More Business Leaders Welcome Union Budget

More and more business leaders are keen on sharing their comments on the union budget 2021. Right from Mr Deepak Shetty of JCB India to startup Founder Divij Bajaj, we have a great number of business leaders in this list. Take a look.

Deepak Shetty, CEO & Managing Director, JCB India Limited

Leading up to the budget we had made key Industry recommendations, especially since we are just beginning to come out of a very difficult time due to the pandemic. It is thus heartening to note that the two key areas which needed strong focus in the budget have been given the impetus.

These being Infrastructure development and Health care. The outlay for the Ministry of Road Transport and Highways is the highest ever this year. The capital expenditure allocation for FY 2021–2022 is also much greater than the previous years. 

Encouragingly Railways is set to emerge as a growth driver in addition to Roads and Highways, which was long overdue. A record allocation for Railway Corridors and other Structural Developments has been made. This will certainly help in generating on ground activity in the sector.

With the formation of a Development Finance Institute (DFI), the stress in Capital Requirements for long-term infrastructure projects should significantly ease out. This was critical to infrastructure development. The Government has shown a strong intent towards generating funds by proposing a Privatisation drive and Monetisation of assets. Another positive in the budget announcement is focus on Hydrogen Energy and the aim to create an ecosystem for Alternative Fuels.

These are welcome steps towards the vision of creating an Aatmanirbhar Bharat. Infrastructure development has a multiplier effect in the creation of jobs and livelihoods. We feel that the budget will support the National Infrastructure Pipeline (NIP) and other Large Scale projects, thus creating more opportunities for Construction Equipment Manufacturers.

Sam Cherian, Founder & Managing Director, Schevaran Laboratories Pvt. Ltd.

The Union Budget announced on 01 February 2021 is a post pandemic structural reset for the Indian economy is a real welcome. The provision to launch Urban Swachh Bharat 2.0 Mission, with an outlay of Rs 1.41 lakh crore over 5 years creates an impetus for a healthy nation, driven by the hygiene and cleaning industry. Overall, it is a positive budget and is certainly going to help grow our GDP.

Divij Bajaj, CEO and Founder of Power Gummies (Aesthetic Nutrition Pvt. Ltd)

The Union budget 2021-22 announced is majorly inclined to boost the healthcare and infrastructure sector and towards being a self-reliant yet healthy India. With my brand, Power Gummies, I aim to provide hassle-free and tasty health spreading happiness in the form of gummies to better India’s health. Talking from the perspective of the healthcare industry, this budget seems positive and will help open doors to new opportunities. A nation that stays healthy leads the world and aces productivity.

Arpit Goyal, Owner of Ambrus Jewels

This year 2021, the budget seems to be growth oriented, for the gems & jewellery sector the reduction in import duty from 12.5% to 7.5% on precious metal & gold is a big move for the industry. It will also reduce smuggling. This move will also help in reduction in disparity in gold pricing in India v/s other international markets. Good amount of investment into banks, infrastructure & agriculture will lead to better liquidity resulting in better spending by the consumers. The budget is also in favour of the NRI’s to get money into the country and this will benefit the jewellery sector.

Deepak Pahwa, Managing Director, Bry-Air (Asia)

The Budget 2021 stands up to the challenges put up in the pre and post-COVID world and gives preference to economic growth. The union budget has pushed a substantial increase in expenditure to bolster the infrastructure sector growth in India. This in turn will show significant results in the near future and create employment opportunities. The roadmap presented for the healthcare and infrastructural sector will revitalise the economy and bolster growth.

The Finance Minister has rightly and unexpectedly not tinkered around with corporate taxation which will lead to improved business earnings for corporates. Also, tax-payers were awaiting some kind of rebate in ITR but, it was given a miss. Nevertheless, it’s good that the Government has not played with tax slabs otherwise it would have sent negative sentiments among tax-payers. Buyers will have money in their pocket to spend which will lead to increase demand and thereby stabilize the economy. Monetization of Assets and Disinvestment will provide time to the industry to recover from the global slowdown. The Union Budget FY 21-22 has brought a ray of hope to energise and strengthen the economy.

Well, the list is now going unending. Very soon we will be hosting a panel discussion on the implementation of the announced budget with seasoned stalwarts.

Image by evondue from Pixabay