Post-Budget Reactions of IT Industry on Reactions on the India’s Union Budget...

Post-Budget Reactions of IT Industry on Reactions on the India’s Union Budget 2021-22

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The long-awaited India’s Union Budget 2021-22 details are unveiled on Feb 1, 2021. Most industry experts believe that the Budget 2021-22 is a step in the right direction, with the tech industry being particularly impressed with the government’s ‘pro-growth’ vision to be self-sustaining and self-reliant in the days to come. The Budget 2021 is a step in the right direction, with the tech industry being particularly impressed with the government’s ‘pro-growth’ vision to be self-sustaining and self-reliant in the days to come. After introducing schemes like PLI to boost India’s manufacturing prowess, and expanding on the said schemes in this budget, the government’s next big focus on innovation and R&D, is being widely appreciated. From a technology point of view, the incentives for creating digital infrastructure, education and skilling spells out the government’s intent on developing the country’s human capital. Steps like international collaboration to develop new skills will help Indian youth prepare for modern job requirements and make them global-ready. Here are the reactions of the IT industry leaders, executives and entrepreneurs.

Ms. Supria Dhanda, Vice President and Country Manager for India, Western Digital, “I would like to congratulate the Government on its first paperless budget to push India in its digital journey. The economic survey highlighted India’s aspiration to compete on Innovation with the top ten economies. Allocation of INR 50,000 crore for the National Research Fund for next five years is a definite step towards boosting the research ecosystem in a coordinated way. Focus on Innovation and R&D, coupled with the PLI for electronic manufacturing schemes lays down a very strong foundation in building a self-reliant digital India. We are confident that the technology industry will join hands with the Government in its plan to enhance manufacturing capabilities and expand R&D centers.”

Kartik Shahani, Country Manager, Tenable India, “The events of 2020 made it clear how reliant we are on the digital infrastructure and supply chains that underpin modern society. As India seeks continued growth and competitiveness in the global economy through budget allocations in healthcare, infrastructure, innovation and R&D amongst other areas, securing the digital infrastructure that underpins our society needs to sit at the core of every single project. Budget allocations towards healthcare are a necessary step in our race to combat COVID-19. Tenable’s own Threat Landscape Retrospective found that in 2020, over 46 per cent of the breaches in the healthcare sector were caused by ransomware attacks, with breaches accounting for nearly eight million records exposed. Along with the new opportunities that come from making the internet more accessible to citizens and organizations in various parts of India, there are significant cybersecurity challenges that organizations and governments need to manage. Greater connectivity expands the attack surface. And if there are any lessons to be learnt from last year, it’s that cybercriminals are relentless and will seek to test the resilience of all defences whether digital or physical. Therefore, our digital progress must be thoughtfully guided by the considerations for the safety and security of our country.”

Mr. Rajeev Singh, Managing Director – BenQ India, “A very significant budget as India is coming out fast from effects of COVID 19, Government has given strong emphasis on spending on Infrastructure along with big push for Atmanirbhar Bharat. Alongside, there is no change in direct taxes largely which were moderated for companies last time. This will mean more money in the system and will act positively towards faster growth of economy. Government has also given additional push to education and skill development segment in the budget which will result in extensive use of technology which in turn will give a boost to virtual classroom and Blended and Hybrid Learning.”

RP tech India

Mr. Rajesh Goenka, Director, Sales & Marketing, RP tech India, “Overall it is a very pleasant budget without any surprises which is good because in the current scenario consistency and continuity is more important rather than having mere aspirations. This is overall a balanced budget and only enhances the momentum set by our prime minister and finance minister in the last two years. In terms of IT hardware industry, there is no major change, however, with the government investment, the overall market demand is likely to grow up. IMF has also forecasted the industry growth 11 to 11.5 per cent, which is good for the industry. So overall we are optimistic about the budget”

