Vivek Sharma, MD, India, Lenovo Knowledge Heart Group
It is a pro-growth, pro-technology funds with a imaginative and prescient to disinvest the place required and re-energize infrastructure, healthcare, banking, and agriculture sectors via quite a few employment and capital producing reforms. There’s a robust concentrate on Digital India be it via setting a fintech hub at GIFT metropolis, enhancing digital funds and use of AI, ML and so on in governance, or making tax appellates faceless and tech enabled – all present a stable basis for a ahead trying data-economy.
Prakash Mallya, Vice President and Managing Director, Intel India
At a time of nice uncertainty, the primary ever paperless Union Price range 2021 stood out for its unremitting concentrate on financial restoration via greater spending and inclusive progress alternatives. The allocation of Rs. 50,000 crores over the following 5 years via the Nationwide Analysis Basis to develop India’s potential as a worldwide innovation hub is especially thrilling. This may undoubtedly present better impetus to the Indian innovation story and cement our place on the worldwide map of main economies. At Intel, we’re steadfast in our dedication to partnering with the Indian authorities on this journey of expertise fueled innovation and progress. The Price range’s elaborate concentrate on growing healthcare infrastructure can be very encouraging. Expertise might be a key enabler for constructing a sturdy healthcare ecosystem that may guarantee common entry to top quality and customized medical sources throughout the nation. The previous yr has additionally refocused efforts on a digital-first mindset to allow better entry to schooling, help academic planning and educating, and elevate studying outcomes. The proposed Nationwide Digital Instructional Structure (NDEAR) along with on-line modules for schooling and provisions for digital coaching for lecturers are welcome steps in the direction of guaranteeing high quality schooling for all. The opposite factor that stood out within the Price range was the main push to revive and drive progress for the MSME sector. Doubling the budgetary allocation for this significant sector, coupled with decreasing margin cash necessities for startups and selling ease of enterprise for international traders will assist this sector develop additional. It’s evident that the federal government is banking on India’s digital expertise basis to energy its revival journey. It’s encouraging to see the federal government’s sharpened concentrate on adoption of innovative applied sciences like Synthetic Intelligence and Machine Studying. We’re excited to see the way forward for Indian innovation and financial resurgence unfold over the following few months. And we sit up for persevering with to associate with the federal government to develop progressive expertise options that may help the nation’s progress targets, generate employment and strengthen India’s digital innovation capabilities.
Ketan Patel, Managing Director, HP India Market
Right now’s funds announcement confirms authorities’s concentrate on growing infrastructure and expertise which could have quick and long run advantages to Indian financial system & folks. From a expertise standpoint, the incentives for creating digital infrastructure, schooling and skilling spells out the federal government’s intent on growing the nation’s human capital. Steps like worldwide collaboration to develop new expertise will assist Indian youth put together for contemporary job necessities and make them international prepared. The announcement of the Nationwide Digital Instructional Structure (NDEAR) is a welcome step, which is able to assist construct a Digital First mindset in all the schooling system in India and assist college students and educators undertake new methods of studying and educating. As well as, we welcome the doubled allocation for MSME sector which is able to incentivise digital transformation of our small companies which can be the spine of our financial system.
Rahul Agarwal, CEO & Managing Director, Lenovo India
The six pillars of the Union Price range 2021 add monumental worth to the financial reduction put up the pandemic points and paint a futuristic image for the brand new yr. It has managed to deal with a few of the key points round Atmanirbhar Bharat, schooling and Digital India that presents important enterprise alternatives for international corporates resembling Lenovo. With the PLI scheme introduced together with the elevated concentrate on ‘Make in India’ on this funds, we’re assured that it’s going to encourage native manufacturing, and additional bolster the native PC market. Lenovo may even help the federal government in enriching India’s financial system, by boosting digital infrastructure within the area of schooling and extra concentrate on selling inclusive growth. The nationwide schooling coverage additionally creates a chance to construct the Indian EdTech ecosystem to make it finest throughout the globe for analysis & innovation, and empowers the residents to scale up their expertise.
