Industry, startups applaud Sitharaman’s maiden budget

Nirmala Sitharaman’s maiden budget has been received well by the leading industry associations and startups fraternity. According to Sharad Kumar Saraf, President, FIEO the budget announcements are aimed at transforming India to usher in US$ 5 trillion economy and make the country the best place for Ease of Living and Ease of Business. The budget addresses some of the basic challenges faced by manufacturing as well as exports including flow of credit, infrastructure bottlenecks, labour laws, skilling, etc.

Assocham President B K Goenka called finance minister’s maiden budget a mega investment-oriented initiative with a strong focus on scaling up rural infrastructure and demand along with slew of tax simplification measures, aimed at boosting growth, maintaining high level of fiscal discipline.

While welcoming the Union budget 2019-20, Rajeev Talwar, President, PHD Chamber of Commerce and Industry said that the finance minister has presented a bottoms-up, inclusive and balanced budget with a strong focus on socio-economic development of the country to build a New India, going forward. The lowering of tax rates to 25% for companies with annual turnover of Rs 400 crores is encouraging as it was proposed by the industry since the last many years and it will enhance business sentiments and production possibility frontiers in the economy, he added.

According to Kushal Nahata, CEO & Co-founder of logistics-tech startup FarEye, “The government’s focus on building a digital India is again highlighted with its willingness to train people on AI, IoT and Big Data. These are key technologies that will transform the supply chain and logistics industry.” Neel Juriasingani, CEO & Co-founder, Datacultr remarked, “ The vision of the government to train 10 million industry-relevant skills such as Artifical Intelligence, Big Data, and IoT opens up great avenues for companies & start-ups like us in the space, as well as for those working on building digital infrastructure of a connected India.”

 

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