Mr. Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd, “The Union Budget FY 2021-22 is a transformative budget with positive resolve for India to grow further with a vision of the AtmaNirbhar Bharat Abhiyan that compliments the ‘Make-in-India’ initiative of the Government. AtmaNirbhar Bharat is an expression of 130 crore Indians, who have full confidence in their capabilities and skills. The Union Budget has identified the six pillars of Atmanirbhar Bharat’s vision.On behalf of Prama Hikvision, we welcome the progressive and visionary budget and look forward to economic growth and stability. The budget has sincere intent toprovide momentum to strengthen local manufacturing capabilities. The Production Linked Incentive scheme (PLI) is a welcome move by the government. The review of the customs duty structure is clearly seen as a move towards promoting the domestic manufacturing. We hope that the review ofthe custom duty structure will be done after extensive consultation with the key stakeholders. The move to strengthen the overall research ecosystem to boost innovation and R&D in the country, an outlay of Rs50,000 crore, is being announced, for National Research Foundation. It is a big step for accelerating innovation and R&D in India. The budget clearly shows government’s mega thrust on developing Infrastructure,Road Transport, Waterways, Airports, Railway, Metro Rail, ‘MetroLite’ and ‘MetroNeo’. It is commendable for its inclusive growth agenda, overall a gradual step toward Atmanirbhar Bharat.”

Mr. Sonit Jain, CEO of GajShield Infotech, “Budget 2021 lays a strong foundation in Infrastructure, Health and Education. It provides a big boost in making India a leader in the World Economy and manufacturing hub of the world. Not only does it give an impetus to easing in doing business in India, it also gives a big push to rural development, which was impacted, the most, during the pandemic. The budget has a vision of Aatmanirbhar Bharat and will motivate Indian entrepreneurs to make products in India for the World. Overall it is a pro-growth budget and will further fuel the growth of Indian IT companies with its strong focus on Digital India.”

Mr. Marthesh Nagendra, Country Manager – India & SAARC, NETGEAR, “Substantial increase in health budget will ensure that India successfully beats Covid-19 and no more lockdowns which in itself is a big boost for business. The Government has also stressed upon the digital connectivity to promote digital mode of payment which is certainly a huge step for the internet companies. We at NETGEAR feel that each and every individual and organization must be equipped with tools and solutions with better internet connectivity as most of the industries would be more dependent digitally in near future”

Mr. Sandeep Sekhar, Chairman & Global CEO, C Ahead Digital, “The union budget 2021 has been satisfactory it made a great move by allocating Rs 15,700 crore in FY22 for the MSME sector. FM also emphasized on a reduce margin money requirement from 25% to 15% for startups which in itself is a massive relief for the sector. Proposing of extension of tax holiday for start-ups by one more year is a welcome move by govt as it will help young and aspiring companies to thrive. We hope that the overall budget will work towards the development to start up an ecosystem in India.”

Mr. M. Natarajan, SVP- Head of Finance & Accounts, JK Technosoft, “The Union Budget 2021-22 is applaudable at various levels. While as expected by many there were no exemptions in the tax slab, but providing exemption to the elderly for filing the return is a great action to reduce the compliance burden for the senior citizens. We also appreciate the Finance Minister’s decision to constitute a Dispute Resolution Committee to ensure efficiency, transparency and accountability under which anyone with a taxable income up to `50 lakh and disputed income up to `10 lakh shall be eligible to approach the committee for resolving disputes. We commend the Government’s decision to smoothen the GST structure to remove anomalies such as the inverted duty structure. Further, digitization of GST by deploying deep analytics and Artificial Intelligence to identify tax evaders and fake billers and launch of special drives against them is a praiseworthy action. We also appreciate the Government’s focus on new-age technology like Data Analytics, Artificial Intelligence (AI) and Machine Learning under which it will launch MCA21 Version 3.0 involving additional modules for e-Scrutiny, e-Adjudication, e-Consultation and Compliance Management.”

Mr., CEO & Co-Founder, Addverb Technologies, “Budget 2021 focuses on enhancing productivity by incentivising the use of technology to make India ‘Atmanirbhar’ and future-ready. As the future of manufacturing is driven with robotics and other automation technologies, we appreciate the announcement of PLI schemes to create manufacturing global champions under AtmaNirbhar Bharat for 13 sectors related to electronic manufacturing. The Government also announced to extensively use data analytics, artificial intelligence & machine learning for the roll out of MCA21 portal version 3.0. This version 3.0 will have additional modules for e-scrutiny, e-Adjudication, e-Consultation and compliance Management. Also, as upskilling programs are required to make the workforce ready to work with robots and other automation, the budget played a lot of attention to machine learning driven programs and setting up of data centre parks to promote R&D. We highly appreciate the proposal of extending the tax holiday for start-ups for one more year and Tax relief for startup employees on deferment of tax payment on ESOPs by 5 years.”

