leader in Information technology software and FinTech, has consolidated significantly in the last few years. GOI has always been very clear in its classification of the 3 distinct aspects of the crypto issue. The finance minister has taken the first steps towards harnessing the power of digital currency and blockchain and the government’s policy framework for it has been clearly established in this budget.
Also, Inclusive Digital banking all across the country including rural sectors, land records and registration integration with unique IDs on a single platform, NDGRS for one nation one registration and end to end digitization of government procurement are all applications where adopting blockchain can have a transformative effect, and this is a very welcome move. For the Indian IT and FinTech sector, the provisions for digital currency and blockchains in Budget 2022 open up major vistas for growth and position consolidation as world leaders.
The Honourable FM has announced a digital currency to be issued by the RBI starting 2022-23, and I believe this will bring along the benefit of safe and cheaper currency management systems based on blockchains and other technologies.
10.Quote by Mr. Rakesh Kaul’s (CEO and Whole-Time Director, Somany Home Innovation Limited)
Mr. Rakesh Kaul, CEO and Whole-Time Director, Somany Home Innovation Limited
“Budget 2022 brings a sense of optimism and reflects the government’s continued focus on ‘Make in India’, decreasing the dependency on imports. Duty concessions to promote electronic manufacturing will help the industry sustain itself while recovering from the challenges of the pandemic. Hon’ble Finance Minister’s commitment to establishing a strong 5G ecosystem will lead to product innovations across multiple categories including IoT-enabled appliances. We also welcome the push towards housing infrastructure as this is likely to create positive demand for consumer goods and home appliances, enabling businesses to grow.”
11.Budget reaction bySonali Khan- Managing Trustee- Sesame Workshop India
Sonali Khan- Managing Trustee- Sesame Workshop India
“I think it’s a great step to extend “One class One tv” to 200 channels. It will reduce the inequity in access to education for children without the internet and digital infrastructure while also making the content available to them in their local language. A National tele mental health program to support the mental wellbeing of families and revamp of 2 lakh Aanganwadi centers also holds strong relevance considering the impact the closure of schools and the pandemic has had on the lives of people. It will be good to link this back to the operationalization of NEP 2020’s compulsory education for children starting 3 years of age as part of the budget, who have been severely impacted by the pandemic in the most crucial way.”
12.Tara Singh Vachani – Managing Trustee – Max India Foundation 2.0
Tara Singh Vachani – Managing Trustee – Max India Foundation 2.0
“Extremely pleased to hear about the increased budget allocation in the education sector from Rs. 88,002 crores to Rs. 1.04 lakh crores. It’s a much-awaited and welcome move.
Initiatives like the ‘One class, one TV channel’ program of PM eVIDYA to expand from currently 12 to 200 TV channels will be a path-breaking step in bridging the digital divide and the learning loss that the pandemic has caused. On the other hand, providing supplementary education in regional languages for classes 1 to 12 will be fruitful in ensuring inclusive learning for the children of the country”
13.Quote by Mr. HP Singh, Chairman & Managing Director, Satin Creditcare Network Limited.
Mr. HP Singh, Chairman & Managing Director, Satin Creditcare Network Limited
“Budget 2022 highlights financial inclusion by boosting efforts on digital banking and pushing for a robust infrastructure for fintech innovation in the Banking and NBFC sector. The announcement of ECLGS being extended till March 2023 with an assured cover increased by Rs 50,000 crore will bring the scheme’s total coverage to Rs 5 lakh crore. This expansion immensely strengthens lending to SME and MSME businesses. Simultaneously, the CGTSME overhaul would provide an additional incentive for banks to boost loans to the public.”
14.Real Estate perspective from Mr. Ram Raheja, Director at S Raheja Realty on “The Union Budget 2022-23”
Mr. Ram Raheja, Director, S Raheja Realty.
“The budget certainly has impacted the overall sentiment positively. The premium luxury market has been performing well especially in urban areas. The 1 lakh crore assist to states is likely to help states improve overall infrastructure. Proposal for modernization of building bylaws and town planning schemes too will help in improving the urban infrastructure. The ease of doing business proposition is a promising proposition. Forward looking announcements like digital rupee will aid the positive sentiment further. We expect demand to rise for premium units with the announcement on capping on long term capital gains tax at 15%.”
About S Raheja Realty:
A towering name in the fraternity, the group has been consistent in developing numerous landmark projects in luxury housing, dominantly in Mumbai – the financial capital and epitome of luxury in India. In the recent decade, the group ventured into the affordable housing in mini-metros and second-tier cities with the motive to deliver quality living at an affordable price. The three generations of promoters are into the real estate market and devotedly stand by the values of ethics, experience and expertise.
15.Perspective as shared by Venkatraman Narayanan, Managing Director & CFO, Happiest Minds Technologies
Venkatraman Narayanan, Managing Director & CFO, Happiest Minds Technologies
“A capex heavy, investment push and demand generating budget. I expect the private sector to more than match the capital spend of the Government thus supporting GDP growth of 9% plus, leaving enough headroom for expenditure on farms, health, education and other social sectors. The theme of continued ease of doing business, consistency and stability in tax rates, rebates, push to further digitise the economy, issue of RBI backed digital currency, legitimising digital assets, etc. seem to aid and support the all and in specific the IT Industry which is expected by NASSCOM to grow to become $350 billion in size in 5 years. In all sounds like a ‘financial budget’ of the Country”.