Manish Sharma, President & CEO, Panasonic India & SA
The Price range offered by the Honorable FM within the background of 5 mini budgets is continuum of reformative measures to spice up the financial system to drive – Job, Demand and Spending. I imagine the methodical strategy of figuring out six focus areas the place Well being and Infrastructure, with important enhance in allocations, sit on the highest is in the correct course to revitalize the financial system and spend money on well-being of individuals. For producers, Govt re-iterated its dedication to reforms like introduction of Manufacturing Linked Incentive (PLI) scheme with a funds outlay of Rs 1.97 lakh crores throughout 13 sectors which reaffirms their intent to supply impetus to home manufacturing, whereas elevating India’s place as a worldwide manufacturing champion. We sit up for implementation particulars right here to take part. The elevated spending on infrastructure to enhance roads and public transport can be a optimistic transfer and can present easy accessibility to uncooked materials.
Mike Chen, Normal Supervisor, TCL India
We do welcome the latest PLI scheme of the federal government. Nonetheless, we have to ease up the responsibility imposed on uncooked supplies protecting in thoughts the make in India thought. We also needs to be getting added incentives in order that transformative measures could be taken. The trade contributes 25% of the nation’s GDP.
Avneet Singh Marwah, Director and CEO of Tremendous Plastronics Pvt Ltd, a model licensee for Kodak and Thomson TVs
Authorities intends to spice up native manufacturing via its bulletins in varied PLI scheme in subsequent 5 years. As a part of shopper electronics, televisions ought to be thought of to be included into the scheme. Additionally a devoted Freight Hall might be a recreation changer for provide chain of producing. By spending on infrastructure, India might be aggressive at international stage. Like metals, authorities ought to think about taking again customs responsibility on panels as there’s enhance of costs by 300% on the uncooked supplies.
Rajeev Singh, Managing Director, BenQ India
A really important funds as India is popping out quick from results of COVID 19, Authorities has given robust emphasis on spending on Infrastructure together with huge push for Atmanirbhar Bharat. Alongside, there is no such thing as a change in direct taxes largely which have been moderated for firms final time. This may imply extra money within the system and can act positively in the direction of quicker progress of financial system. Authorities has additionally given further push to schooling and talent growth phase within the funds which is able to end in intensive use of expertise which in flip will beef up digital classroom and Blended and Hybrid Studying.
Supria Dhanda, Vice President and Nation Supervisor for India, Western Digital
We congratulate the Authorities’s initiative in amplifying Atmanirbhar Bharat. Splendidly captured by our Finance Minister, Atmanirbhar Bharat is an expression of 130 crores Indians who’ve full confidence of their capabilities and expertise. Digitisation, Talent Improvement and Job Creation are crucial to steer India in the direction of excessive progress and be self-reliant. With fast digitisation throughout industries over the past yr, it’s an opportune time to boost our spending in coaching imparting digital expertise to the youth. The funds clearly prioritises job creation and rural growth with beneficiant allocations for varied developmental schemes. The main focus round Nationwide Apprenticeship Coaching Scheme (NATS) with an allocation of INR 3,000 crores will empower a brand new wave of expertise transformation and ample employability alternatives for the Indian youth.
Alok Dubey, Chief Finance Officer, Acer India
At Acer, we imagine that the Union Price range 2021 announcement has coated a number of essential points confronted by the financial system and goes to deliver progress alternatives regardless of the COVID-19 pandemic. There are a number of areas the place the honourable Finance Minister has introduced allocations of funds. This yr the federal government goals to spend Rs 1.97 lakh crore on varied PLI schemes over the following 5 years, beginning this fiscal. That is along with the Rs 40,951 crore introduced for the PLI for digital manufacturing schemes which is able to speed up progress alternatives for the trade. And, we glance ahead to a whole coverage and leveraging the identical to kickstart home manufacturing.