Mr. Rajesh Uttamchandani, Director, Syska Group, “Finance Minister Nirmala Sitharaman stated that for a 5-trillion-dollar economy, our manufacturing sector has to grow in double digits on a sustained basis. We welcome the measures exercised by the honorable Prime Minister Shri Modi Ji and his government in the Union Budget towards boosting electronic manufacturing in the country. The government led by Modi Ji has pledged an infusion of Rs 1.97 lakh crore on various PLI schemes over the next 5 years, starting this fiscal. This is in addition to the Rs 40,951 crore towards the PLI scheme to help expand and boost exports. Today, India’s manufacturing industry has tremendous potential to place the country on the global manufacturing map, simultaneously boosting several employment opportunities to India’s youth. Our manufacturing companies need to become an integral part of global supply chains. With a budget of Rs 15,700 crore, which is more than two times that of the previous year, this will help strengthen the MSME sector in terms of productivity development, technology adoption, strengthening of infrastructure and more. As a company, Syska has always been aligned with the vision of Atmanirbhar Bharat promoting sustainability through our products and creating new job opportunities. The budget has a positive, expansionary approach towards the manufacturing sector, which is reflected through the incentives and strengthening of the PLI schemes provided by the government.”

Mr. Kishan Jain, Director, Goldmedal Electricals, “The Union Budget 2021 has provided massive opportunities for companies looking to set up manufacturing facilities in the country. Given our current economic situation across the globe caused by the pandemic, the Finance Minister’s decision to infuse INR 1.97 lakh crore towards various PLI scheme is laudable in addition to the Rs 40,951 crore towards the PLI scheme to help expand and boost exports. As correctly stated by FM Nirmala Sitharaman, our manufacturing companies need to become an integral part of global supply chain. Further, the provision of INR15,700 cr towards the MSME sector, will provide a further fillip to the Government’s flagship Make in India initiative. As a company, Goldmedal Electricals has always been at the forefront of introducing innovative and sustainable solutions that make our planet not only smarter but also sustainable for generations to come and support government’s vision of Atmanirbhar Bharat.”

Mr. Niraj Hutheesing, Founder and Managing Director, Cygnet Infotech, “We welcome the measures announced by the government of India in the Union Budget 2021. Significant capital expenditure in infrastructure and health care sectors will be a big asset for India. Promotion of digitization at large, and digital transactions particularly, is another positive aspect of the budget. There has been political will to take a big deficit for the next year. Simplifying the tax regime is another important aspect of this Budget. To ease compliance, the Finance Minister has increased the tax audit limit from Rs 5 crore to Rs 10 crores for the companies that conduct most of their business through digital modes. Additionally, the government is also planning to take steps to reduce inverted duty structures in GST and has proposed to review over 400 old exemptions in indirect taxes and will begin extensive consultation from October 2021. The budget also provided impetus on one of the most hard-pressing issues, namely tax evasion cases. The use of digital technologies such as automation solutions and data analytics tools can help in removing anomalies in the GST tax infrastructure and make it transparent to a great extent. All the measures announced today will further enable companies such as Cygnet Infotech to develop technology solutions for businesses to help them adhere to the taxation norms”

Gaurang Sinha, Director of Go-to-Market Strategy at Flock, “We welcome the Finance Minister’s announcement to introduce the scheme allowing 1-person company(s) for start-ups and innovators to be exempted from paid-up capitals and turnover norms, in the Union Budget today. This will enable India to develop new technologies and boost employment like never before. Additionally, the government’s move towards boosting emerging technologies such as the internet of things (IoT), machine learning (ML), artificial intelligence (AI) and data analytics, will accelerate the growth of our digital economy. Further, the adoption of video conferencing for various tasks by the Government will encourage the use and demandfor professional communication and collaboration platforms. We believe that with all of these measures, this new decade looks great for the Indian start-up ecosystem.”

Jaya Vaidhyanathan, CEO, BCT Digital, “2021 budget is more of an Infrastructure and Healthcare budget. Glad to see the stimulus to the economy keeping these spends in its core. Governance is also paid attention to. We would have loved to see some more announcements for the BFSI sector over and above the notable mentions like FDI limit being lifted for the insurance sector. And Interesting to see the conversation happening to see the shadow bad bank. While the Stressed assets are being moved to the asset recovery unit, we still have to wait and watch. It does make sense to take the assets to specialist to monetize it, but it also has the inherent risk of the bank just moving the bad assets rather than works on preventing issue of bad loans or prevents NPA’s. So we have to pay attention to its execution. And it is also to be seen who is going to be at the helm of the asset recovery to ensure that execution happens in the right way. There was emphasis on governance issues, and it goes with the turf of independent directors. So overall largely infra and healthcare, things have not been shaken up much, and attention is paid to economic recovery, but it is yet to be seen if this is a V share or U shape recovery. Let us hope the budget is executed well.”

