India Inc reacts to #Budget2020: Biocon boss lauds end of tax harassment, Debjani Ghosh gives a thumbs-up to manual scavenging ban
Business leaders shared their verdict on Sitharaman’s second Budget.
By ET Online | Updated:
Finance Minister Nirmala Sitharaman announced the Union Budget in Parliament today. The key proposals that ended up grabbing the limelight were lowering of the personal income tax slab from 20% to 10% for annual income between Rs 5 lakh and Rs 7.5 lakh and investments of Rs 28,600 crore on programs specific to women. India Inc took to Twitter to share their take on the Budget.
Chairperson and Managing Director of Biocon,, Kiran Mazumdar-Shaw, took to Twitter to laud the FM for putting an end to tax harassment. ‘A much-needed message to infuse trust’, wrote Shaw.
FM promises end to tax harassment to India inc. correcting companies act to decriminalise many non-compliances. A m… https://t.co/r29qR330lf
Shaw then tweeted to appreciate the announcement of ‘2 National Science Schemes Genetic Database for drug innovation & Quantum Computing’. The FM also proposed to provide an outlay of Rs 8,000 crore for the same in the next 5 years. Shaw was elated to share the development with her followers.
FM announces 2 National Science Schemes Genetic Data base for drug innovation & Quantum Computing for advancing our… https://t.co/zaiDKmtIym
Debjani Ghosh, the President of NASSCOM, lauded Sitharaman for considering technology a key enabler and a tool to solve India’s biggest problems. ‘Absolutely the right approach’, wrote Ghosh on Twitter.
I really like the fact that the budget treats technology as a key enabler ..almost like a tool to solve some India'… https://t.co/L0fcjwmZ7j
Kunal Bahl, co-founder and CEO of Snapdeal, also took to the microblogging site to celebrate the ESOP tax reform, which he called, ‘big win for startup ecosystem’. In another statement, he thanked the FM for accepting start-up sector's request for ESOP taxation reforms. His statement read, "The higher time and turnover limits for carrying forward of losses for start-ups will enable them to optimise growth decisions in formative years.
"Overall, Budget 2020 is a thoughtful weaving together of specific proposals to tackle varied issues. Measures to improve access to finance for MSMEs and reduced taxation for the middle-income segment are welcome steps. Boosting physical infrastructure, expanding digital connectivity and growing use of technology in government functioning are important building blocks for the long-term growth of the Indian economy."
ESOP tax reform is here. Big win for the startup ecosystem! @nsitharaman #BudgetSession2020 https://t.co/VA4uQMssUp
Here’s What Top Bosses Want From Budget 2020: Reviving Tourism Sector, Digitising Diamond Industry
February 1 is almost here and all eyes are on the Finance Minister Nirmala Sitharaman as she presents the Union Budget for the year 2020.
While the main aim of the Budget will undoubtedly be to increase economic growth, top corporate bosses feel that certain initiatives could help various sectors such as tourism, diamond industry, F&B industry and more.
Here are some suggestions from the top corporate leaders to boost the economy.
February 1 is almost here and all eyes are on the Finance Minister Nirmala Sitharaman as she presents the Union Budget for the year 2020.While the main aim of the Budget will undoubtedly be to increa..
“Budget like last year may have some highpoints, but can it trigger GDP back towards 8%, revive consumption, sentiments, increase job security, add new jobs, revive investments, investor confidence and restore political leadership confidence? The answer lies in how we act as a nation beyond budget. The government, until now, has done everything for the buyers but has delayed measures to help sustain in a new environment when it comes to the developers. The Rs 25,000 cr stress fund and corporate tax reduction were concrete measures. We hope that Budget 2020 brings about tangible gains, revives demand, ensures flow of liquidity to cater to the demand.”
“Budget like last year may have some highpoints, but can it trigger GDP back towards 8%, revive consumption, sentiments, increase job security, add new jobs, revive investments, investor confidence a..
“With the travel and tourism sector contributing significantly to the Indian economy, we believe the Union Budget 2020 should focus on strengthening the tourism sector. Our wish list for the Union Budget 2020 includes: Reduction in personal income tax rates and Capital Gains Tax, placing more money in customers’ hands which will accelerate growth of travel and other commercial activities. Creation of new travel circuits in the North East which will open a window of opportunity for the tourism sector that is still under-tapped. Our wish list also includes clarifying the issue of Air Travel Agent being subject to Tax Collection at Source.”
-Mahesh Iyer, Executive Director & Chief Executive Officer, Thomas Cook (India) Ltd.
“With the travel and tourism sector contributing significantly to the Indian economy, we believe the Union Budget 2020 should focus on strengthening the tourism sector. Our wish list for the Union Bu..
“The foodservice sector has seen a lot of growth opportunities keeping in mind factors such as urbanization, rising income levels, and improved investment climate. With the Union Budget for 2020, there are various factors to take under consideration in order to see a steady growth. Although the government had introduced a lot of pro-business reformist policies to streamline the Indian taxation system for the F&B industry, the current system does not allow restaurants to claim the Input Tax Credit on the GST. This leads to an increase in the basic price of a food item on the menu as cost and taxes that a restaurant pays for its supplies are very high. The 2020 Budget could look at building on exports by opening new market prospects for food brands to cater to large global demand. This will help in improving our GDP and ultimately the farmers will be able to reap better pricing.”
-Saurabh Rathore - Founder and CEO of Gobble Me Good
“The foodservice sector has seen a lot of growth opportunities keeping in mind factors such as urbanization, rising income levels, and improved investment climate. With the Union Budget for 2020, the..
“The gems & jewellery industry has been largely neglected in the last few budgets. As with every sector, development is extremely important in the diamond industry. This industry has still not seen vikas (development) in the way it is supposed to. In fact, it is the least digitised sector and the upcoming budget should look into this. Instead of taking the focus away from entrepreneurs, the industry should be attracting fresh talent and rewarding the deserving ones. People trying to bring about innovation and positive change need to be recognised and encouraged. We hope that the budget has more to offer to this industry. We need more focus on enhancing customer experience and fulfilment, improving the standards and bringing transparency by taking effective steps to organise this industry.”