Dinesh Aggarwal, Joint Managing Director, Panasonic Life Options India Pvt Ltd
As was anticipated, the Union Price range 2021 has targeted on our nation’s progress and brings a really optimistic sentiment to facilitate the financial reset. Whereas on one hand there’s a beneficiant allocation in the direction of the continued battle in opposition to COVID and the vaccination drive; on the opposite aspect, there’s a clear goal of reviving India’s GDP progress throughout all sectors, i.e. agriculture, manufacturing, and providers. This was seen within the main fiscal help introduced for Farm produce, the PLI scheme of 1.95 Lac crores over 5 years, for reinforcing manufacturing and the opening of FDI within the Insurance coverage trade as much as 74%. Reflecting on the continued concentrate on ‘AtmaNirbhar Bharat’, the Finance Minister has introduced prolonged help for the manufacturing of digital parts & sub-assemblies, together with cellphones. The general public infrastructure has acquired a powerful enhance with particular allocation for NHAI for continued vigour on freeway development and enchancment of the roads; with particular funds allocation for a few of the states, together with Assam. REIT might be vastly inspired as a result of abolition of dividend distribution tax and, this may speed up the true property progress, particularly since debt financing by FII has been allowed now. This long-awaited concession will steamroll international funding into India’s actual property sector resulting in a big increase in Housing and Business infrastructure. Particularly for the Electrical Development Supplies trade, discount of import duties on metal flats & copper scrap, long-awaited revision within the labor legal guidelines (together with girls being allowed to work in night time shifts) are a few of the important steps that can create a powerful export-led financial system within the Manufacturing sector. With particular sops in renewable vitality, particularly for Photo voltaic; the federal government goals to encourage home manufacturing by guaranteeing a uniform coverage throughout the states. Thus, vitality era & home Photo voltaic module capability will primarily stay a key space of focus. One anticipated comparable encouragement for EV adoption in India, however maybe it was not overtly talked about within the FM’s funds speech. Specializing in rebuilding India, this can be a very optimistic funds for the trade because the PLI scheme will speed up progress and encourage international manufacturing firms to create large-scale employment in manufacturing and allied areas like product growth and design, contemplating the expertise pool which exists throughout India.
Sanjay Gupta, Vice President and India Nation Supervisor, NXP Semiconductors
The Union Price range 2021 has been the first-ever digital funds marking a serious milestone within the digital journey of India. The funds has put the much-needed concentrate on Atmanirbhar Bharat and the necessity to develop the innovation and R&D sector within the nation on a sustained foundation. We’re excited concerning the announcement of INR 50,000 crores for the Nationwide Analysis Basis over the interval of 5 years. This may absolutely enhance the general analysis and innovation ecosystem of the nation. R&D is the lifeline for any group and any nation to proceed to prosper in altering dynamic instances. In India, we’ve got to focus parallelly on ‘design-in-India’ along with ‘Make-in-India’ to proceed to be forward of the curve. Trying ahead to having increasingly firms leverage this elevated R&D funds from govt and develop future researchers and Innovators. The voluntary car scrapping coverage would play a serious half in phasing out the previous and unfit autos thereby encouraging uptake in environment-friendly technique of transport like electrical autos. General, we’re hopeful that Price range 2021 will propel India within the course of turning into a worldwide financial superpower.
Leo Joseph, Managing Director, Xerox India
As anticipated, the core wants of the financial system, popping out of a pandemic-hit yr, take prominence within the Union Price range 2021. Nonetheless, long-term, the funds focuses on the D in India – standing for each growth and digitization. The progressive funds lays the roadmap for better digitization in governance. A funds offered and disseminated in a digital format for the primary time to a digital census will pave the best way for the federal government to serve residents via expertise and information extra seamlessly. The promise of ‘minimal authorities, most governance’ can solely be realized via better investments in expertise and concentrate on better R&D and innovation – which the funds does.”
Vivek Sharma, MD, India, Lenovo Knowledge Heart Group