Sanjay Gupta, Vice President and India Country Manager, NXP Semiconductors, “The Union Budget 2021 has been the first-ever digital budget marking a major milestone in the digital journey of India. The budget has put the much-needed focus on Atmanirbhar Bharat and the need to grow the innovation and R&D sector in the country on a sustained basis. We are excited about the announcement of INR 50,000 crores for the National Research Foundation over the period of five years. This will surely boost the overall research and innovation ecosystem of the country. R&D is the lifeline for any organization and any country to continue to prosper in changing dynamic times. In India, we have to focus parallelly on ‘design-in-India’ in addition to ‘Make-in-India’ to continue to be ahead of the curve. Looking forward to having more and more companies leverage this increased R&D budget from govt and develop future researchers and Innovators. The voluntary vehicle scrapping policy would play a major part in phasing out the old and unfit vehicles thereby encouraging uptake in environment-friendly means of transport like electric vehicles. Overall, we are hopeful that Budget 2021 will propel India in the direction of becoming a global economic superpower.’’

Ms. Sonali Kulkarni, Lead – Financial Services, Accenture in India, “The investment outlay towards digital payments is a welcome inclusion in the Union Budget. As per a recent Accenture research report, in India, 66.6 billion transactions worth USD 270.7 billion are expected to shift from cash to cards and digital payments by 2023. This shift is expected to intensify the existing competition in the Indian payments space and ultimately, enhance consumer experience and convenience. However, the exact nature of the scheme of the outlay and its implementation will be instrumental in its success. We are seeing some notable innovation coming out of India’s fintech ecosystem – be it for digital payments, credit and risk management, underwriting or security. The initiative  to set up a fintech hub in Gujarat International Finance Tech-City (GIFT) will spur investment and innovation designed to help financial institutions not just meet compliance requirements but also build more-personalized customer products and services. The move to set up a new asset reconstruction company and an asset management company to take care of stressed assets of banks will facilitate more options for banks to manage their NPAs as the true impact of the pandemic on NPAs is still unclear, and is expected to be fully known only by Q1 FY2022. The disinvestment and privatization related announcements related to the banking and insurance sectors will enable much needed capital infusion, and thereby, unlock new growth opportunities in FY 22.”

Mr. Sameer Katole, CEO, Crossloop, “The Hon’ble Finance Minister laid major emphasis on enhancing domestic manufacturing of electronic equipment. The Union Budget 2021 has a strong focus towards the revival of the economy and extensive plans for Atmanirbhar Bharat. It shows extreme commitment towards a strong comeback for the sectors which faced major backlashes in 2020. The budget covered several demanding issues faced by the economy earlier and with an attention concerning startup community, the extension of tax holiday for start-ups by one more year is an important decision made. This will encourage the survival of startups and give them the required support for bounce back. Further, the increased spending on PLI for electronic manufacturing schemes is a positive sign. The 2.5% taxation on manufacturing of smartphone parts is also a vital decision as it will boost the inclusive growth of the country and further bring major changes in the consumer electronic and domestic manufacturing segment.”

Mr. Aalok Kumar, President & CEO, NEC Corporation India, “The government’s commitment to streamlining the country’s infrastructure from roads to railways to shipping to waterways to build a new India is consistent and commendable. The infusion of multiple thousand crores into the construction of national highway projects and dedicated freight corridors reflects the creation of a new connected India. Linking cities through metro lines and increased access to travel facilities will also boost the much-needed employment generation. While we were looking forward to specific initiatives and encouragement for the technology industry, the continued focus on driving digital transformation using artificial intelligence, machine learning, and digital records in governance, smart cities, transportation, logistics and aviation will have a contagion impact and empower the economy in the long run. We envision India’s future under the spirit of ‘AatmaNirbhar Bharat’ and look forward to partnering with the Government in meeting the relevant targets.”

