Industry’s reaction on interim budget 2019-20

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interim budget

With the presenting of the interim Budget 2019-20 in the Parliament by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Piyush Goyal, the industry has come forward with many positive reactions.

A new deal for 12 crore Small and Marginal farmers with direct income support, a pension initiative for 10 crore unorganised sector workers, exempting income up to Rs 5 lakhs from income tax, reforms in stamp duty, highest ever budgetary allocation of Rs 3 lakh crore for defence, record allocation of funds at Rs 58,166 crore for North Eastern Areas, a new AIIMS for Haryana, single window clearance for Indian film makers at par with foreigners and higher budgetary allocations for education, health, infrastructure and for the welfare of weaker sections including Scheduled Castes and Scheduled Tribes, a separate department of fisheries for welfare of 1.5 crore fisherman are some of the major highlights of the Interim Budget 2019-20.

Here are the reactions:

The Interim Budget for FY20 aims at a fine balance between the upliftment of the rural economy as well as incentivizing the high spending urban middle class. The budgetary provisions for India’s rising middle class is expected to stimulate demand and help attain the targeted economic growth. Budgetary outlays aimed at the real estate sector are encouraging for the sector. Benefits, like rolling over capital gains tax to two homes and exempting income taxes on imputed rent for the second occupied home, would stir up home demand especially in the affordable segment.

Khushru Jijina, Managing Director, Piramal Capital & Housing Finance

“Keeping the politico de facto aside, I believe this is a good budget for the MSME. A 2% interest subvention for loans up to Rs. 1 crore, is certainly a step in the right direction. Most importantly, the Government has opened a new market for the homegrown entrepreneurs by allowing sourcing from MSMEs through Government up to 25%, including 3% from women-run organisations. Furthermore, Government e-Marketplace (GeM) has transformed procurement by making it transparent, thus giving MSMEs an opportunity to sell their products through GeM. Revisions in the GST slab rates, would be an added welcome development.”

Also Read: One year of GST: The good, the bad and what could be better

Rajiv Talreja, Serial entrepreneur and business coach

We welcome the budget! It is a people focus budget. Our honourable standing finance minister Piyush Goyal announced the series of measures in Budget 2019 – 20 to promote AI and infrastructure, and we as a company are looking forward to its future scope.

Udaya Bhaskar Rao Abburu, CEO & Managing Director, iRam Technologies

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