Union Budget 2020: Post budget reactions from industry leaders

Given the challenges of the economic slowdown and reduced tax collection it was a difficult task for any Finance Minister to balance the budget, Presenting the budget the Finance Minister Nirmala Sitharaman said “Our government shall work towards taking the country forward so that we can leapfrog to the next level of health, prosperity and well-being,” following are some reactions of some of the Industry leaders on the budget 2020.

Mr.Shujaul Rehman, CEO,Garware Technical Fibres Limited

National Technical Textile Mission is proposed for the year 2020-21 with implementation duration of 4 years proposed aiming to develop technical textile sector with an outlay of Rs 1,480 crore to cut down on imports. We see a growth in skilled man-force and employment opportunities thereby increasing the overall output and quality of Indian textiles providing an export boost to the sector.

The fish production is aimed to be raised by 200 lakh production by 2022-23. With the Union Budget proposed today, we see a positive impact on the growth in employment opportunities and rural income. Sagar Mitras is an appreciative initiative for rural youth in fisheries. Thus Fish Farming is now a thriving sector and we see the sector GDP and turnover graph ascending with time.

NABARD refinancing scheme is widened and credit availability of Rs. 15 lakh Crore with an aim to fund agricultural and rural related activities. With 16 point action plan for farmers, the government allocated 2.83 lakh crore rupees for agriculture and allied activities with an aim to double the farmers income. Keeping in mind the Caring India theme, 6.11 crore farmers to be insured under Fasal Bima Yojana for farmers in the Aspirational India.

Mr. Obaid Abdul Aziz, Founder of Medicalwale.com

We applaud the interest of the government to work towards the betterment of the healthcare sector, but at the same time there is a need for more business-friendly policies to aid companies that are changing the way sector has been traditionally functioning in India. Today, you can order medicines at your doorstep get lab tests done at home, book appointments with doctors at your finger-tips. Despite initiatives and policies to make insurance available to masses, there is still a burden of out of pocket expenses on people. With the announcements made in the Union Budget 2020 to increase the budget allocated to the healthcare sector, we hope this financial year witnesses a sea change for companies that are using technology and digitizing the healthcare industry.   The announcement to seed fund early-stage Indian startups, will enable mHealth platforms and online aggregators to do business with ease with right implementation of policies. There is an urgent need to give access to health and fitness facilities to Indians with transparency, accessibility and affordability

 Mr. Raktim Chattopadhyay, Founder & CEO, Esperer Bioresearch

Budget 2020 was as crucial as difficult especially for certain sector like healthcare. India’s healthcare industry needs to be strengthened manifold. As technological progress in the healthcare sector continue to influence trends globally, with the beginning of the new decade, Budget 2020 delivers on the healthcare front seems to be a catalyst for this at a national level. The allocation of additional funds, new reforms and the proposals of more specific initiatives have the potential to make way for unprecedented developments in the sector.

I see lots of turn around potential in proposed budget 2020 though fair implementation still remains as concern.

Mr. Jignesh Mehta, Founder & Managing Director, Divine Solitaires

The budget presented for 2020 has listed some interesting initiatives. Firstly, bringing down the direct tax rates is likely to positively impact people’s consumption patterns. This is a good thing for the gems & jewellery industry.  Also, the boost that the government intends to give to the MSMEs could tremendously encourage development in the rural areas, which in turn will encourage growth.