 

Mr. Sanjay Jalona, CEO & MD, LTI (L&T Infotech), “We welcome the increased focus on Innovation and on ease of doing business. This budget appears to have set the right pace for India’s journey to a digital first approach. From an IT services perspective, the industry is facing an intense global competition and needs tax incentives and digital infrastructure support to ensure seamless work from anywhere ecosystem, which is the new normal. This is a critical requirement for the sector that employs nearly 4.5 million professionals, contributes 8% of the country’s GDP, has created high-quality jobs during the pandemic, and is the face of Brand India across the world.”

Mr. Rajesh Maurya, Regional Vice President, India & SAARC, Fortinet, “The budget has announced big-ticket projects to add to the digital capabilities with the next general census in the country being the first digital one and along with marque MCA 21 project this is likely to garner massive ‘crown jewel’ assets in terms of the sensitivity and quantity of data. As these projects are rolled out it will increase the importance of security as the government builds the tools and workflows supporting these services. These projects will need to prioritize solutions such as Zero Trust Access, automated endpoint security, users awareness training to counter a range of threats, and will also need to ensure that solutions such as software defined networking and multi-cloud services are implemented securely. The real challenge in securing these digital assets that will continue to be targeted by both criminal and nation state (APT) actors is the availability of skilled resources. Fortinet is committed to closing the cybersecurity skills gap through our CSR training programs. The Fortinet Security Academy Program is provided free by nineteen leading universities in India to equip students with the skills necessary for a career in cybersecurity. By supporting these leading universities in India, we’re arming the next generation of security leaders with the skillset and knowledge the industry so desperately needs.”

Mr. Parikshith Reddy, Co-founder, Zippr, “The announcement by Honorable Finance Minister Nirmala Sitharaman to set aside Rs 15,700 crore in FY22 for the MSME sector and benefiting the startups with a turnover of up to Rs 100 crore in terms of the tax liability is a promising step towards encouraging the enterprise startup sectors that forms the base to India’s economic development. These steps are centrifugal to a long-term vision of Atmanirbhar Bharat, make in India mission, and summing up everything towards India’s $5 Trillion Economy vision. The Rs.1.41 lakh crore Urban Swachh Bharat 2.0 mission over five years announced today is another step towards building better cities for the natives. As the UN report indicates that by 2030, over 40 per cent of India’s population will be found in its big cities, the Urban Swachh Bharat 2.0 is indeed a concrete step towards making better and healthy living possible. Being a global leader in smart addressing, we look forward to continuing and multiply our assistance with Digital Door Numbering Technology to the State Governments, Municipal Corporations in this mission by enabling them to digitize the current complex addressing system and bringing in transparency for better Government services including waste management system, pipeline construction, emergency services, and public planning, property taxation amongst others as part of Government services.”

Mr.  Amit Gupta – Managing Director, SAG Infotech, “I am neutral or slightly ok with this 2021 Budget announcement. Relaxations like senior citizens of above 75years not required to file an income tax return with pension income is appreciable. Also, now the government has increased the limit of auditing in the case digitized transactions from 5 crore to 10 crores is impactful for those who were in the bracket. The reduction of assessment time period from 6 years to 3 years will drastically lower the paper handling so it is far better now from the previous rule. Nothing much has been introduced in the taxation industry but we have gathered strength from the previous budget so there is not much issue, however, some of the clients from healthcare & infrastructure have told us that they are happy as of now and we have equally responded to them. It is to be seen the impact of Budget in the coming days for a clear picture ahead.”

Mr. Rahul Agarwal, MD & CEO, Lenovo India, “There are some jobs that cannot be done remotely (like retail sales) and there are some tasks that are better done face-to-face. Hence, I think the future of work is going to be a hybrid of remote working and working from the office. The work/learn-from-anywhere culture will prompt companies to enhance their technological infrastructure according to the new age workforce. The six pillars of the Union Budget 2021 add enormous value to the economic relief post the pandemic issues and paint a futuristic picture for the new year. It has managed to address some of the key issues around Atmanirbhar Bharat, education and Digital India that presents significant business opportunities for global corporates such as Lenovo. With the PLI scheme announced along with the increased focus on ‘Make in India’ in this budget, we are confident that it will encourage local manufacturing, and further bolster the local PC market. Lenovo will also support the government in enriching India’s economy, by boosting digital infrastructure in the field of education and additional focus on promoting inclusive development. The national education policy also creates an opportunity to build the Indian EdTech ecosystem to make it best across the globe for research & innovation, and empowers the citizens to scale up their skills.”

