Budget 2020 – Industry Expectations from the Government

New Delhi, Delhi, India | 17th January 2020:

Technology

CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said, “Realizing the dream of India becoming a 5 Trillion Dollar economy by 2025 truly outlines the ‘art of possible’ and depends largely on the choices we make. Digital continues to be the cornerstone of India’s strategy, therefore, sharpening focus on enhancing skills in new age technologies like 5G, improving the quality of education, and nurturing the start-up ecosystem are some key measures that will accelerate India’s IT exports and will help sustain its global competitiveness. As part of the Union Budget 2020, we hope to see focused initiatives by the government that will help India fortify its digital growth momentum and contribute to the global growth story. With 1.3 billion consumers and a large talent base including over 400 million millennials, India can play a key role in scripting a unique success story amidst the global economic slowdown.”

“As the country gears up for the Union Budget on Feb 1, the Indian economy is dealing with several issues including a drop in GDP, liquidity crunch, rising inflation and low tax revenue. While the Centre took multiple measures to boost the slowing economy, some of which have borne fruit, we believe that more steps are needed, especially in promoting growth in rural consumption and labour-intensive segments. Barco remains positive on the India growth opportunity and we look forward to favourable measures from the Centre, predominantly in the technology-enabled sectors and the domains we cater to – medical imaging, smart cities, technological innovation in tourism, among others,” – Rajiv Bhalla, Managing Director, Barco India.

Real Estate

The real estate segment, especially the residential sector, saw some growth in 2019 thanks to the Centre’s strong efforts at improving liquidity and pushing growth. In the new year, we are looking forward to more such measures to boost the segment as the industry still needs various enablers to get out of the rut. We are hoping the Union Budget will announce a one-time roll over or restructuring of existing loans. We are also looking forward to the Centre’s measures aimed at improving liquidity and lowering home loan rates, taxes and stamp duties as these will ensure buying interest from end consumers,” says Prashant Solomon, MD, Chintels India and the Hon. Treasurer for CREDAI NCR.

Education

With an eye on future, Union Budget 2020 must focus on quality and tax-free education and skill development. If we look at the current scenario, there has been a shift in the nature of jobs and career choices amongst the youth. The budget must incorporate necessary policy revisions required to meet future job demands and to make India as one of the leading higher education destinations in the world,”  – Dr. Sanjay Gupta, Vice-Chancellor, World University of Design.

Start-up

Real estate is one of the key drivers of a country’s economy. Policy changes like RERA and Benami Transactions (Prohibition) Amendment Act 2016 have ensured transparency and streamlining the sector. We look forward to concrete measures around liquidity and alternate investment fund to revive consumer and investor sentiment. We also expect the government to focus on lowering of taxes, home loan rates and reduction in stamp duties which will have a positive impact on the sector,” says Rohit Malik, Founder & CEO, Clicbrics.

Finance

“With GDP at lowest rate in 11 years, Industry expects a lot from this Budget. We believe the government should reduce GST and personal taxation rates to revive domestic consumption in economy. We also believe government might bring Tax dispute settlement scheme to recover pending disputed demands,”says CA Maneet Pal, Partner of I.P. Pasricha & Co.

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