Perceiving the Union Budget 2015-16 as progressive, one which provides an enabling business environment for foreign investment, Corporate India feels it is aimed at growth, savings, industrial development, and for the middle class.
Here are some reactions:
SP Hinduja, global chairman, Hinduja Group
With higher transfer of tax revenues, the states have been made equal partners with centre to ensure balanced growth across regions marked by equity and social justice. Other measures will boost NRIs' confidence and appetite for investment into India, but lack of specific measures or incentives to tap NRI investment potential is disappointing.
Hyun Chil Hong, president and CEO, Samsung India Electronics
As a company with deep investments in India, Samsung sees this as a progressive budget, one which provides an enabling business environment for foreign investment. It further motivates us to take our 'Make in India' story to the next level.
Rahul Bajaj, chairman, Bajaj Auto Ltd
Some may consider it as a pro-corporate budget, but in reality it is a budget for growth, savings, industrial development, and for the middle class.
Harsh Pati Singhania, director, JK Orgsnisation
The 'Make In India' rode high along with a boost to Skill India. It was expected the budget would tackle the problem of duty inversion to boost domestic manufacturing. While he has delivered in some cases, many others have been left behind.
Somasundaram PR, managing director, India, World Gold Council
This budget is exceptional for gold. The policy announcements on gold are a step towards making gold a part of the larger financial system and a fungible asset class. Recent policy suggestions have cohesively pointed towards the need to go beyond duty cuts and artificial regulatory limitations on demand and instead focus on holistic solutions.
MG George Muthoot, chairman, The Muthoot Group
The government has reiterated its commitment to increasing access of people to formal financial system. By "funding the unfunded" and with schemes that promote social security, the government is reaching out to the vast majority who remain untouched by financial security or insurance.
Anurag Mehrotra, executive director, marketing, sales and services, Ford India
We also complement a clear roadmap for GST implementation and expect this, along with a clear focus on infrastructure development, to aid economic growth in the long-term. A concerted effort to strike a balance between economic and social indicators for growth has been outlined by the Government. This is certainly positive and encouraging.
Rajan S Mathews, director general, Cellular Operators' Association of India
While a few proposals in the Union Budget may help growth of telecom and broadband, overall, the industry's concerns and submissions have been left unanswered. With the government's thrust on the Digital India initiative, a more supportive budget was expected for the telecom sector.
Bhaskar Pramanik, chairman, Microsoft India
Speedy implementation of the national fiber optic network will enable more rural communities to benefit from the ecosystem of services that can make governance more effective. The trinity of Jan Dhan - Aadhar - Mobile that the finance minister referred to, is indeed positive in a mobile-first, cloud-first India.
Debjani Ghosh, managing director, South Asia, Intel
We strongly welcome the focus on ease of doing business, infrastructure and entrepreneurship and believe they are the right priorities as they will be the key drivers of growth in India. A key highlight is the implementation of the much awaited GST by April 2016 which will certainly revitalize the industry and finally make scale a reality in India!
N Chandrasekaran, CEO & MD, Tata Consultancy Services
The focus on education through greater investment in institutions of higher learning as well as in skill development and the financial support for students will also help India capture its demographic dividend. Another important signal is the ongoing commitment to Digital India which will result in important opportunities for the IT sector.
Suneeta Reddy, managing director, Apollo Hospitals Enterprise Limited
Overall this has been a forward-looking and stable budget. By linking financial inclusion (Jan Dhan Yojna), social security and health insurance agendas, the finance minister has provided a holistic road map for greater access for all in the future. Specifically, the health exemptions provided for all and, in particular, for the elderly are a major positive.
Arvind Bali, director & CEO, Videocon Telecom
A positive budget that increases disposable income, people can be more connected and leverage the benefits of basic telecom services. The trinity of Jan Dhan, Aadhar and Mobile that FM referred is indeed positive.
Niranjan Hiranandani, managing director, Hiranandani Constructions Pvt Ltd
From a real estate perspective, a lot was expected, it was found. About increasing housing stock to two crore houses in urban and four crore in rural areas, at best it can be viewed as a statement of intent since there is nothing concrete in the proposal.
Anuj Puri, chairman & country head, JLL India
In this year's budget, the finance minister has conveyed a message wherein the benefits lie only in the fine print. For the common man, though the cumulative savings implied by various provisions are stated to be to the tune of Rs. 4.44 lakh, this is assuming a certain magnitude of personal investments into pension funds and health insurance.
Kamal Bali, managing director, Volvo India Pvt Ltd
Overall, it is a progressive, balanced and an inclusive budget, aimed at addressing the social fabric of our country. It is imaginative in as much as it touches upon and addresses almost every segment and sector of the economy, especially the vulnerable ones.
Banmali Agrawala, president and CEO, GE South Asia
We appreciate the "green focus" on rnergy by encouraging renewable energy and levying a cess on coal which will reinforce India's commitment to the environment within the international community.
Anuradha Sriram, director - Benefits, Towers Watson India
The budget announcement has been pro-reform and surely envisages 'Achche Din' for all. The launch of the Atal Pension plan aimed at Indians above 60 and tax exemption limit for health insurance being increased to Rs.25,000 along with NPS taken to Rs. 1.5 lakh are definitely steps in the right direction.
Subho Ray, president, Internet and Mobile Association of India
We are briskly moving towards a better regime for startups and the budget underscores this move after the first set of provision supporting entrepreneurship.
Anil Chaudhry, country president and MD, Schneider Electric India
We welcome all these moves by the government and particularly applaud the decision to set up the national infrastructure fund with an annual outlay of Rs.20,000 crores as it will boost the planning and development of upcoming infrastructure projects. The budget looks pragmatic and the increased outlays on infrastructure will see the creation of job opportunities in the country.
Nasir Jamal, secretary general, e-Commerce Association of India
On behalf of the New Delhi ecommerce industry, we request the government to work towards a more conducive environment by liberalising the sector so that a large number of micro, small and medium enterprises can benefit.