Mr. Sunil Sharma, Managing Director – Sales, Sophos India & SAARC, “The Government’s Union Budget 2021 is built on the foundation of new technologies such as Data Analytics, Artificial Intelligence (AI), and Machine Learning (ML) which will empower businesses with econsultation, escrutiny, and compliance management. This is surely going to enhance enterprise cybersecurity as AI has immense potential to bring in scalable and effective defenses against sophisticated attacks like ransomware. That said, this increased penetration of digital technologies brings with it additional cyber risks that one should be vary of. As per our recent survey, with 100% Indian businesses being concerned about their current level of cloud security, there is a need for initiatives that promote the development of cybersecurity skillsets. Additionally, this reskilling process should also take care of security of cloud environments which are the backbone of the accelerated digital transformation that India is witnessing due to the pandemic. While we welcome the Government’s proposed steps in strengthening MSMEs that provide employment to millions of people, we need more impetus on building skilled cybersecurity professionals in the country. The Government’s allocation of Rs. 3,000 crore towards skill development that will help reskill India’s youth and boost the overall economy, is a step in the right direction.”

Mr. Javed Tapia, Managing Director, Clover Infotech, “The introduction of measures in the areas of capital expenditure, healthcare and well-being, are important in the post COVID-19 phase. By doubling the provision for growth of MSMEs, the FM has taken a progressive step to augment job creation and growth in consumption. The training and skilling initiatives under the Apprenticeship Training Program is a great step towards skilling the youth and making them employable in a world that is constantly undergoing digital transformation. Opening up Insurance with FDI enhancement to 74% from 49% will enable to accelerate the penetration of Life and General Insurance across India to safeguard our young population.”

Mr. Dhruvil Sanghvi, Chief Executive Officer, LogiNext, “We welcome the incentives proposed by Honourable Finance Minister Ms. Nirmala Sitharaman. Strengthening global and national supply chains is of paramount importance for economic growth. The proposals to set up freight corridors across the country, as well as the proposal for a future ready rail system, along with development of national highways will bridge the gaps that currently exist, bringing in better connectivity between production and consumption markets. Furthermore, the push towards digitisation along with proposals of the one year tax holiday for startups and extending cap gains tax exemption for investment into start-ups shows the intent towards making it easier to do business in India and push forward on the technology wave.”

Mr. C.P. Gurnani, MD & CEO, Tech Mahindra, “This budget is a step in the direction towards Atmanirbharta, clearly providing every opportunity that is required for a sustainable economic momentum and growth. The FM has provided for ample opportunity to boost and sustain the gig economy, digital payments and research and development taking place within the country. The focus on innovation and R&D (Research & Development) as an important pillar is a critical step in increasing the export income of Indian IT sector. Along with this, the ‘Atmanirbhar Bharat’ budget also outlines initiatives for gig economy, digital payments, human capital while also setting up fintech hub and National Natural Language Translation Missions. Therefore, with increased allocation towards infrastructure, financial inclusion and healthcare, Budget 2021 promises to provide the much-needed economic velocity to India’s growth cycle.”

Mr. Karthikeyan Natarajan, President and Chief Operating Officer, Cyient, “Coming out of the pandemic year, the Finance Minister has laid down a well-rounded Budget.Focus on setting up of Fintech Hub at Gift City, enhancing digital payments and use of AI in governance – all provide a strong platform for Digital India. Allocation of Rs 50,000 crore towards National Research Foundation will work towards boosting India’s Innovation Quotient on the global map and is a welcome move. Allocation of funds as incentives for promoting digital payments is also a step in the right direction and a significant step in ease of doing business. Lastly, increase in allocation for highways and railways will lead to employment generation and boost the economic growth of the nation.”

Mr. Rajiv Bhalla, MD, Barco India, “The budget is a major step in the right direction. It outlays a strong focus on infrastructure, healthcare, capital spending, disinvestment, monetization, job creation and digitization. These measures are not only progressive and recovery-led, if implemented correctly would ease the burden on the economy and lead India towards the projected v-shaped growth and development. The budget talks about structural reforms in banking, enhancing debt financing and credit limits for businesses and asset monetization. This will lead to an increase in government spending, which, in turn will spur demand, therefore net positive for the industry. The several initiatives around job-creation, startups, reskilling, rural development and better quality of services to people are positive as a Nation cannot progress without care for the environment and inclusive all-round transformation.’