Industry leaders from Insurance, financial sector, hospitality, and healthcare sectors on Saturday hailed the Union Budget 2020-21, presented by Union finance minister Nirmala Sithraman in Parliament.
“The budget laid out three themes, seeking better standards of living, accelerating the pace of universal economic development and the creation of a caring and compassionate society,” said Arun M Kumar, Chairman and CEO, KPMG in India.
“The budget reiterated the government’s focus on upgrading and modernising India’s stock of physical and digital infrastructure. Alongside this, the budget aims to increase farmers’ and fisher folks’ income by improving access to rural markets and measures to strengthen the ‘blue economy,” he said.
“Continued emphasis on infrastructure, energy, education, health care will boost the economy over the long term. National Infrastructure Pipeline projects worth US$14 trillion, if implemented on a timely basis, would be a game-changer. Special focus on technology, connectivity, and digital areas are very timely,” said Jaideep, Ghosh, Partner, Travel, Hospitality and Leisure, KPMG in India.
Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services said the Finance Minister has within the constraints of a slowing economy and the need to keep the fiscal deficit under check delivered a balanced budget.
“Measures like 100 per cent tax relief to Sovereign funds investing in Indian Infrastructure, increase in FPI limits for investing in Corporate Bonds, opening up certain government securities to NRIs and increasing the withholding tax provisions by three years all point to an effort to mobilize global funds to invest in domestic infrastructure and keep local interest rates under check,” he said.
GSK Velu, Chairman & MD, Trivitron Healthcare said budget 2020 is visionary and in accordance with the policy of improving and expanding healthcare services reach to all.
“Make in India initiative for Medical devices industry has been given a big boost. Imposing health cess on the import of medical devices will help domestic manufacturing companies. Further, using tax proceeds to fund the creation of healthcare infrastructure will help address issues of capital,” he said. Vijay Kumar, MD & CEO, NCDEX said village storage scheme by Self Help Groups (SHGs) shall play a crucial role in farm-level warehousing and will help farmers in efficient post-harvest management.