On the basis of Interim Budget announced by Finance Minister – Mr. Piyush Goyal, we are sharing you the Post- Budget Reaction Quotes.
“Budget 2019 was an opportunity for the government to provide the much-needed relief deserving sections of the society and it lived up to the expectations by rolling out many such measures in today’s budget. The tax payers finally earned praise and reward of their contribution to nation building as the government increased the income tax exemption limit to Rs 5 lakh and an increase in standard deduction limit. Similarly, the farm sector has been extended direct income support, the GST compliant MSMEs get easy access to loans and the unorganized sector has now been covered under a pension scheme, the first of its kind in India. The real estate sector and home buyers can cheer for measures such as capital gains tax exemption on gains of upto Rs 2 crore even if sale proceeds are invested in two properties and extending the tax exemption on notional rent on unsold real estate inventory to two years instead of 1 year earlier.
The budget also highlights government’s commitment towards rapid digitalization, online economy and simplification of tax procedures which should further improve ease of living and ease of doing business in India. Though the fintech sector wasn’t a prime focus as it has always been over the recent years, we are of the view that fintech-centric collaborations will also be announced during the full budget later this year.” We feel that the budget had all the positive notes and is a step forward in the right direction.”
– Gaurav Gupta, Co-founder and CEO, MyLoanCare.in
“This year’s Budget lays down progressive measures which, if implemented well, will certainly take economy onto a higher trajectory. The Budget is notable for its roadmap for 2030 focussing on ten dimensions which are key growth drivers of the Indian economy. This year’s Budget gives a reason for SMEs to cheer considering various incentives announced by government to propel their growth. Various tax benefits and thrust on ‘Make in India’ is a testimony to the government’s intent of encouraging entrepreneurship; enabling India to emerge as the startup hub where “Job Seeker is now the Job Creator”.
The move to source atleast 3% material from women-owned SMEs by Government enterprises will provide an impetus to women entrepreneurship. In the education sector, the government has already implemented various policy reforms. With emerging technologies such as Artificial Intelligence, Virtual Realty already making a significant impact in every sphere, the move to launch the National Artificial Intelligence Portal is a commendable one. The education sector will receive a boost with the focus on strengthening the digital infrastructure. It can be a game-changer in making education affordable and facilitate access to education among youth in every nook and corner of the country.”
– Rohit Manglik, CEO,EduGorilla
“This budget reflects coverage of all segments of the society. It looks populist as expected. However, the three moves, related to middle class salaried people, farmers and unorganized sector workers, looks like well thought and a calculated one. They comprises of approximately 80% of the population. Though the slipping fiscal deficit target could be a bit concern point, overall the budget is good for all sections of the people.
I feel that the salaried people are the best beneficiary with 3 facet benefits across tax slab, tax benefit in purchase of second house and increase in untaxed income earned through bank/post deposits.”
– Bhavin Patel, Co-Founder & CEO, LenDenClub
“The proposal to digitize 1 lakh villages over the course of the next 5 years will benefit the Fintech companies to further drive financial inclusion to the Indian masses. The FM’s announcement to provide full tax rebate to individuals with income up to Rs 5 lakhs will benefit over 3 crore middle class families including the employees of many startups. We look forward to the National Artificial Intelligence Portal because now the innovative Fintech segment can tap into new and emerging technologies and use AI to the betterment of the society.”
– Ajit Kumar, Founder & CEO, RupeeCircle
“The “Thank you note” to Tax payers, made us feel officially proud for the first time. Focus of Govt on Rural and Startup is clearly visible and this is a long term impact work. We are glad that we are a Startup working towards helping accomplish critical activities which are part of the vision of Govt. Certain modules of Startup growth hack and customer retention have been applied to reward Good Behaviour and we stand validated by the Government for our business models. Farmer support income through Aadhaar is suggestive of the fact that the construction has begun on the Base (Aadhaar).
True grass root level of marginalised beneficiaries have been identified amidst migrants, nomads, small farmers, small tax payers, small businesses and retiring small salary earners. The budget has been well received, benefits are immense and the future is bright. Environment feels like Diwali in February.”
– Anand Kumar Bajaj, Founder & CEO, PayNearby
“It is a progressive budget with a clear push towards socio-economic growth of the country with a focus on agriculture, SMEs, and the working class. The budget touched upon almost every strata of the society. We also welcome the government’s proposals that incentivize MSMEs. The budget proposes bringing down the corporate tax for firms that reported turnover up to Rs 250 crore, from 30% to 25%, thereby reducing the tax burden on MSMEs.
There is visible thrust for digital solution and new age technologies as the budget specifically mentioned the envisaging of a National programme on artificial intelligence and Digital India being an integral part of the long term vision.”
– Akshat Saxena, co-founder, ePayLater
“With the announcement of National Artificial Intelligence portal, we expect India to be propelled on the path of leveraging advanced and disruptive technologies for economic prosperity and growth. We congratulate the government for this forward-looking budget”
– Aakrit Vaish, CEO and Co-founder, Haptik
“The Interim Budget 2019 comes bearing good news for us at Mobycy. As part of the 2030 vision shared by interim Finance Minister Piyush Goyal, the efforts will focus on making India digital and pollution-free. Furthermore, electric vehicles are going to be a key part of this vision.
By introducing dockless bicycles and venturing into the space of electric vehicles for smart shared mobility, we have been actively trying to achieve the vision of a cleaner, greener, fitter India through digital-savvy solutions. We believe that the current boost will enhance domestic manufacturing capabilities in India for electric vehicles, furthermore appraising electric vehicles to mainstream attention and adoption.”
– Akash Gupta, Founder and CEO – Mobycy
“The government has been banking on digital technologies such as AI, machine learning, big data and more. Thus, in the interim budget we had expected a significant boost by the government. We are glad to find out the government’s plans of developing a National Artificial Intelligence portal, which will significantly boost research and development measures in the field of Artificial Intelligence.”
– Atul Rai, CEO and Co-Founder of Staqu
“The Union Budget 2019 provides a great push towards technology adoption. With the National Artificial Intelligence portal to be developed soon, it is good to see the focus increasing on leveraging best-in-class technologies to improve the overall quality of life in India. The idea of Digital Villages & Rural Industrialisation is a great impetus for companies like us building digital infrastructure for a connected India.”
– Raman Mittal, VP-Marketing, TO THE NEW
“Startups and the industry can take clues out of the various topics touched upon in this budget, to understand the direction and focus. Startups will have an integral role to play towards Vision 2030, it’s a great opportunity. The concept of Digital villages and rural industrialisation opens up great avenues for companies & start-ups like us in the IOT & AI space, as well as for those working on building digital infrastructure of a connected India”
– Neel Juriasingani, Co-Founder & CEO, DataCultr
“This year’s budget showcased and witnessed many World’s best initiatives run by Indian Government one of them being Swaccha Bharat Schemes. Inflation in December 2018 was just 2.1%, which is all time low and the fiscal deficit & current account deficit was down too. It is seen that USD 239 BN was invested under FDI which makes us an investor-friendly country. I was expecting some GST relaxation to boost the manufacturing and automation segment and we hope we get some attention in the coming time.
The Government wants to expand rural industrialization using modern industrial technologies based on the Make In India approach- may be a focused approach will lead to transformation. Overall it looked to be a populist budget and we are eagerly waiting to see a New India 2022.”
– Kailash Desai-COO, Endress+Hauser