16. Quote By Mr K Natarajan, ED& COO, Galaxy Surfactants:
Mr K Natarajan, ED & COO, Galaxy Surfactants
The Finance Minister’s commentary around Sustainable Development as a responsible way of conducting businesses is heartening and calls for stakeholders to embrace it in totality. Furthermore, the acknowledgment of cleantech as a powerful tool to turn around green environment considerations is also noteworthy. The prominent focus on circular economy and carbon neutrality is highly welcoming, as we are marching ahead towards meeting Sustainability Development Goals.
The initiative to phase out more than 350 custom exemptions entries in different sectors including that of chemicals is encouraging. The simplification of the Tariff structure in this regard is highly welcoming, considering the significance of custom reforms in ensuring the “Ease of Doing Business”.
17.Quote by Dr. Surendra k Chikara, Founder & CEO, Bione on the healthcare sector
Dr. Surendra k Chikara, Founder & CEO, Bione
The Centre had already taken big steps to build a digital health ecosystem through the establishment of the Ayushman Bharat Digital Mission (ABDM). The importance given to high-quality healthcare, the plan for a National Digital Health Ecosystem, the tele mental health program and the extension of the tax breaks to startups in this budget are all measures in the right direction. We highly welcome the implementation of such measures. The burden of chronic diseases can decrease significantly with the use of advanced techniques like preventive genetic testing. Hopefully, this aspect will be more in focus in the coming years.
18.Post Budget Quote on the Micro Finance sector by Mr. Sadaf Sayeed, CEO, Muthoot Microfin
Mr. Sadaf Sayeed, CEO, Muthoot Microfin
”This is a very sensible and growth-oriented budget. FM has taken care of the crucial needs of microfinance industry as well as the common man. The bold Capex allocation indicates the commitment of the government towards reviving economy, it will definitely help in creating more jobs. Further, it will also promote private investment, complementing government’s infrastructure push leading to robust economic growth. Allocation to ECLGS has been increased 10-fold, this will give impetus to banks’ credit growth. It is a big positive for MFI industry; more funds would be available for disbursement and will help the rural economy to revive”.- Sadaf Sayeed, CEO, Muthoot Microfin.
19.Post Budget Reaction by Mr. Chintan Lakhani, Director – Large Corporate Ratings, Brickwork Ratings on Real estate sector:
Announcement of formation of a high-level committee for urban planners and economists shall provide an indirect impetus to the real estate sector since a planned implementation boosts housing demand including creation of employment opportunities. Affordable housing segment received a booster dose with the allocation of Rs. 48,000 crores and targeted completion of 80 lakh homes by 2023 under the Pradhan Mantri Awas Yojana (PMAY) a key initiative under Government’s vision of Housing for All.
20.Quote by Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) for the Gold and Bullion industry.
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL)
“Union Budget 2022 failed to add glitter to the Bullion Industry as there is only one change of Custom duty cut on Diamonds from 7.5% to 5%. Bullion Industry had a lot of expectations from this budget from approval of setting up of Bullion bank to tax breaks on income from the sale of old gold and on earnings from sovereign-gold bonds, from the removal of CTT to the reduction of GST rate on making handcrafted jewellery and job work changes and much more. I hope all such expectations are met in the near future to develop a transparent and encouraging Gold ecosystem in our country.”
21.Siraj, Dhanani, CEO and Founder, InnAccel Technologies
Siraj, Dhanani, CEO and Founder, InnAccel Technologies
On the health front we welcome the announcement for an open platform for the National Digital Health Ecosystem that will consist of digital registries of health providers and health facilities, unique health identity and universal access to health facilities.
Tax incentives for start-ups to be incorporated until March 31, 2023, is also another step in right direction, and we look forward to the government introduced expert committees’ recommendation on regulatory framework for venture capital in the country.
We also welcome governments assistance announcement and acknowledgement that Artificial Intelligence has huge opportunity for sustainability and growth and as an organization will continue of increasing the role, presence, and R&D of Artificial Intelligence in our medical devices and products.
“India’s GDP is projected to grow at a historic high of 9.2% in FY2022. The chemical sector being one of the leading contributors to the economy, has the potential to significantly help India to catapult its economy to become $5T by 2025.
The Budget 2022 has also announced the extension of Production Linked Incentives (PLI) Schemes to additional sectors including the textile sector. This will further boost capacities in the textile segment and thus will help the associated industries like speciality chemicals segment, to increase their capacities.”
Abhishek Rungta, Founder and CEO, INT.
The thrust provided to digital assets in form of giving green signal to crypto currency is a much-needed welcome step. With a flourishing fintech ecosystem, this openness to digital currency will help optimize and fasten the mass scale leverage of digital infrastructure. The B2B sector is expected to be among first movers to include digital currency-based transactions for businesses. From demand perspective, we believe that the country’s push towards digital-led framework for all key aspects, will result in increased opportunities for IT services from domestic market.
Be the first to comment on "Post Union Budget 2022 Perspective, Quotes, Reactions and Views from Industry Experts"